本文選題：企業(yè)信息披露質(zhì)量 + 權(quán)益資本成本�。� 參考：《西南大學(xué)》2014年碩士論文

【摘要】：作為投資者與社會(huì)公眾了解企業(yè)的重要橋梁,企業(yè)信息披露對(duì)整個(gè)資本市場(chǎng)的運(yùn)作效率有著至關(guān)重要的影響。真實(shí)、全面、準(zhǔn)確并且及時(shí)、充分的信息披露不僅能夠?qū)χ笇?dǎo)資本市場(chǎng)的資源配置產(chǎn)生積極、有效的引導(dǎo)作用,其對(duì)于維護(hù)資本市場(chǎng)的市場(chǎng)秩序以及保護(hù)各方利益相關(guān)者的相關(guān)利益同樣具有重要意義。 作為企業(yè)信息披露的一大重要經(jīng)濟(jì)后果,信息披露質(zhì)量對(duì)權(quán)益資本成本的影響成為了國(guó)際資本市場(chǎng)研究的重要課題,得到了理論界與實(shí)務(wù)界的密切關(guān)注。通過(guò)對(duì)相關(guān)研究進(jìn)行學(xué)習(xí)后,筆者發(fā)現(xiàn)關(guān)于該課題的大多數(shù)研究表明,提高企業(yè)信息披露質(zhì)量對(duì)于有效降低權(quán)益資本成本具有積極作用。 2006年以來(lái),我國(guó)機(jī)構(gòu)投資者進(jìn)入快速發(fā)展時(shí)期,隨著其數(shù)量上的不斷增多、規(guī)模上的不斷擴(kuò)大以及整體質(zhì)量上的不斷提高,社會(huì)各界對(duì)其在公司治理與維護(hù)投資者權(quán)益方面的作用有了更加深入的研究認(rèn)識(shí)。作為市場(chǎng)上信息掌握相對(duì)全面準(zhǔn)確的投資者,機(jī)構(gòu)投資者對(duì)企業(yè)未公開(kāi)私有信息的解讀利用能夠在一定程度上體現(xiàn)在上市公司股票價(jià)格中,從而提高股價(jià)的信息含量,進(jìn)而提高資本市場(chǎng)效率。國(guó)外學(xué)者的大部分相關(guān)研究表明機(jī)構(gòu)投資者的存在及其相互間的信息競(jìng)爭(zhēng)能夠減少企業(yè)信息披露對(duì)其權(quán)益資本成本的影響作用。 目前我國(guó)國(guó)內(nèi)學(xué)者關(guān)于企業(yè)信息披露、機(jī)構(gòu)投資者與企業(yè)權(quán)益資本成本三者間的研究大多采用主板數(shù)據(jù),少數(shù)采用了中小企業(yè)板數(shù)據(jù),而關(guān)于創(chuàng)業(yè)板數(shù)據(jù)的研究則較為少見(jiàn)。因此,本文在回顧總結(jié)學(xué)習(xí)國(guó)內(nèi)外學(xué)者文獻(xiàn)的基礎(chǔ)之上,選擇了以創(chuàng)業(yè)板2012年數(shù)據(jù)作為研究對(duì)象。此外,由于創(chuàng)業(yè)板企業(yè)本身數(shù)量較少,為了避免由于樣本量過(guò)小而導(dǎo)致實(shí)證結(jié)果的過(guò)分偏差,本文同時(shí)加入了創(chuàng)業(yè)板前身-中小企業(yè)板2012年相關(guān)數(shù)據(jù)進(jìn)行研究,并且為了盡量避免板塊差異引起的偏差,特別加入了板塊的控制變量。 在對(duì)企業(yè)權(quán)益資本成本計(jì)算的模型選擇上,由于信息披露研究理論中“信息不對(duì)稱(chēng)理論”的存在,本文并沒(méi)有選擇常用的資本資產(chǎn)定價(jià)模型(CAPM),而是在多方比較后,采用了PEG比率模型。在對(duì)企業(yè)權(quán)益資本成本進(jìn)行計(jì)算后,本文通過(guò)三個(gè)簡(jiǎn)單的多元線性回歸模型分別研究了以下三個(gè)問(wèn)題：(1)企業(yè)信息披露質(zhì)量對(duì)其權(quán)益資本成本的影響作用；(2)機(jī)構(gòu)投資者的存在與否是否會(huì)減弱企業(yè)信息披露對(duì)其權(quán)益資本成本的影響作用；(3)機(jī)構(gòu)投資者相互間的信息競(jìng)爭(zhēng)是否會(huì)減弱企業(yè)信息披露對(duì)其權(quán)益資本成本的影響作用。 