联系我们

论文查询结果	返回搜索

论文编号：	8324
作者编号：	2120142427
上传时间：	2016/6/7 18:40:44
中文题目：	融资融券交易与财务报告透明度的关系研究
英文题目：	An Empirical Research on Relationship between Margin Transaction and Financial Reporting Transparency
指导老师：	周晓苏
中文关键字：	融资融券交易；财务报告透明度；投资者关注度
英文关键字：	margin transaction; financial reporting transparency; investor attention
中文摘要：	融资融券制度，又称为证券信用交易制度，是指投资者提供担保物给能够办理融资融券业务的证券公司，为了买入上市交易的证券而借入资金或为了卖出上市交易的证券而借入上市交易的证券的行为。我国于2010年3月31日正式启动了融资融券交易制度的试点工作，该交易制度允许投资者借助于具有融资融券业务资格的证券公司进行融资融券交易，是我国资本市场发展历史中第一次正式推行融资融券交易制度，引发了投资界与学术界的热切讨论。在美国、英国等传统的发达资本市场中，经过多年快速发展的融资融券交易制度，已经成为证券资本市场交易制度中一个非常重要的组成部分。一段时期内，国外的学者们主要围绕融资融券交易制度对资本市场的效率及证券定价的影响进行学术讨论与研究。我国学者们近几年才逐渐开始对融资融券交易制度进行学术探讨与研究。综合来看，学者们对于融资融券交易制度的讨论与研究主要集中在融资融券交易制度对资本市场交易效率的宏观影响层面，关于融资融券交易制度在微观层面对公司行为产生的影响的研究较少。融资融券交易制度的推出是否也能够在微观层面对上市公司的行为产生影响？这种影响程度究竟如何？融资融券交易制度的特色，即做空机制的推出，是否能在一定程度上促使上市公司主动提高财务报告透明度？本文通过严谨的计量模型对融资融券交易制度的推行对上市公司财务报告透明度产生的影响进行了实证检验与理论分析，具有十分重要的理论和现实意义。一方面可以为研究财务报告透明度的变化动机提供新的经验证据，另一方面也可以为研究融资融券交易制度的经济后果提供新的经验证据，为资本市场的监管机构完善相关的政策法规，尤其是为进一步深化国内的金融体制创新改革提供了坚实的理论基础和经验数据支持。在融资融券交易制度作为一项金融创新制度推出的背景下，本文选取了2012年至2014年进入融资融券标的名单的沪、深两市A股上市公司为样本，对融资融券交易制度的推出如何影响上市公司财务报告透明度进行了相关实证检验，同时对融资融券交易影响财务报告透明度的传导途径和内在机制进行深入的分析。结果发现：第一，样本公司成为融资融券标的证券前后的财务报告透明度有显著的提高。进一步将融资融券标的A股上市样本公司分为融券频率高组（HIGH_SF）与融券频率低（LOW_SF），对样本进行分组回归发现：融券频率高组的样本公司财务报告透明度比融资频率低组有更显著的提高。接着，按照时间间隔对样本分组回归发现：期末财务报告完成前1个月（SF t,12）的融券交易对财务报告透明度的正向作用最显著，在融券频率高组样本中，还表现出距离期末财务报告完成越近的融券交易对财务报告透明度的正向越显著的结果。但这种趋势在融券频率低组样本中的结果不明显。第二，融券频率高组的样本公司的投资者关注度显著高于融券频率低组，投资者关注度与财务报告透明度的变化率之间存在显著的正相关关系。
英文摘要：	Margin Transaction (Margin Trading and Short Selling) is a kind of stock trading activities where securities customers provide guaranty to the securities companies and other intermediaries to borrow funds to buy listed securities, or borrow listed securities to sell, then repay the borrowed funds or securities and interest in the agreed period. On March 31, 2010, China officially launched the pilot, allowing investors to speculate on the stock market transactions to borrow funds or borrow listed securities from the designated stock broker . This stopped the 20 years’ history that there was no shorting mechanism in China's stock market . In developed markets such as Britain and the United States, after years of margin transaction development, it has become an important part of the trading system. For a long time, the scholars mainly focus on the impact of margin transaction on the market efficiency and the market behavior. China's discussion on the margin transaction has gradually risen in recent years. However, scholars mainly focus on the impact of margin transaction on the security market liquidity and volatility, and the impact on the level of security pricing efficiency. Whether the introduction of margin transaction has an impact on the micro level of the listing company? What is the extent of this impact? After the short selling mechanism begins, whether it can promote the listing Corporation to improve the transparency of financial reporting? With the margin transaction in the pilot of the rare "natural experiments", it has very important significance in theory and policy. on one hand, it can provides new empirical evidence for the changing motivation of the transparency of financial reporting ,on the other hand, it will provide new empirical evidence for economic consequences research ,which may further deepen the financial innovation . Under the background of margin transaction as the launch of a new securities trading system, this paper selects A-share listed companies from 2012 to 2014, which become the subject of margin securities of the Shanghai and Shenzhen Exchanges to do an empirical research on the impact of margin transaction on the transparency of financial reporting. The results show that : First, the financial reporting transparency has improved significantly in the Sample Firms which has become the subject of margin trading before and after. Further margin targets of A-share listed companies into high margin frequency group and trading frequency low.The sample of grouping regression found: high frequency trading group of sample companies' financial reporting transparency than low frequency of financing group has more significant. Then, according to the time interval of sample grouping regression found: final financial report completed before one month of the margin trading is a positive effect on the transparency of financial report is the most significant, in the margin of high frequency samples also showed final financial report distance closer to the margin trading on financial reporting transparency forward more significant results. But this trend is not obvious in the low frequency group. Second, the high margin of the Sample Firms' investor attention is significantly higher than the low margin frequency group.
查看全文：	预览  下载(下载需要进行登录)