上市公司财务风险信息披露有效性研究-毕业论文（设计）.docVIP

PAGE 3 PAGE 3 上市公司财务风险信息披露有效性研究 摘要 财务HYPERLINK /view/156901.htm风险是指公司HYPERLINK /view/14706.htm财务结构不合理、HYPERLINK /view/22199.htm融资不当使公司可能丧失HYPERLINK /view/1204928.htm偿债能力而导致投资者预期HYPERLINK /view/34358.htm收益下降的风险。而在现实经济生活中，一家正常开展自身生产经营活动及相关投资活动的上市公司，其财务风险往往集中在流动性风险和再融资风险之中，所以本文瞄准上市公司定向增发股票以降低公司财务风险，以及上市公司采取举债行为（包括抵押贷款、抵押借款、公司债券发行、公司融资券发行、委托银行贷款、融资借款、信托贷款、信托借款、综合信用授信、拆借资金）从而加大公司财务风险，两个相反的方面作为切入点，研究该事件公告前后上市公司股票价格的变化（影响）.进一步研究发现，定向增发对股价有显著的为正的效应，而公司举债事件则对股价影响不大，这跟我国证券市场仍处于弱强式有效有关，说明仍需要进一步规范再融资行为及其信息公告机制，完善我国的证券市场。 ABSTRACT Financial risk is a problems in the financial structure of companies or losing solvency because of improper HYPERLINK /financing/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 HYPERLINK /search?q=公司财务结构不合理#) to increase the financial risk as research object,study the private offering to HYPERLINK /search?q=sharekeyfrom=E2Ctranslationshare HYPERLINK /search?q=pricekeyfrom=E2Ctranslationprice 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HYPERLINK /view/156901.htm风险， 定向增发， 举债， 公告效应， 上市公司 Key word: financial risk, additional stock issue tailed for, leverage, Private Offering, Public Companies 目录 TOC \o 1-3 \h \z \u HYPERLINK \l _Toc293345182 1 引言 PAGEREF _Toc293345