现上市公司财务风险信息披露有效性研究.doc

上市公司财务风险信息披露有效性研究 摘要 财务风险是指公司财务结构不合理、融资不当使公司可能丧失偿债能力而导致投资者预期收益下降的风险。信托借款综合信用授信、拆借资金ABSTRACT Financial risk is a problems in the financial structure of companies or losing solvency because of improper Financing may lead to the expected return of investor risk. But in real life,a normal operation of a listed companys financial risk often focused on liquidity risk and refinancing risk, so this paper under the two opposite points which is listed companies additional stock issue tailed for investors to reduce the financial risk and leverage (including mortgage loans,company bonds,the company RongZiQuan, Bank loan,Financing loan,Trust loan,Trust borrowing,Comprehensive credit credit,borrow money ) to increase the financial risk as research object,study the private offering to share price about this event.Further studies showed that private placement of stock as a significant positive effect, and the company is on thestock of debt is not the event, which with Chinas securities market is still in a semi-strong efficient market related, that still need to further standard refinancing behavior and perfecting information bulletin mechanism, the securities market. 关键词： 财务风险Key word: financial risk, additional stock issue tailed for, leverage, Private Offering, Public Companies 目录 1 引言 1 1.1 国内外研究概述 1 1.1.1 国外研究概述 1 1.1.2 国内研究概述 1 1.2 研究目的及意义 2 1.2.1研究目的 2 1.2.2选题意义 2 1.3 研究方法概述 2 1.3.1事件研究法原理 3 1.3.2事件的界定 3 1.3.3事件窗口宽度的选取 3 1.3.4异常波动定义 3 1.3.5累计超额收益率法的优点 4 1.4 研究思路 4 1.5 研究创新 4 2信息披露及其传递理论概述 5 2.1 上市公司信息披露的重要性 5 2.2信号传递理论及其基础 5 2.2.1信号传递理论 5 2.2.2信号传递理论基础 5 2.3 证券市场有效性与上市公司信息披露有效性关系 7 3上市公司财务风险信息披露有效性实证研究 8 3.1 样本选择及数据来源 8 3.1.1 统计财务风险信息披露事件 9 3.1.2 确定样本的时间条件 9 3.1.3 研究样本选取条件 9 3.1.4数据来源 10 3.2定向增发公告（财务风险下降）研究结果及分析 10 3.2.1综合分析 10 3.2.2 年度分析 11 3.3举债事件公告（财务风险上升）研究结果及分析 13 3.3.1综合分析 14 3.3.2 年度分析 15 3．4小结 17 4 研究结论和相关建议 18 4.1研究结论 18 4.2相关意见建议 19 参考文献 21 致谢 22 1 引言 1.1 国内外研究概述 1.1.1 国外研究概述 在上市公司信息披露方面，国外研究多采用实证研究方法研究会计信息披露问与证券市场有效性相关关系。会计信息与股价变动关系的研究始于Ball，Brown(1968