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MBA硕士论文_信息披露质量对债务融资影响研究DOC

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文本描述
摘要
I
摘要
本文以 108 家江浙中小板制造业公司为样本,选取样本公司 2011—2015 年的财务
数据和非财务数据,实证研究信息披露质量对债务融资的影响

首先,本文对信息披露质量、债务融资及其两者关系的国内外相关研究文献进行回
顾和总结,并在此基础上提出本文的研究内容和研究思路。其次,对信息披露质量、债
务融资概念进行界定,并梳理了融资基本理论、委托代理理论和信号传递理论等基础理
论。从理论上分析信息披露质量如何对债务融资产生影响,并以此提出了三个研究假设:
(1)信息披露行为的规范性与债务融资水平正相关;(2)会计信息反映的盈利能力与
债务融资水平正相关;(3)会计信息反映的偿债能力与债务融资水平正相关。然后,在
研究设计中,基于信息质量特征的相关概念框架和信息披露规则,建立了信息披露质量
评价体系。具体地,从信息披露行为和披露内容所反映的经济实质两个维度构建信息披
露质量的评价体系,即从信息披露的“精确度”和信息披露“内容”两个维度来理解信
息披露质量的影响,前者体现了信息“可靠性”这一质量特征,后者则体现了信息“相
关性”的质量特征,整个评价体系强化了信息的“决策有用性”。信息披露行为的规范
性参照深交所信息披露考评的结果;运用因子分析法,以盈利能力公因子、资产抵押能
力公因子和现金流公因子衡量债权人关注的披露内容所反映的经济实质。最后,对样本
进行了实证检验分析

本文研究结果显示:江浙制造业企业的信息披露行为有较强惯性,仍有改善空间

提高信息披露质量可以缓解融资约束,从而满足债务融资需求。回归分析结果表明,企
业会计信息反映的盈利能力、偿债能力均与债务融资水平正相关。这表明企业的盈利能
力、偿债能力这两个企业特质,即信息披露内容所反映的经济实质,对债务融资的影响
是显著的。进一步分析发现,相对于盈利能力,银行更看重企业的偿债能力,特别是企
业经营现金流对债务的支付能力。虽然信息披露行为的规范性没有通过显著性检验,但
提高信息披露行为的规范性仍有现实意义。最后,根据研究结果,提出了针对性的建议
和政策

关键词:信息披露质量;债务融资;因子分析Abstract
II
Abstract
108 manufacturing companies of Jiangsu and Zhejiang province listed on the SME board
were selected for the research with the financial data and non-financial data from 2011 to
2015. Empirical studies on the influence of information disclosure quality on debt financing
were carried out then.
Firstly, a review and summary on the research at home and abroad of information
disclosure quality, debt financing and their relationship was presented, which laid foundations
for the latter establishment of research contents and methods. Secondly, concept definition of
information disclosure quality and debt financing was proceeded to clarify the contents.
Theories including basic theory of financing, principal-agent theory and signaling theory were
generalizing. Theoretical analysis on how the debt financing affected by the information
disclosure quality was carried out, and then three research hypotheses were put forward: (1)
the standardization of information disclosure was positive ly related to the scale of debt
financing; (2) the profitability reflected by accounting information was positively related to
the scale of debt financing; (3) the solvency reflected by accounting information was
positively related to the scale of debt financing. Thirdly, in the design of research, evaluation
system of information disclosure was established based on the relative concept framework
and information disclosure rules. Specifically, two analytic dimensions were put forward in
the evaluation system: the standardization of information disclosure and the economic essence
reflected by the information. That was “accuracy” and “content”. The former reflected the
“reliability” element of qualitative characteristics of accounting information, while the latter
reflected the “relevance” element. In short, the entire evaluation system strengthened
“decision-making usefulness” of the information. Further, the measure of the standardization
was based on the evaluation for information disclosure by Shenzhen Stock Exchange. Factor
analysis was used to measure the economic essence reflected by the information. Three
factors were included: profitability factor, asset-backed ability factor and cash-flow factor.
Finally, empirical studies on the impact of information disclosure quality on debt financing
were carried out.
The results showed that information disclosure behavior of manufacturing companies of
Jiangsu and Zhejiang province had a strong inertia, and there was still room for improvement.
Improving the quality of information disclosure could mitigate financing constraints and meet
the debt financing needs. The results of regression analysis showed that the profitability and
solvency reflected by accounting information were significantly and positively related to the
scale of debt financing. This meant that the effects of profitability and solvency, two
characters of enterprise that creditors concerned, on debt financing were significant. Further
analysis found that, compared to profitability, creditors pa id more attention to solvency,
especially free cash-flow to cover debt and interest payments. Although the impact of the
standardization of information disclosure was not significant, it still had realistic significance.
Finally, suggestions were proposed according to results.
Keywords : Information Disclosure Quality; Debt Financing; Factor Analysis目录
III
目 录
摘要I
Abstract ...... II
目 录.........III
第一章 绪论...........1
1.1 研究背景及意义....... 1
1.1.1 研究背景 1
1.1.2 研究意义 1
1.2 文献综述....... 2
1.2.1 国内外信息披露质量相关文献综述.... 2
1.2.2 国内外债务融资文献综述........ 5
1.2.3 国内外信息披露质量对债务融资影响文献综述........ 7
1.3 研究内容及研究思路......... 10
1.4 研究方法及创新点. 10
1.4.1 研究方法.......... 10
1.4.2 综合评价方法比较...... 11
1.4.3 创新点.. 11
第二章 相关概念界定及基础理论.........13
2.1 信息披露质量的界定及度量......... 13
2.1.1 信息披露质量的界定.. 13
2.1.2 信息披露质量的度量.. 17
2.2 债务融资的界定及度量..... 19
2.2.1 债务融资的界定.......... 19
2.2.2 债务融资的计量.......... 19
2.3 信息披露质量影响债务融资的理论基础. 20
2.3.1 融资基本理论.. 20
2.3.2 委托代理理论.. 20
2.3.3 信号传递理论.........
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