摘 要：我国关于上市公司信息披露水平与其资本成本之间关系的相关理论研究尚浅，综合成果比较少，目前尚未形成完整、综合的理论研究体系。本文以深圳创业板股市前30家上市公司作为实证研究目标，以其在2011—2013年期间的相关指标为样本数据，并基于系统的理论依据，探究样本公司信息披露水平的变化能否对资本成本产生一定影响。研究表明，对于采取积极信息披露政策的81个样本,其盈余激进度与资本成本之间存在一定的正相关趋势；而对于采取谨慎信息披露政策的56个样本，其资本成本随着盈余谨慎度的变化呈反向变动。结论显示：通过信息披露质量的提高能够使风险下降，从而实现创业板上市公司资本成本的减少。55200
毕业论文关键词：创业板，上市公司，信息披露，会计盈余质量，资本成本
Abstract: Research on relationship between information disclosure and capital cost of Chinese listed firms is shallow. It hasn’t formed a complete and integrated theoretical system,and comprehensive research findings are comparatively fewer. This paper took the first thirty listed firms’ relative index from 2011 to 2013 of the Shenzhen Growth Enterprise Board as the research targets.Based on some systematic theories,the paper explored if information disclosure quality of the sample firms changes can affect the capital costs.The research shows that for the 81 samples which take active information disclosure policy, there is a positive correlation between the earning radicalness and the capital costs.However, for the 56 samples which take cautious information disclosure policy, there is a negative correlation between the earning cautiousness and the capital costs.In conclusion, if listed firms of the Growth Enterprise Board want to reduce their capital costs,they should reduce the investment risk by improving the information disclosure quality.
Keyword: Growth Enterprise Board, listed firms, information disclosure, accounting earning quality, capital costs
目 录
1 引言 4
1.1 研究背景与意义 4
1.3 研究思路概述 6
1.4 信息披露与资本成本的概念界定 6
2 研究设计 7
2.1 实证研究假设 7
2.2 多元线性回归模型设计 7
2.3 信息披露的替代变量 8
2.4 资本成本的计算方法 8
2.5 其他控制变量 9
2.6 样本选择与数据来源 9
3 会计盈余质量结果与分析 10
3.1 会计盈余质量分组 10
3.2 描述性统计分析 10
4 会计盈余质量与资本成本相关性分析 11
5 多元线性回归模型检验 12
5.1 模型分析依据 12
5.2 模型检验结果 13
5.3 检验误差分析 14
结 论 15
参考文献 16
致 谢 17 创业板上市公司信息披露与资本成本关联性研究:http://www.751com.cn/kuaiji/lunwen_59589.html