我国不同行业上市公司会计信息与企业价值相关性实证研究

发布时间：2018-07-11 09:27

本文选题：会计信息 + 价值相关性　；参考：《北京邮电大学》2013年硕士论文

【摘要】：会计信息价值相关性一直以来都是学术界经典研究课题,在西方证券市场上的实证研究已日趋成熟,众多学者选择不同国家不同时间段,运用不同的研究方法,力从多角度揭示会计报表信息对证券市场上上市公司股价的影响力。目前较为成熟的理论是Feltham-Olson模型,大多的实证研究是基于此模型或对该模型的扩展。我国证券市场规模不断扩大,交易量不断攀升,投资者对于投资也日驱理性。因此研究影响股价的因素非常有价值。财务报告中的会计信息能极大反映企业的价值,研究中国企业会计信息对股价的影响颇有意义。同时通过研究中国股市的特点,可以和其他国家进行比较。由于中国证券市场将上市公司分为十三个行业,每个行业的行业背景、经营特点迥异,因此本文考虑到各个行业会计信息和股价的关系会有所不同,将十三个行业分别进行研究,以期进行对比分析。论文的研究思路是首先将企业的价值定义为其市场价值,即股票价格,然后考察十三个行业四类会计信息与股价的相关性强弱,再利用逐步回归的方法,建立回归模型。通过对2000-2011年的市场数据进行实证研究,得到结论包括：(1)总体来看,十三个行业盈利指标与股价的相关性都普遍高于偿债指标、营运指标和成长指标；(2)农、林、牧、渔业,制造业,建筑业,信息技术业,批发和零售贸易业,金融、保险业和传播与文化产业这七类竞争行业的盈利、规模具有不稳定性,投资者在证券市场上的行为会考虑企业财务报表反映的企业盈利、规模等信息,股价与会计信息之间具有一定的关联性,但这种关联性在中国的证券市场上体现还不够充分,投资仍然带有盲目性,仍需规范证券市场；(3)采掘业的特点是垄断、有一定的定价权、高盈利,这类行业的盈利能力和营运能力能较好解释股价,投资者在投资这类企业时应关注盈利和营运指标；(4)公用事业性质的行业,如电力、煤气及水的生产和供应业、交通运输仓储业由于价格受政府管制,收益稳定,投资者投资时较少考虑财务信息,会计信息与股票价格相关性很低；(5)房地产业由于目前受国家政策影响较大,投资者在证券市场上对房地产股票购买行为也主要考虑国家的行业政策,会计信息相关性低,因此证券市场上对房地产业的投资行为具有很大的投机性,亟需规范；(6)社会服务业和综合类由于行业类型划分不精细,不同类型企业之间会相互影响,因此价值相关性低,需要对行业进一步分类再研究。(7)劳动密集型产业和知识密集型产业会计信息价值相关性较高。
[Abstract]:The relevance of accounting information value has always been a classical research topic in academic circles. The empirical research in the western securities market has become more and more mature. Many scholars choose different countries and different periods of time and use different research methods. The influence of accounting statement information on the stock price of listed companies on the stock market is revealed from various angles. At present, Feltham-Olson model is the more mature theory, and most of the empirical research is based on this model or the expansion of the model. The scale of China's securities market is expanding, the trading volume is rising, and investors are increasingly rational about investment. Therefore, it is very valuable to study the factors that affect the stock price. The accounting information in the financial report can reflect the value of the enterprise greatly. It is meaningful to study the influence of the accounting information on the stock price of the Chinese enterprise. At the same time, by studying the characteristics of Chinese stock market, we can compare it with other countries. Because the Chinese securities market divides the listed companies into 13 industries, each industry has different background and operating characteristics, so this paper considers that the relationship between accounting information and stock price will be different. Thirteen industries will be studied separately, with a view to comparative analysis. The research idea of this paper is to define the value of enterprise as its market value, that is, stock price, then to investigate the correlation between accounting information and stock price in 13 industries, and then to establish a regression model by using the method of stepwise regression. Through empirical research on market data from 2000 to 2011, the conclusions are as follows: (1) overall, the correlation between 13 industry profit indicators and stock price is generally higher than debt service index, operating index and growth index; (2) agriculture, forestry, animal husbandry, fishery, Manufacturing, construction, information technology, wholesale and retail trade, finance, insurance and communications and cultural industries are seven competing industries that are profitable and unstable in scale. The behavior of investors in the securities market will consider the enterprise profit, scale and other information reflected in the financial statements of the enterprise, share price and accounting information have a certain correlation, but this correlation in China's securities market is not enough. Investment is still blind, and the securities market still needs to be standardized. (3) the extractive industry is characterized by monopoly, certain pricing power, high profitability, and the profitability and operational ability of such industries can better explain the stock price. Investors should pay attention to profitability and operating indicators when investing in such enterprises; (4) industries of a utility nature, such as production and supply of electricity, gas and water, transport, storage, and so on. Investors less consider financial information when investing, accounting information and stock prices are very low correlation; (5) the real estate industry is greatly affected by national policies, Investors in the securities market also mainly consider the real estate stock purchase behavior, accounting information is low correlation, so the securities market investment behavior in the real estate industry has a lot of speculative, need to regulate; (6) the social service industry and the comprehensive category have low value relevance because of the indelicate division of the industry types and the mutual influence between the different types of enterprises. Further classification of industries is needed. (7) the value of accounting information in labor-intensive industries and knowledge-intensive industries is highly relevant.
【学位授予单位】：北京邮电大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275.2;F224;F832.51

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