联系我们

论文查询结果	返回搜索

论文编号：	2343
作者编号：	2120082091
上传时间：	2010/6/9 0:19:32
中文题目：	我国会计信息透明度衡量方法的有效性对比研究
英文题目：	Comparative Study On the Effectiveness of Different Measurement Approach of Accounting Information Transparency in China
指导老师：	周晓苏
中文关键字：	会计信息透明度 权益资本成本 盈余激进度 盈余平滑度
英文关键字：	accounting information transparency, cost of equity capital, earnings aggressiveness, earnings smoothing
中文摘要：	会计信息透明度对资本市场的重要性已经成为学术界和实务界所共同关注的焦点，学者们对会计信息透明度定义和衡量指标的研究也是层出不穷，但至今仍未形成统一意见。鉴于此，本文主要立足于信号传递和信息不对称理论，旨在从权益资本成本角度出发，通过比较我国现有的表征会计信息透明度的四种不同衡量方法与权益资本成本的密切程度，进而总结出不同衡量方法的有效性大小，以供以后的研究者参考。 本文的实证研究选取了2001年至2006年在深交所上市的公司为样本，采用剩余收益模型计算权益资本成本。本文共选取了四个表征会计信息透明度的指标，分别是深交所公布的信息披露考核指数、盈余激进度（包括以总应计和可操控性应计两个指标分别衡量）和盈余平滑度。首先对样本进行了分年度的相关性分析，发现深交所公布的信息披露考核指数与权益资本成本的相关性最为密切，连续六年二者一直呈现出显著的相关关系。然后本文又加入了市场风险、公司规模等控制变量以排除其他因素对权益资本成本的影响，并对样本进行了多元回归分析，最终得出以深交所的信息披露指数衡量会计信息透明度最有效、盈余平滑度次之、盈余激进度最次的结论。
英文摘要：	Nowadays, it has already become an issue that accounting information transparency is critical to capital market both in academic and theory field. As for the definition or the measurement method, researchers always display their own explanations and not a unified opinion has yet been formed. Therefore, based on signaling theory and information asymmetry theory, this paper is aim to make a comparison of the correlation between cost of equity capital and four measurement methods of accounting information transparency and then find out the one which best represents accounting information transparency. The empirical part of this article takes listed companies from 2001 to 2006 in Shenzhen Stock Exchange Motherboard as examples. The residual income model (GLS Model) is used to calculate cost of equity capital. This paper employs the appraisal rating of the disclosure quality released by Shenzhen Stock Exchange, earnings aggressiveness(including using total accruals and discretionary accruals separately) and earnings smoothing as the indicators of accounting information transparency. We test the sample from two angels: firstly, we conduct a correlation analysis of sub-annual and it shows that cost of equity capital is most closely related to the appraisal rating of the disclosure quality released by Shenzhen Stock Exchange since they demonstrates a significant correlation for six years; secondly, selecting market risk, company size and some other variables as control variables, we establish the multiple regression analysis. Finally, this paper comes to a conclusion based on the above research: the appraisal rating of the disclosure quality released by the Shenzhen Stock Exchange is the most effective substitute index for accounting information transparency, followed by earnings smoothing, and earnings aggressiveness ranked last.
查看全文：	预览  下载(下载需要进行登录)