摘  要：我国目前关于上市公司盈余激进度与其资本成本之间关联性的一些理论方面的研讨还不是很深，因此所得出的结论也不多，现在还没有发展成为比较完整且综合性较强的理论体系。本文是根据江苏省创业板股市前30家上市企业来进行的具体研究，通过它们在2012—2014年这两年之间计算得出的相关指标来进行样本分析，同时以理论作为研究的基石，进一步研究样本企业信息盈余激进程的改变是不是能够影响资本成本。根据研究发现，就运用积极信息政策进行披露的标准而言，它的盈余激进程度和它的资本成本二者具有正比例变动的关系；就运用谨慎信息政策进行披露的标准而言，它的盈余激进程度和它的资本成本二者呈负比例变动的关系。综上所述：分析盈余激进度和它的资本成本二者的关联性，能够令投资人或者上市企业明确的决定出到底是进行筹资还是投资。59374

毕业论文关键词：创业板，上市公司，盈余激进度，资本成本

Abstract: in our country currently on listed companies earnings aggressiveness and cost of capital between relevance of some theory research is not very deep, so income out of the conclusion is not much, there is no development become more complete and comprehensive nature strong theoretical system. This paper is according to the Jiangsu Province before the GEM market 30 listed companies to carry out specific research, through them in 2012 - 2014 this year between the calculated index to make a sample analysis, also in theory as the cornerstone of research. Further research sample the information of earnings shock in the process of change is not able to affect the cost of capital. According to research found that with positive information policy standards of disclosure and its earnings aggressiveness and its cost of capital has positive change in the proportion of the relationship; use caution information policy standards of disclosure and its earnings aggressiveness and the relationship between the capital costs of the two changes in the negative proportion of the change. To sum up: the analysis of the correlation between the progress of the earnings and the capital costs of the two, can make the investors or the listed companies clearly decide whether to raise or invest.

Keyword: Growth Enterprise Board, listing Corporation, earing aggressiveness, capital costs

1  引言 3

1.1  研究背景与意义 3

1.2  研究思路概述 3

1.3  盈余激进度与资本成本的概念界定 4

2    盈余激进度在资本成本中的运用 4

2.1  多元线性回归模型设计 4

2.2  盈余激进度的运用 5

2.3  资本成本的作用 5

2.4  其他控制变量 6

3    江苏创业板上市公司介绍 7

3.1  江苏创业板上市公司价值分析 7

3.2  描述性统计分析 8

4    盈余激进度与资本成本相关性分析 8

4.1  盈余激进度的相关性分析...................................8

4.2  资本成本的相关性分析.....................................9

5    多元线性回归模型检验 10

5.1  模型分析依据 10

5.2  模型检验结果