摘要
论文研究了会计信息可比性对新三板公司定向增发的影响。以同行业上市公司作为新三板公司对标,研究发现新三板公司会计信息可比性越高,所能吸引的参加定向增发认购的投资者数量越多;其次提高会计信息可比性能吸引更多新投资者认购,而未能吸引更多原投资者认购,且在一定程度上会计信息可比性和盈余透明度存在替代关系。再次会计信息可比性较高的公司,定向增发的发行市盈率和发行市净率更高。最后提高会计信息可比性使得信息在投资者之间的分布更加均衡、能降低投资者之间意见分歧。本文研究表明新三板公司可以从提高会计信息可比性入手,降低投资者承担的信息不对称风险,从而降低资本成本和提高公司价值。
This paper investigates the effect of financial statement comparability on the private equity placement of the NEEQ （National Equities Exchange and Quotations） firms, which have higher asymmetric information and poorer liquidity than listed companies. Using companies listed in Shanghai and Shenzhen stock exchange as a benchmark, I find that higher comparability to the listed peers in the same industry leads more investors to purchase the stock placed privately by the firms in NEEQ. However enhancing comparability can only attract the new investors who don＇t hold the stocks of the issuing firms before the placement and could not attract the previous investors who have already hold the stocks before issuing. In addition, higher financial statement comparability could raise the offering PE ratio and PB ratio. Last, raising the comparability could lower divergence among the investors. Making financial statement more comparable to the industry listed peers is a feasible route for the firms in NEEQ to lower the information asymmetric risk exposed by the investors and lower the cost of capital.
出处
《证券市场导报》
CSSCI
北大核心
2017年第10期26-35,共10页
Securities Market Herald
基金
国家社会科学基金项目(12CGL028)
湖南省现代企业管理研究中心资助项目(13QGB2)
湖南省教育厅资助项目(15C0071)
关键词
会计信息可比性
新三板公司
定向增发
信息不对称
financial statement comparability, neeq firm, private equity placement, asymmetric information
