收益平滑、盈余质量与公司价值

发布时间：2018-06-27 16:31

本文选题：收益平滑 + 盈余质量　；参考：《南京大学》2012年硕士论文

【摘要】：收益平滑,一般是指企业运用会计的应计项目抵减现金流量的波动性,使得对外报告的会计盈余更为平稳。作为盈余管理的一种重要形式,人们对收益平滑的经济后果存在着激烈的争论。在经验证据方面,关于收益平滑对公司价值的影响也没有一致结论。一些研究认为资本市场对公司的估价倚赖于长期平稳的获利能力,收益平滑能够使公司获得较高的市场回报；而另外一些研究则认为收益平滑模糊了公司真实盈余的波动,降低盈余信息的透明程度,使投资者对盈余信息的信任度下降,从而误导投资者使其对公司价值做出错误的定价。基于此,本文以中国A股市场的上市公司为样本,通过实证研究的方法,将收益平滑与盈余质量相结合,研究两个单一因素及其组合对公司价值的影响。本文的主要结论如下：第一,如果只考虑单一因素,收益平滑与公司价值显著负相关,盈余质量则与公司价值显著正相关；第二,如果将收益平滑和盈余质量结合起来研究对公司价值的影响,发现收益平滑对公司价值仍有负面影响；盈余质量与公司价值仍然正相关；此外,盈余质量对收益平滑与公司价值之间的关系具有正向调节作用,即与收益不平滑且盈余质量低的公司相比,收益平滑且盈余质量高的公司能够获得额外的市场价值增值。本文是在前人研究基础上的拓展,首次利用中国证券市场的数据,将收益平滑和盈余质量结合起来研究对公司价值的影响。本文研究结论一方面有助于我们深入了解收益平滑和盈余质量在公司价值中所扮演的角色,另一方面有助于我们了解我国资本市场对会计盈余信息的反应特征,了解我国资本市场的效率以及投资者的成熟程度,从而改进资本市场的资源配置。
[Abstract]:Income smoothing generally refers to the use of accounting accruals to offset the volatility of cash flow, which makes the external accounting earnings more stable. As an important form of earnings management, there is a heated debate about the economic consequences of income smoothing. In terms of empirical evidence, there is no consistent conclusion about the impact of income smoothing on the value of the company. Some studies suggest that capital market valuation depends on a firm's long-term and stable profitability, and that earnings smoothing can lead to higher market returns. Others argue that earnings smoothing obscures the volatility of a firm's real earnings. By reducing the transparency of earnings information, investors' trust in earnings information will be reduced, and investors will be misled to make the wrong pricing of the company's value. Based on this, this paper takes the listed companies in the A share market of China as a sample, through the method of empirical research, combines earnings smoothing with earnings quality to study the influence of two single factors and their combination on the company value. The main conclusions of this paper are as follows: first, if only a single factor is considered, income smoothing is significantly negatively correlated with corporate value, earnings quality is significantly positively correlated with corporate value; second, If we combine earnings smoothing and earnings quality together, we find that earnings smoothing still has a negative impact on corporate value; earnings quality and corporate value are still positively related; in addition, Earnings quality plays a positive role in regulating the relationship between earnings smoothing and corporate value, that is, compared with firms with low earnings quality and non-smooth earnings, companies with smooth earnings and high earnings quality can gain additional market value appreciation. This paper is an extension based on previous studies. It is the first time to use the data of Chinese stock market to study the influence of earnings smoothing and earnings quality on corporate value. On the one hand, the conclusion of this paper is helpful for us to understand the role of earnings smoothing and earnings quality in corporate value, on the other hand, it is helpful for us to understand the characteristics of the response of our capital market to accounting earnings information. Understand the efficiency of China's capital market and the maturity of investors, so as to improve the resource allocation of the capital market.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】