联系我们

论文查询结果	返回搜索

论文编号：	5213
作者编号：	2120112431
上传时间：	2013/6/5 12:54:30
中文题目：	基于投资者保护的我国上市公司财务质量评价体系研究
英文题目：	Research on the Measurement System of Financial Quality of Chinese Listed Companies Based on Investor Protection
指导老师：	张晓农
中文关键字：	财务质量，投资者保护，评价体系
英文关键字：	financial quality，investor protection，evaluation system
中文摘要：	中国证券市场从最初的“老八股”和“老五股”发展到现在的两千多家上市公司，二十多年间数量增长了150多倍，速度之惊人让我们不得不思考这种数量上的急剧增长是否是以牺牲质量为代价的。与此同时，中国证券市场的投资者也急剧增加，现在沪深两市有效股票投资者达1.4亿。由于我国投资者保护体制的不完善，如何保护这约占中国总人口十分之一的投资者的利益也成为研究的热点。因此，本文试图将上市公司财务质量问题与投资者保护问题相结合，建立一个基于投资者保护的上市公司财务质量评价体系，从而帮助投资者有效衡量上市公司财务质量水平，做出正确投资决策。本文以2011年中国沪深两市A股非金融类企业的757家上市公司为研究样本，综合利用文献研究法、层次分析法、描述性研究法、实证研究法、个案研究法等多种定性和定量研究方法，从投资者保护的角度，对上市公司财务质量的评价问题进行了全面而深入的研究，并取得一些研究成果。首先，本文基于利益相关者理论对上市公司财务质量的评价主体进行细分，对投资者的评价需求进行针对性研究，构建了包括盈利及发展能力、营运能力、股东获利能力、风险水平和偿债能力五个维度的基于投资者保护的财务质量评价体系；其次，本文分别运用层次分析法和极差变换法确定评价体系中17个指标的权重和无量纲指标值；再次，为了检验前文构建的评价体系的有效性，本文选择企业价值（TobinQ）为上市公司财务质量的替代变量，并作为多元回归模型的被解释变量，选择可能影响企业价值的公司基本特征及公司治理结构相关变量，如公司规模、第一大股东持股比例、独立董事比例、两职兼任情况等为控制变量，运用SPSS17.0进行多元线性回归，结果显示财务质量与企业价值显著正相关，从而验证了本文构建的财务质量评价体系的有效性。最后，本文以商业行业为例，对其财务质量进行评分及排名，进一步验证本文构建的财务质量评价体系的有效性和实际应用价值。
英文摘要：	In Chinese securities market, the number of listed companies grew from the initial “old stereotype” and “old five stocks” to more than two thousand in twenty years. In this case, we can’t help thinking that whether the amazing growth speed is at the expense of the companies’ quality. At the same time, China's stock market investors also increased dramatically, and now the investors in Shanghai and Shenzhen stock exchanges have grown up to 140 million. Due to the imperfect system of investor protection in China, how to protect the interests of investors accounting for about one-tenth of China's total population has also become a hot research subject. Therefore, this paper attempts to combine the listed companies' financial quality and investor protection issues, and create a financial quality evaluation system of listed companies based on investor protection, in order to help investors measure the listed companies' financial quality level effectively and make the right investment decisions. This paper chose 757 A-shares non-financial listed companies of Shanghai and Shenzhen stock exchanges in year 2011 as samples, and used a variety of research methods, including literature research, analytic hierarchy process, descriptive study method, empirical research, case study method and others. In this way, this paper made a comprehensive and in-depth research of listed companies' financial quality in the view of investor protection, and obtained some conclusions as follows. Firstly, this article made segmentation of the assessor of listed companies' financial quality to satisfy the investors’ evaluation needs, based on the stakeholder theory. Then this paper developed a financial quality evaluation system based on investor protection, including five dimensions: profit and development ability, operation ability, shareholder profitability ability, risk level and debt-servicing capacity. Secondly, this article determined the weight and dimensionless value of the 17 indicators in the evaluation system by using the analytic hierarchy process method and range transformation method respectively. Thirdly, in order to test the effectiveness of the evaluation system, the author selected enterprise value as the alternative variable of listed companies' financial quality and dependent variable in the multivariate regression model. Meanwhile, variables about company basic characteristics and corporate governance which may affect the value of enterprises were chosen as control variables, such as company size, the largest shareholding ratio, the proportion of independent directors and so on. According to the results of multiple linear regression model using spss17.0, financial quality and value of enterprise showed a strong positive correlation. Therefore, the financial quality evaluation system in this article is effective. Finally, this article calculated and ranked the financial quality score of the 2011 commercial industry listed companies, further verifying the effectiveness and practical application value of the evaluation system.
查看全文：	预览  下载(下载需要进行登录)