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论文编号：	4204
作者编号：	2120102232
上传时间：	2012/6/5 16:35:12
中文题目：	会计信息质量与股权再融资直接发行成本的相关性研究
英文题目：	Seasoned equity offerings: Quality of accounting information and expected flotation costs
指导老师：	周晓苏
中文关键字：	股权再融资，会计信息质量，直接发行成本
英文关键字：	seasoned equity offerings, accounting information quality, flotation costs
中文摘要：	股权再融资的直接发行成本，即发行费用占融资规模的比例不可忽视，这对股权再融资企业来讲是一笔可观的资本损失。股权再融资的直接发行成本受到发行方与外部投资者之间信息不对称程度的正向影响，这种信息不对称可以用会计信息质量进行很好的衡量。本文选取了会计领域广泛运用的Jones（1991）提出的琼斯模型的截面修正模型（Dechow，1995）测算会计信息质量。本文的主要假设是股权再融资企业较差的会计信息质量会提高外部投资者对企业财务状况的不确定性，虽然它并不影响内部管理者自身的企业评估。会计信息质量这一指标会通过影响外部投资者对股权再融资发行新股的需求，进而影响股权再融资的发行成本和风险。通过对中国A股市场股权再融资样本进行实证分析，本文发现差的会计信息质量会导致较高的股权再融资直接发行成本，考虑到会计信息质量与股权再融资发行规模的关系后结果依然稳健。本文还按照股权再融资方式、股权再融资企业产权属性以及股权集中度三种标准对样本进行了分组，并且深入研究比较了每个子样本中会计信息质量与股权再融资直接发行成本的关系，研究发现具有国有控股背景以及股权集中度较低的子样本中，会计信息质量与股权再融资直接发行成本之间存在着显著的负相关关系，而采用配股方式发行的子样本中，会计信息质量与股权再融资直接发行成本之间的关系并不显著。
英文摘要：	Flotation costs represent a significant loss of capital to firms and are positively related to information asymmetry between managers and outside investors.We measure a firm’s information asymmetry by its accounting information quality based on two extensions of the modified Jones model,which is a more direct approach to assessing the information available to outside investors than the more commonly used proxies. Our main hypothesis is that poor accounting information quality raises uncertainty about a firm’s financial condition for outside investors, though not necessarily for insiders. This accounting effect lowers demand for a firm’s new equity,thereby raising underwriting costs and risk. Using a large sample of seasoned equity offerings, we show that poor accounting information quality is associated with higher flotation costs in terms of larger underwriting fees.These results are robust joint determination of offer size .This paper divided the sample into three groups according to the type of SEO、state of firms and the ownership concentration , then we study in-depth of the ralationship of the accounting information quality and SEO direct issue in each sample. We found that accounting information quality and SEO direct issue costs are negative correlation significantly when the firm is state-owned and low ownership concentration , but it’s not signnificant in the group when it’s different in the type of SEO.
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