联系我们

论文查询结果	返回搜索

论文编号：	6540
作者编号：	2120122561
上传时间：	2014/6/17 0:52:10
中文题目：	融资融券对股价同步性和会计信息质量的影响——基于我国A股市场的检验
英文题目：	The Influences of Margin Trading on the Synchronicity of Stock Price and the Quality of Accounting Information – Based on A-Share Market and Stocks
指导老师：	刘志远
中文关键字：	融资融券；股价同步性；会计信息质量；信息效率
英文关键字：	Margin trading; Synchronicity; Qualities of Accounting Information; Information Efficiency
中文摘要：	融资融券是证券市场上重要的交易制度之一。我国虽然起步晚，但A股市场有别于全球其他市场的独特性为融资融券机制的各种理论研究提供了土壤——在严格的卖空限制下，A股市场经历了融资融券机制的探索、发展、标准化的整个过程，为研究融资融券机制试点引入90支标的股（2010年3月31日）以及逐步扩容到目前的700支（2011年11月25日、2013年1月25日及2013年9月6日）对市场及个股的影响提供了基础。2012年8月27日转融资的正式推出，意味着融资融券交易对市场的影响将进一步放大，无论是对于监管层、证券公司还是投资者，融资融券对市场的各个主体都将产生越来越深厚的影响。 本文通过实证研究，探讨作为用以促进市场价格发现功能、,的融资融券机制，如何通过资本市场信息中的公司特质性信息来影响股价同步性，以及如何发挥会计信息的外部治理作用——也就是说，本文试图从两个角度检验融资融券制度是否提高了我国资本市场信息效率。 笔者以2009年-2012年我国A股主板上市公司为样本，首先，分别以2010年3月31 试点实施融资融券制度和以2011年12月5日融资融券标的股范围扩大为研究事件为研究对象，分阶段研究了融资融券机制的引入及扩容如何影响股价同步性。随后，检验了融资融券机制的引入对上市公司会计信息质量的外部治理作用。得出以下结果： 首先，2010年3月31日我国融资融券业务的开展，标的股票的股价同步性并没有发生改变。而在2011年12月5日融资融券业务扩容后，融资融券机制也没有起到降低股价同步性的作用。检验结论并未验证融资融券制度实施之后，会提高我国上市公司特质信息融入股价的程度，从而降低股价同步性，提高资本市场信息效率的假设。 其次，融资融券机制在我国市场上具有会计信息的外部治理作用，融资融券标的股的公司在融资融券制度实施后，其可操纵盈余水平显著降低，会计信息披露质量明显提高。也就是说，融资融券的开展向标的股公司管理层施加外部的压力，使其有动机更加主动地披露上市公司的（负面）信息。 以上结果表明，融资融券机制的实施和扩容，使得公司特质信息是通过公开披露而非私有信息交易而融入股价的。这种机制通过向管理层施加外部压力，促使其提高上市公司会计信息质量，从而提高资本市场信息效率。
英文摘要：	Securities Margin Trading is one of the most important trading mechanisms on the securities market. Although start late, China’s securities market is an unique market for theoretical study among the world. It provides the foundation for studying the implementation (March 31st, 2010) and 3 times of enlargement (November 25th, 2011; January 25th, 2013; September 6th, 2013) of Securities Margin Trading. With the implementation of refinance on August 27th, 2012, it means that the impact of Securities Margin Trading will be amplified, either to regulators, securities firms or investors. That is to say, Securities Margin Trading will have a more profound impact on the market. This paper intend to exam the impact of Securities Margin Trading mechanism, which is being used to promote the market price discovery function and increase the market efficiency, how to influence synchronicity through firm-specific information, and how to play exterior governance role of accounting information -- in other words, this paper attempts to test from two angles of margin system improves the efficiency of capital market in China. This paper divides the research horizon into two sub-periods according to the major changes of margin trading target and draws following conclusions: Firstly, with the Securities Margin Trading mechanism developing since March 31st, 2010, the synchronicity of margin trading target has not changed. While, the mechanism still has not brought the synchronicity down after the enlargement of margin trading target list. Thus, the results do not prove the first hypothesis that Securities Margin Trading mechanism will involve more firm-specific information into stock price, which led to a lower synchronicity, and increase the efficiency of capital market. Secondly, Securities Margin Trading mechanism is responsible for exterior governance role of accounting information in China's market. After the implementation of the Securities Margin Trading mechanism, the margin trading targets’ earnings management significantly lower, which means, accounting information disclosure quality has improved significantly. These results indicate that, implementation and expansion of the Securities Margin Trading mechanism, making the trading target companies’ firm-specific information integrate into stock price through public disclosure rather than private information trading. Such a mechanism exerts external pressure on management to improve the quality of accounting information, so as to improve the efficiency of capital markets.
查看全文：	预览  下载(下载需要进行登录)