研究發(fā)現(xiàn)：(1)對(duì)中小企業(yè)而言,信息披露質(zhì)量是影響企業(yè)權(quán)益資本成本的重要因素,二者之間呈負(fù)相關(guān)關(guān)系,即信息披露質(zhì)量越高,企業(yè)權(quán)益資本成本越低；(2)對(duì)中小企業(yè)而言,機(jī)構(gòu)投資者的存在不僅不會(huì)減弱其信息披露質(zhì)量對(duì)其權(quán)益資本成本的影響作用,反而會(huì)對(duì)其有加強(qiáng)作用,即與沒(méi)有機(jī)構(gòu)投資者的企業(yè)相比,在存在機(jī)構(gòu)投資者持股的企業(yè)中,信息披露質(zhì)量每提高一級(jí),其權(quán)益資本成本下降的程度會(huì)更大；(3)對(duì)中小企業(yè)而言,由于我國(guó)機(jī)構(gòu)投資者的發(fā)展尚不成熟,因此對(duì)于存在機(jī)構(gòu)投資者持股的企業(yè),機(jī)構(gòu)投資者之間的信息競(jìng)爭(zhēng)程度的加大并不會(huì)明顯減弱信息披露質(zhì)量對(duì)企業(yè)權(quán)益資本成本的作用影響。 根據(jù)本文研究結(jié)果,本文具有以下政策含義：(1)提高企業(yè)信息披露質(zhì)量對(duì)有效降低權(quán)益資本成本具有積極作用,因此我國(guó)相關(guān)機(jī)構(gòu)需要繼續(xù)加強(qiáng)市場(chǎng)監(jiān)督力度,完善信息披露規(guī)章制度,并且構(gòu)建科學(xué)、合理的企業(yè)信息披露評(píng)價(jià)體系,從而提高上市公司的信息披露質(zhì)量；(2)機(jī)構(gòu)投資者的存在與發(fā)展都加強(qiáng)了企業(yè)信息披露與其權(quán)益資本成本的內(nèi)在聯(lián)系,研究結(jié)果表明因此我國(guó)相關(guān)機(jī)構(gòu)應(yīng)該繼續(xù)加強(qiáng)機(jī)構(gòu)投資者的發(fā)展與監(jiān)督力度；(3)根據(jù)本文的實(shí)證研究結(jié)果,我國(guó)目前機(jī)構(gòu)投資者相互間的信息競(jìng)爭(zhēng)相對(duì)較低,我國(guó)相關(guān)機(jī)構(gòu)應(yīng)該在大力發(fā)展機(jī)構(gòu)投資者的同時(shí),加強(qiáng)提高機(jī)構(gòu)投資者的整體素質(zhì)并且營(yíng)造出更加具有競(jìng)爭(zhēng)性的信息環(huán)境,從而促進(jìn)機(jī)構(gòu)投資者相互間的信息競(jìng)爭(zhēng),進(jìn)而更好地優(yōu)化市場(chǎng)資源配置,改善融資效率。
[Abstract]:As an important bridge between investors and the public, enterprise information disclosure has a vital influence on the operation efficiency of the whole capital market. The real, comprehensive, accurate and timely information disclosure can not only provide a positive and effective guidance to the resource allocation of the capital market, but also for the maintenance of capital. The market order of the market and the protection of relevant interests of all stakeholders are equally significant.
