非金融类上市公司金融资产投资活动的市场反应研究

发布时间：2018-03-12 07:09

本文选题：非金融类上市公司　切入点：金融资产　出处：《浙江财经学院》2012年硕士论文　论文类型：学位论文

【摘要】：百年一遇的金融危机揭示了金融资产的高风险性，也提醒世人警惕金融风险管理。但是在近几年，上市公司越来越热衷金融资产投资活动，例如购买银行理财产品、各类期货和债券、持股其他上市公司等。本文的研究重心在于外部市场对非金融类上市公司金融资产投资活动的反应，分析产生这种市场反应的原因，并向监管部门和公司管理层提出相关的建议。文章首先梳理了有关公司投资行为和金融资产价值计量的相关研究文献。在投资行为方面，现有的研究都把目光聚焦在投资行为的影响因素、投资行为的合理性和投资行为的动机，并且都是从公司本身的角度出发进行研究，鲜有专门针对投资行为的市场反应的研究。对于金融资产价值计量，现有的相关研究侧重讨论金融资产的会计分类和计量属性的选择，但是在公司金融资产投资活动方面缺乏深入的分析。另外，文章还回顾了与上市公司信息披露的相关文献。本文选择委托代理理论、由管理层过度自信和羊群效应组成的行为财务理论以及信号理论来支持上市公司投资动机的研究。实证研究和案例分析是文章的重点内容。实证研究中，本文选取了2008年至2010年88家非金融类上市公司为样本，，以金融资产占总资产的比例为涉及金融资产投资行为的解释变量、表示市场对公司资产估价的市净率为代表市场反应的被解释变量，并加入适当的控制变量，进行平衡面板数据线性回归。结果显示，市净率与金融资产投资规模呈负相关关系，即外部市场对非金融类上市公司的金融资产投资行为不赞成。雅戈尔公司的案例分析中，超额收益率和市净率指标的分析结果都与实证研究的结果一致。本文用雅戈尔公司2007年至2011年的数据从金融资产价值的波动性、金融资产价值计量对公司经营业绩的影响和金融资产投资的信息披露三方面解释外部市场对非金融类上市公司金融资产投资行为的反应。通过实证研究和案例分析，本文针对非金融类上市公司金融资产投资行为分别向会计监部门和公司管理层提出相关建议。会计监管部门应当对从上市公司的金融投资专业能力、金融投资信息披露和信息披露的考评体系三个方面来着手完善上市公司金融投资活动。公司的管理层则应当重视投资项目选择和风险管理体系，以保证公司投资活动的合理性和有效性。
[Abstract]:The once-in-a-century financial crisis has revealed the high risk of financial assets and alerted the world to financial risk management. However, in recent years, listed companies have become increasingly keen on financial asset investment activities, such as purchasing bank financial products. This paper focuses on the external market response to the financial assets investment activities of non-financial listed companies, and analyzes the reasons for this kind of market reaction. And to the regulatory department and the management of the company put forward the relevant recommendations. Firstly, the paper combs the relevant research literature on corporate investment behavior and financial asset value measurement. In investment behavior, the existing research focuses on the influencing factors of investment behavior. The rationality of the investment behavior and the motivation of the investment behavior are all carried out from the angle of the company itself. There is little research on the market reaction of the investment behavior. For the measurement of the value of financial assets, Existing relevant studies focus on the choice of accounting classification and measurement attributes of financial assets, but there is a lack of in-depth analysis on the investment activities of financial assets of companies. This paper also reviews the related literature on information disclosure of listed companies. This paper chooses principal-agent theory, behavioral financial theory composed of management overconfidence and herd effect, and signal theory to support the research of investment motivation of listed companies. Empirical research and case analysis are the main contents of this paper. In the empirical study, 88 non-financial listed companies from 2008 to 2010 are selected as samples. Taking the ratio of financial assets to total assets as the explanatory variable related to the investment behavior of financial assets, it indicates that the price-to-book ratio of the market valuation of the company's assets is the explained variable representing the market reaction, and the appropriate control variable is added. The results show that the price-to-book ratio is negatively related to the scale of financial assets investment, that is, the external market disagrees with the financial asset investment behavior of non-financial listed companies. The analysis results of the index of excess return and price-to-book ratio are consistent with the results of empirical research. This paper uses the data of Youngor Company from 2007 to 2011 to analyze the volatility of the value of financial assets. The impact of financial asset value measurement on corporate performance and the disclosure of financial asset investment information explain the external market response to the financial asset investment behavior of non-financial listed companies. Through empirical research and case studies, This paper puts forward the relevant suggestions to the accounting supervision department and the management of the company for the financial asset investment behavior of the non-financial listed company. The accounting supervision department should be concerned with the financial investment professional ability of the listed company. The evaluation system of financial investment information disclosure and information disclosure is to improve the financial investment activities of listed companies. The management of companies should attach importance to investment project selection and risk management system. To ensure the rationality and effectiveness of the company's investment activities.
【学位授予单位】：浙江财经学院
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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