联系我们

论文查询结果	返回搜索

论文编号：	554
作者编号：	2120062031
上传时间：	2008/6/19 19:16:56
中文题目：	基于盈余管理的投融资效率研究
英文题目：	The Study of Efficiency of Inv
指导老师：	陈国欣
中文关键字：	盈余管理 投融资效率 投资 融
英文关键字：	Earnings Management Efficien
中文摘要：	盈余管理是企业管理层为误导其他会计信息使用者对企业经营业绩的理解或者为了影响那些基于会计数据契约的结果，在编报财务报告和规划交易事项时做出判断和会计选择的过程。自二十世纪八十年代以来，盈余管理作为财务揭示的热点问题，一直受到国内外会计界的广泛关注。 盈余管理的主要动机是出于融资，尤其是在资本市场上进行股权融资。投资和融资是企业资本流动过程中不同阶段的动态描述，企业的资本流动的效率，即企业投融资效率是企业配置资金能力的体现，决定了企业在市场竞争中的生存状态和发展前景。投资与融资是互相关联的，投资是融资的目的，而融资是投资的前提条件，因此，两者是无法分离、相互连带的经济行为。 上市公司长期以来存在的重融资、轻投资的不良现象，并没有得到根本改变，大量资金闲置、改变募集资金投向于低效项目、被侵占或占用等问题，依然成为上市公司资金运用效率低下的首要问题。为此，很有必要对企业投融资效率进行研究，本文将从盈余管理的角度对投融资效率展开研究。 本文通过分别对盈余管理理论、企业融资理论和投资理论的回顾、梳理，从盈余管理的定义及国内外学者的研究成果，揭示盈余管理的形成原因，同时从积极与消极两方面对盈余管理的经济后果进行阐述；从早期企业融资学派、MM理论、现代的融资结构理论对企业融资结构理论进行回顾；从西方投资理论的概述入手，回顾其发展趋势及特点。在理论回顾的基础上，提出问题：基于盈余管理的投融资效率如何？在对投融资效率的历史与现状，尤其是对募集资金投向变更及原因进行专项分析的同时，以煤炭上市公司为研究对象，进行基于盈余管理的投融资效率分析，根据多年（2002-2006）财务利润数据、投融资效率指标、以及国资委2006年下发的各种煤炭企业指标最优值比较分析，揭示煤炭上市公司盈余管理的手段、方法，以及投融资效率低下问题的深层原因，进而对我国上市公司基于盈余管理的投融资效率进行分析；选取国阳新能为研究对象，进一步印证上市公司基于盈余管理的投融资效率低下的现状，在此基础上提出相应建议与对策：提出提高客观性指标，减少主观性操作设想，通过对投融资效率的评价，以及综合性指标体系的建立。希望对我国上市公司盈余管理有所抑制，提高项目投融资效率，真正提高全社会的资源最优配置。
英文摘要：	Corporate earnings management is the management accounting information to mislead other users on the performance of the business to understand or to affect the accounting data based on the results of the lease, reportedly for financial reporting and planning of transactions and accounting at the judge selection process. Since the 1980s, revealed a surplus of financial management as a hot issue, at home and abroad has been widespread concern in the accounting profession. Earnings management is the main motive for financing, especially in the capital markets for equity financing. Investment and financing business capital flows in various stages of the dynamic description of the business efficiency of capital flows, that is, the efficiency of investment and financing business is a reflection of capacity allocation of funds, the decision of the enterprises in market competition in the state and development prospects of survival. Investment and financing are inter-related and investment is the purpose of financing, but financing is a precondition for investment, therefore, the two are not separated from each other associated economic activities. For a long time the existence of listed companies re-financing, investment in light of the adverse phenomenon, and has not been fundamentally changed, a lot of idle capital and change the inefficient collection of funds invested in the project, occupation or occupier and other issues, remain a listed company inefficient use of funds Most important issue. To this end, it is necessary for enterprises to study the efficiency of investment and financing, the paper will be earnings management point of view of investment and financing efficiency study. Based on the respective earnings management theory, corporate finance theory and the theory of investment, carding, from the definition of earnings management and the results of research on domestic and foreign scholars, reveals the reasons for the formation of earnings management, and two from the positive and negative aspects of the management of surplus Consequences on the economy, from the early school of corporate finance, MM theory, the financing structure of the modern theory of corporate finance structure of the theory; from the West start with an overview of investment theory, Recalling its development trends and characteristics. Recalling the theory on the basis of a question: Based on the earnings management of the investment and financing efficiency » The efficiency of investment and financing in the history and current situation, especially for the collection of funds into the cause of change and special analysis at the same time, listed companies for coal research, based on the earnings management efficiency of investment and financing, according to many years (2002-2006) Financial data profits, investment and financing efficiency indicators and the next SAC 2006, the coal enterprises of various indicators of optimal value comparative analysis reveals coal earnings management of listed companies the means, methods, and inefficient investment and financing the underlying causes of the problem, Further to China's listed companies based on earnings management of the investment and financing efficiency analysis; selected for the new-country study, further proof of listed companies based on earnings management and low efficiency of investment and financing of the status quo, on the basis of this proposal and corresponding countermeasures: The Improve the objectivity of indicators and reduce subjective operation envisaged by the evaluation of the efficiency of investment and financing, and the comprehensive index system. China's listed companies want to be inhibited earnings management, improve the efficiency of investment and financing projects, and truly enhance the optimal allocation of social resources.
查看全文：	预览  下载(下载需要进行登录)