As an important economic consequence of enterprise information disclosure, the impact of the quality of information disclosure on the cost of equity capital has become an important subject in the research of international capital market, and has been closely concerned with the theoretical and practical circles. After studying the related research, the author finds that most of the research on this subject has shown that it can improve the enterprise's letter. The quality of information disclosure plays a positive role in effectively reducing the cost of equity capital.
Since 2006, China's institutional investors have entered a period of rapid development. With the increasing number of investors, the expansion of the scale and the continuous improvement of the overall quality, all walks of life have a deeper understanding of its role in corporate governance and maintenance of investors' rights and interests. The interpretation and utilization of undisclosed private information by institutional investors can be reflected in the stock price of listed companies to a certain extent, thus improving the information content of the stock price and improving the efficiency of the capital market. Most of the related studies of foreign scholars show the existence of institutional investors and their mutual information. Competition can reduce the impact of information disclosure on the cost of equity capital.
At present, most of China's domestic scholars on enterprise information disclosure, institutional investors and enterprise equity capital cost between the three research mostly use the main board data, a few of the SME board data, and the research on the gem data is relatively rare. Therefore, this paper is based on the review of the study of domestic and foreign scholars. In addition, because of the small number of gem enterprises, in order to avoid the excessive deviation caused by the small sample size, the paper also joined the research on the 2012 related data of the pioneer board front and small and medium enterprise board, and in order to avoid the deviation caused by the plate difference as much as possible. In particular, the control variables of the plate are added.
In the choice of the cost calculation model of enterprise equity capital, because of the existence of "information asymmetry theory" in the theory of information disclosure, this paper does not choose the common capital asset pricing model (CAPM), but after multiple comparison, it adopts the PEG ratio model. After calculating the cost of equity capital, this paper passes three The following three problems are studied by a simple multiple linear regression model: (1) the influence of the quality of information disclosure on the cost of equity capital; (2) whether or not the existence of institutional investors will weaken the influence of enterprise information disclosure on the cost of equity capital; (3) whether the information competition between institutional investors is or not. It will weaken the impact of information disclosure on the cost of equity capital.
The findings are as follows: (1) for small and medium-sized enterprises, the quality of information disclosure is an important factor affecting the cost of enterprise equity capital. There is a negative correlation between the two, that is, the higher the quality of information disclosure, the lower the cost of the equity capital of the enterprise; (2) the existence of institutional investors will not weaken the information disclosure quality to its rights and interests for small and medium-sized enterprises. The influence of capital cost will strengthen it, that is, compared with the enterprise without institutional investors, in the enterprises with institutional investors, the level of the cost of equity capital decline will be greatly reduced. (3) for small and medium-sized enterprises, the development of institutional investors in China is not yet successful. As a result, the increase in the level of information competition between institutional investors does not significantly weaken the impact of the quality of information disclosure on the cost of equity capital.
According to the results of this study, this paper has the following policy implications: (1) improving the quality of enterprise information disclosure has a positive effect on effectively reducing the cost of equity capital. Therefore, the relevant institutions in China need to continue to strengthen market supervision, improve information disclosure rules and regulations, and construct a scientific and reasonable enterprise information disclosure evaluation system. And improve the quality of information disclosure of listed companies; (2) the existence and development of institutional investors have strengthened the internal relationship between enterprise information disclosure and the cost of equity capital. The results show that the relevant institutions of our country should continue to strengthen the development and supervision of institutional investors; (3) according to the results of this paper, our country's objective The information competition between the former institutional investors is relatively low. The relevant institutions of our country should strengthen the overall quality of institutional investors and create a more competitive information environment at the same time, so as to promote the information competition between institutional investors and optimize the market resources. To improve the efficiency of financing.
【學(xué)位授予單位】：西南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51;F275

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