信息披露与上市公司融资成本研究(一)

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