摘要 随着信息时代的快速发展，投资者如何在各式各样的信息面前选择优质的拟 投公司，获得较高的风险报酬从而保障投出资金的安全，考虑到高质且全面的会 计信息是评估预期回报的重要因素，投资者对其质量十分重视；而上市公司也想 利用其公司的财务报告等会计数据来传达有助于企业融资的利好消息，来降低公 司的融资成本。上市公司在首次融集资金后，面对经济环境的变化以及公司自身 对资金的持续需求，会进行以配售新股、增加股票发行量和可转债等三种主要形 式的再次融资行为，三者在融资成本方面存在较大差异，上市公司必须慎重考虑 不同的再融资方式所筹集的资金额会由于每种方式的融资成本不同而带来不一 样的结果。会计信息质量的高低会带来融资成本的变化，而融资成本又会进一步 影响到不同方式下的再融资资金量大小，那么融资成本在会计信息质量影响再融 资资金量的过程中是否发挥了中介传导作用呢？从融资成本的角度看，上市公司 不同的再融资方式融集的资金量大小是否会受到会计信息质量的影响产生差异 呢？ 本文以2012-2017年期间沪深两市全部A股上市公司的数据为样本，基于 以上两个问题进行研究，采用多元回归以及中介效应法来实证检验会计信息质量 通过影响上市公司的融资成本进而影响再融资的机制。将样本按照再融资方式进 行分组，从融资成本的视角实证检验会计信息质量对不同的再融资方式融集资金 量大小的影响差异，从而寻找最有利于上市公司进行再融资的方式。 研究发现如下结论：一是上市公司的会计信息质量越高，那么上市公司在进 行再融资时能够获得更多的资金支持；二是融资成本越大会使得再融资资金量越 少即二者之间呈现负向相关性；三是相比会计信息质量低的上市公司，会计信息 质量高的公司将具有低融资成本的优势；四是会计信息质量能够通过融资成本进 而对上市公司不同方式的再融资资金量大小产生后续影响，且融资成本在两者之 间发挥着部分中介作用；五是对样本根据再融资方式分组后分别进行回归发现， 会计信息质量对配股融资成本的影响小于其对增发融资成本的影响，会计信息质 量通过融资成本的部分中介作用使得其对配股再融资资金量的影响小于其对增 发再融资资金量的影响，因此上市公司选择增发方式更有利于获得更多的资金支 持。 这一方面说明了有效且完全的会计信息能够强烈缓解上市公司和投资者之 间的信息不对称程度，这种缓解作用对上市公司融资规模产生了较为深远的影响， 且该影响能够通过融资成本进一步影响到上市公司后续融资方式的选择；另一方 I 摘要 面也为上市公司在融资难和融资贵的背景下规范披露信息提供经验基础；最后为 国家相关职能管理部门如何规范管理上市公司信息失真并提高其披露信息的质 量水平提供借鉴。 关键词：会计信息质量; 融资成本; 再融资; 中介效应 II Abstract Abstract With the rapid development of the information age, investors how to select high- quality investment companies in front of all kinds of information, to obtain a higher risk reward to ensure the safety of investment funds, considering that high-quality and comprehensive accounting information is an important factor to evaluate the expected return, investors pay great attention to its quality; Listed companies also want to use their financial reports and other accounting data to convey good news that is conducive to enterprise financing, so as to reduce the company's financing costs. Listed company after the first raised, due to the change of economic environment and the company itself continued demand for capital, will increase to the placement of new shares, stock issuance and three main forms of convertible bonds financing behavior again, three there is biggish difference in financing cost, must carefully consider different ways of refinancing of listed companies to raise the funds would be due to the different financing costs of each mode with different results. The quality of accounting information will bring about the change of financing cost, and the financing cost will further affect the amount of refinancing capital in different ways. So does the financing cost play an intermediary role in the process of the quality of accounting information affecting the amount of refinancing capital? From the perspective of financing cost, will the amount of capital of listed companies in different refinancing methods be affected by the quality of accounting information? Data of all a-share listed companies in Shanghai and Shenzhen stock exchanges from 2012 to 2017 are selected as samples in this paper to conduct research based on the above two questions. The multiple regression and mediation effect method is used to imperatively test the mechanism of the quality of accounting information affecting the financing cost of listed companies and then the refinancing. The samples are grouped according to refinancing methods to empirically test the influence of accounting information quality on the amount of funds collected by different refinancing methods from the perspective of financing costs. The research finds the following conclusions: first, the higher the quality of accounting information of listed companies, the more financial support they can get in refinancing; Secondly, the higher the financing cost is, the less the refinancing capital is. Third, compared with the listed companies with low accounting information quality, the companies with high accounting information quality will have the advantage of low III Abstract financing cost. Fourth, the quality of accounting information can have a follow-up effect on the amount of refinancing capital of listed companies in different ways through the financing cost, and the financing cost plays a partial intermediary role between the two. Five is on the sample according to the refinancing way separately after regression found that accounting information quality influence on rights financing cost is less than its influence on raising financing cost, accounting information quality through the part of the cost of financing intermediary role makes its influence on rights refinancing amount is less than its influence on secondary refinancing amount, therefore listed companies choose the way to raise more conducive to get more money. On the one hand, this shows that incomplete information between external investors and listed companies has been effectively alleviated due to the role of accounting information quality, which has a far-reaching significance on the financing scale of listed companies, and this significance can further affect the subsequent financing of listed companies through the financing cost. On the other hand, it also provides reference for the state to manage the quality of disclosure information of listed companies and provides experience for standardizing the information rating of listed companies. Key Words: Accounting information quality; Financing cost; Refinancing; The mediation effect IV 目 录 目 录 第1章 绪论................................................................................................................ 1 1.1 研究背景和意义............................................................................................... 1 1.1.1 研究背景.................................................................................................... 1 1.1.2 研究意义.................................................................................................... 2 1.2 国内外文献综述............................................................................................... 2 1.2.1 国外文献综述............................................................................................ 2 1.2.2 国内文献综述............................................................................................ 5 1.3 研究内容与方法............................................................................................... 7 1.3.1 研究内容.................................................................................................... 7 1.3.2 研究方法.................................................................................................... 9 1.3.3 本文创新点.............................................................................................. 10 第2章 概念界定及理论基础.................................................................................. 11 2.1 概念界定......................................................................................................... 11 2.1.1 会计信息质量的涵义及度量................................................