目录
第一章:绪论 ································································································1
第二章:信息披露 ························································································2
(一)信息披露的定义 ···············································································2
(二)信息披露的目标与意义 ····································································2
(三)信息披露的作用 ··············································································2
第三章:融资成本 ························································································2
(一)资本融资的定义 ··············································································2
(二)资本融资的必要性与意义 ································································3
第四章:信息披露与上市公司融资成本的关系分析 ········································3
(一)信息披露与上市公司融资成本的关系 ···············································3
(二)百世集团信息披露与融资概况 ·························································3
第五章:结论 ·······························································································4
(一)结论分析 ·····························································································4
(二)建议 ··································································································4
第六章:参考文献 ························································································4
信息披露与上市公司融资成本研究
——以百世集团为例
摘要:随着市场经济的不断发展,融资成为企业上市的重要手段,而信息披露是企业融资的一个重要决定因素,信息披露的质量高低决定上市公司融资是否成功的关键。而我国信息披露起步较晚,发展中存在很多不完善的地方,本文通过我国信息披露与上市公司融资成本的现状研究,分析两者之间的关系。
关键词:上市公司;信息披露;融资成本;现状分析;信息披露质量
一、绪论
(一)信息披露的现状
我国的会计信息披露起步于90年代,较西方国家发展较晚,虽发展速度快速,但方式仍然存在很多不完善的地方。主要表现为:
1.信息披露意识淡薄。在我国企业一般信息披露都较为被动,主动意识较差。信息披露能使得供需双方的信息趋于对称,促进市场秩序的维护,实现资源的有效配置。但目前经常会有企业信息披露的不及时、不全面,弄虚作假等问题,导致信息失去真实性。
2.监管体系不完善。我国目前还未有统一的法律规范可以进行此行为约束,现有的制度也存在一定的问题。近年来,上市公司的虚假信息披露事件层出不穷,它既扰乱了市场经济秩序,又挫伤了广大投资者的积极性,使得信息使用者产生不信任感。长期以往会影响证券市场乃至整个国家的经济正常发展。
3.信息披露方式的不完善。我国企业的自愿信息披露的意识较低,主动意识较差,信息的披露大部分是靠强制的。而企业的信息披露基本都是由会计人员进行企业发展情况分析,整理成财务报表交相关机构人员审查披露,而且这种方法只是按规则进行披露,并没有针对性,没有考虑到不同的信息使用者对信息不同方面的要求,较为局限。
4.信息披露缺乏对未来的预见性。一般企业的信息披露基本都是有关本企业过去的信息,没有对企业将要面临的机遇与风险,未来的一些重要投资计划等等进行分析提供。
(二)上市公司融资现状
1.目前,我国上市公司资金的主要来源包括内源融资与外源融资两种。根据历年来融资结构分析可见外源融资明显高于内源融资。而内源融资是诸多融资手段中融资成本最低的一种融资手段。国外不少上市企业将内源融资作为主要融资手段,而在我国基本依赖外源融资。
2.外源融资中主要的方式是股权融资和债务融资。目前从我国上市公司融资方式基本选择股权融资。
二、信息披露
信息披露与上市公司融资成本研究(一)由毕业论文网(www.huoyuandh.com)会员上传。