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Information Disclosure Quality on the Impact of Capital Structure Research

Author: ZhangXiaoYan
Tutor: WangShengNian
School: Shihezi University
Course: Accounting
Keywords: information disclosure quality earnings aggressiveness eamings smoothing capital structure
CLC: F224
Type: Master's thesis
Year: 2009
Downloads: 60
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Abstract


The information disclosure quality on the importance of capital markets into the academic and practical focus of concern. The introduction of asymmetric information theory of capital structure, so that the choice of corporate capital structure and the information disclosure quality necessary link between.Rooted in the United States and other western countries and the development of market economy with capital structure theory,developed countries in the interpretation of a historical period when the capital structure choice can often find more consistency. China’s securities market is an emerging market,which was founded in the special period of economic transition,enterprise operational mechanisms and institutional environment are different from Western countries,this article attempts to learn from Western companies the results of the capital structure theory to study the information disclosure quality on impact of the capital structure,tried to explain the light of China’s listed companies’financing structure is stock financing preference.First this paper review the empirical researches and basis theory with regard to information disclosure quality on the impact of capital structure,and then, the use of asymmetric information theory theoretical analysis relevance of information disclosure quality and the capital structure, then combines the characteristics of China’s economic system, the information disclosure quality of listed companies in China on the impact of capital structure theory hypothesis, provide a basis for empirical research.In this paper, selected for the year 2004-2007 issued in Shenzhen Stock Exchange A share 1599 listed companies, the rate of total assets and liabilities as a measure of capital structure, the overall information disclosure quality, earnings aggressiveness, earnings smoothing as a measure of the information disclosure quality, the regression analysis the relationship between listed companies information disclosure quality and the capital structure.First in testing the use of OLS regression of the earnings disclosure quality on the impact of capital structure; then, taking into account the issue of endogeneity, the Hausman test between the presence of endogeneity, and to the 2SLS their regression analysis;last follows the earnings disclosure quality on impact of capital structure model,the overall information disclosure quality on the capital structure of the same test using 2SLS;on the state-controlled listed companies to information disclosure quality between the capital structure of the impact of what to do further study.Eventually come to the following conclusions:First,earnings aggressiveness and earnings smoothing through the test of significance,and with asset-liability ratio a positive correlation.Indicate the lower information disclosure quality,then a listed company has a high debt ratio.Second, differences in the information disclosure sub-test rating,the between passing group and fail group,passing group and well group difference was significant.but 2SLS regression the overall information disclosure quality on the impact of capital structure did not pass the test of significance.Third,the state-controlled listed companies, the economical dicolosure quality on the impact of capital structure did not pass the test of significance shows that state-controlled listed companies to improve the information disclosure quality of the existence of a certain extent;and state-controlled listed companies,earnings aggressiveness and asset-liability ratio has a significant positive correlation,the non-state-controlled listed companies, because bond markets are underdeveloped,the banks hard constraints,there is the motivation improving disclosure information quality to obtain equity financing.According to the above results,there are some suggestions:start from system to enhance information disclosure of listed companies;actively develop the bond market,and improve China’s bond market system; reasonable arrangements for relations between business-to-business,business-to-government,through the system of norms to improve the financing behavior of listed companies.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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