我国上市公司增加价值财务影响因素研究

发布时间：2019-01-16 09:37

【摘要】：随着经济社会的不断发展，以股东价值最大化为唯一目标的价值取向受到越来越多的质疑和挑战。以利益相关者的利益最大化为主要目标的增加价值便受到广泛的关注。目前学者们对增加价值的研究主要集中在探讨增加价值的基本概念及其会计处理方面，很少涉及到实证研究，同时缺乏现代上市公司数据的系统证明。论文将从财务的角度分析增加价值的影响因素，并用上市公司的数据进行实证分析。论文的研究内容主要分为三个部分。首先对增加价值相关理论进行梳理，在此基础上对增加价值的内涵和计算方法进行界定。然后以经典价值理论为基础，结合关于价值和价值创造的实证研究成果，提出增加价值财务影响因素的研究假说并设计模型。最后以我国216家上市公司从2003年至2010年连续8年的面板数据为研究样本，运用多元回归方法进行实证研究。研究结果表明：盈利能力、发展能力、营运能力和现金流量能力与增加价值正相关，，风险水平和资本结构与增加价值负相关；影响程度从大到小的顺序依次为：盈利能力、资本结构、营运能力、发展能力、现金流量能力、风险水平。
[Abstract]:With the development of economy and society, the value orientation of maximization of shareholder value is questioned and challenged more and more. The value added, which aims to maximize the interests of stakeholders, has attracted wide attention. At present, scholars' research on added value mainly focuses on the basic concept of added value and its accounting treatment, and rarely involves empirical research, and lacks the systematic proof of modern listed company data. This paper will analyze the influence factors of increasing value from the financial point of view, and use the data of listed companies to carry out empirical analysis. The research content of this paper is divided into three parts. Firstly, the related theory of added value is combed, and then the connotation and calculation method of added value are defined. Then, based on the classical value theory and the empirical research results on value and value creation, this paper puts forward the research hypothesis and designs the model of the financial influence factors of increasing value. Finally, using the panel data of 216 listed companies from 2003 to 2010 as the research sample, the empirical research is carried out by using the method of multiple regression. The results show that: profitability, development ability, operating capacity and cash flow capacity are positively correlated with added value, while risk level and capital structure are negatively correlated with added value; The order of influence from big to small is: profitability, capital structure, operation ability, development ability, cash flow capacity, risk level.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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