基于会计信息透明度的公司投资价值评价研究

发布时间：2018-05-12 07:51

本文选题：会计信息透明度 + 投资价值　；参考：《西南大学》2013年硕士论文

【摘要】：随着我国经济的发展,证券市场在国民经济中的作用也越来越大。中国的证券市场逐步走向规范化,价值投资理念也成为了市场的主流投资理念。其中怎样评价上市公司的投资价值,从哪个角度去评价,评价的结果是否真实可信等,都是一直以来研究的重点。近些年来,会计信息的透明度的概念被广大的投资所熟知,它是对会计信息披露质量的概括,理论界也逐步研究会计信息透明度在公司投资价值评价中的作用,本文从这个角度出发,结合国内上市公司的财务状况,重新构建了上市公司投资价值评价体系,对汽车制造业的上市公司进行了评价分析,然后将企业评价的价值和会计信息透明度相结合,来判断企业的投资价值。在一定范围内,希望能够丰富和完善公司投资价值评价的理论,避免投资者因为会计信息的不透明遭受重大损失,为投资者进行投资决策提供更加合理的建议。本文采用理论分析和实证分析相结合的方法进行研究。文章首先主要介绍了研究背景、选题意义以及研究思路和研究目的,对论文进行总括介绍,并且对国内外上市公司投资价值评价以及会计信息透明度文献的阐述,以及对文献的总结和评价。其次,本文对上市公司投资价值评价含义与特征进行了界定,此处的投资价值是指企业的内在价值,是依据股票所具有的内在价值大小和股票在市场中的表现来判断企业是否具有投资价值的。并且对企业投资价值的影响因素进行了分析,主要包括外部因素和内部因素分析。与此同时,对会计信息透明进行了概念介绍,现有反映会计信息透明度的指标是多种多样的,本文采用盈余激进度对其进行衡量,而盈余激进度则采用琼斯模型来计算。再次,进行了上市公司投资价值评价的指标体系,主要从设计原则和其局限性进行介绍,之后给出适合本文的公司投资评价指标体系设计,一共包含6个方面13个指标。最后对汽车制造业上市公司投资价值评价,本文采用主成分分析法,对原有指标体系进行了主成分提取,建立了上市公司投资价值评价模型,对所选取的样本数据进行分析,得出汽车制造业的上市公司投资价值评价得分排名,然后将企业评价的价值和会计信息透明度相结合,来判断企业的投资价值。经过实证研究得出以下结论：整个汽车行业的会计信息透明度水平相对较低,具有较高投资价值的企业相对不多,而会计信息透明度高的公司其评价分析的结果更可信,也更符合实际情况。
[Abstract]:With the development of China's economy, the role of the securities market in the national economy is becoming more and more important. China's securities market is gradually standardizing, and the concept of value investment has become the mainstream investment concept in the market. In recent years, the concept of transparency of accounting information is well known by the vast amount of investment. It is a generalization of the quality of accounting information disclosure. The theoretical circle has also gradually studied the role of accounting information transparency in the evaluation of the value of the company's investment. The evaluation system of listed company investment value is rebuilt, the listed company of automobile manufacturing industry is evaluated and analyzed. Then the value of the enterprise evaluation and the transparency of accounting information are combined to judge the investment value of the enterprise. In a certain scope, we hope to enrich and complete the theory of the value evaluation of the company's investment and avoid the investors. Because accounting information is opaque and suffer heavy losses, it can provide more reasonable suggestions for investors to make investment decisions.
This article uses the method of combining theoretical analysis and empirical analysis. The article first introduces the research background, the significance of the topic and the purpose of the research and the purpose of the research. This paper gives a general introduction to the paper, and expounds the evaluation of the investment value of the listed companies at home and abroad, and the literature of the transparency of the accounting information, as well as the summary of the literature. Secondly, this paper defines the meaning and characteristics of the evaluation of the investment value of the listed companies. The value of the investment here refers to the intrinsic value of the enterprise. It is based on the intrinsic value of the stock and the performance of the stock in the market to determine whether the enterprise has the value of the investment. The analysis mainly includes external factors and internal factors analysis. At the same time, the concept of transparency of accounting information is introduced, and the existing indicators that reflect the transparency of accounting information are varied. In this paper, the earnings exciting progress is used to measure the accounting information, while the surplus progress is calculated by the Jones model. The index system of investment value evaluation, mainly from the design principles and its limitations, then gives the design of the investment evaluation index system suitable for this article, including 13 indexes in 6 aspects. Finally, the evaluation of the investment value of the listed companies of the automobile manufacturing industry is given. This paper uses the principal component analysis method and carries out the original index system. The evaluation model of the investment value of the listed company is established by the principal component extraction. The selected sample data is analyzed, and the ranking of the evaluation score of the investment value of the listed companies in the automobile manufacturing industry is obtained, and then the value of the enterprise evaluation and the transparency of the accounting information are combined to judge the investment value of the enterprises.
Through the empirical study, the following conclusions are drawn: the transparency level of the accounting information is relatively low in the whole automobile industry, and the enterprises with higher investment value are relatively few, and the results of the company with high accounting information transparency are more credible and more in line with the actual situation.

【学位授予单位】：西南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【参考文献】