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论文编号：	6461
作者编号：	2120122559
上传时间：	2014/6/11 0:34:44
中文题目：	财务报告透明度的价值相关性研究
英文题目：	Study on the value relevance of transparency in financial reporting
指导老师：	周晓苏
中文关键字：	信息披露；财务报告透明度；价值相关性
英文关键字：	information disclosure; transparency in financial reporting; value relation
中文摘要：	本文以财务报告透明度是否具有价值相关性为研究主题，文章对契约理论、信息不对称理论、投资者保护理论、有效市场假说、代理关系理论和信号传导等理论进行回顾，分析了公司信息的披露状况是否引起资本市场的反应。然后对财务报告透明度和价值相关性的相关文献进行了综述。在此基础上，本文提出“公司信息披露水平愈高，其在股票市场的反应愈好”的基本假设，随后使用价格模型，选取2009~2012年度深圳证券交易所上市公司的经验数据，选用股票的市场价格、每股收益和每股净资产为变量，结合每年深圳证券交易所公布的上市公司信息披露评级公告进行实证检验。通过大样本的数据分析和统计回归，研究了我国上市公司财务报告透明度的价值相关性问题；同时，使用事件研究法，结合股票的超额收益率和累计超额收益率进行稳健性检验分析。最后得出结论，即财务报告透明度较高的公司，其披露信息的价值相关性要高于财务报告透明度较低的公司。 随着证券市场的建立与改革，相关制度法规的逐渐完善，上市公司纷纷将信息的披露意识提升，沪深两市对上市公司信息透明度的监管均加大力度，不断修订相关制度规定。但是仍存在信息披露不及时、公开的信息不准确、财务信息不真实等情况，侵害了投资者的利益，影响了资本市场的发展。通过文章的分析与研究，得到了财务报告透明度具有价值相关性的结论，也就是说，公司提高财务报告透明度会减弱信息的不对称程度，从而支持了深圳证券交易为上市公司建立诚信档案的工作，为上海证券交易所的信息披露评级规定提供信心。本文为强化上市公司信息披露质量，进行及时、准确、公开的信息披露提供动机，为增强资本市场的透明性和信息的公开性提供支持。
英文摘要：	Firstly, focus on the value relevance of transparency in financial reporting and review the capital market theory, including investor protection theory, asymmetric information theory, efficient market theory, agency theory and signaling theory .Secondly, study the inside and outside paper, which talking about financial reporting transparency and value relevance. Based on the theoretical analysis and literature review above, we present the basic assumptions. By using price model, we select the listed companies’ data of Shenzhen Stock Exchange from 2009 to 2012, and choose the stock prices, earnings per share and net assets per share as variables, which combined with the information disclosure ratings listed by Shenzhen Stock Exchange. Then, do empirical test with large samples. Finally, we find a conclusion that the higher financial reporting transparency, the more value relevance. In recent years, the formulation and implementation of information disclosure system has attracted the whole nation’s attention. Nowadays, China's capital market is still relatively out of effectiveness, the information disclosure of listed companies and financial reporting transparency situation is poor. Results indicate that improving the transparency of financial reporting can beneficially reduce information asymmetry. The information disclosure evaluation work conducted by Shenzhen Stock Exchange have been effective, and Shanghai Stock Exchange decided to carry out this work, and the two Exchanges should further improve the content of information disclosure evaluation, so that the results are more scientific and reasonable. The conclusion of this paper will make positive significance to strengthen the quality of information disclosure of listed companies and provide supporting evidence to improve the accounting information transparency and reliability.
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