会计信息对企业成长性的反映与股票定价研究

发布时间：2018-03-06 06:42

本文选题：上市公司　切入点：成长性　出处：《武汉大学》2014年博士论文　论文类型：学位论文

【摘要】：本文旨在通过建立理论分析框架并进行实证检验,探讨会计信息能否充分地反映企业的成长性,进而是否会影响股票定价这一具有重要理论与实践意义的课题。在资本市场中,投资者进行股票投资的目的是为了狭得投资收益,而决定股票投资收益的基本因素代表着上市企业持续盈利能力和发展前景的成长性。上市企业的成长性决定股票的价值,并制约着股票价格的二级市场走势。既然证券市场信号传递的基本表现形式就是财务报表中的会计信息,股票定价方法所运用的基本数据也来自于会计信息,而股票的价值又主要取决于其未来的成长能力,那么将会计信息与成长能力这两者联系起来,验证其中存在的必然联系,也就是顺理成章的事情了。论文首先对企业成长性定义与内涵进行了深入探讨,并结合对成长性定义的剖析,逐一分析了企业成长理论、股票定价理论及会计价值相关性理论的形成、演进及有关启示。同时,在对此进行文献综述的基础上讨论了三者的关系,初步概括出了其中的理论脉络。论文的理论构建部分,通过运用基于信息不对称理论的契约经济学方法,分别从管理者与投资者的角度对会计信息对其企业成长性的反映及其与股票定价的关系进行了深入的研讨,并构建了一个基于契约经济学与会计信息计量观的理论分析框架,指出企业会计的成长性信息能否被会计系统所捕获,并最终通过会计信息传递到股票价格之中,取决于对企业对管理者的激励与外部会计环境的共同作用。论文的第四部分在理论研究的基础上利用中国上市公司2000年-2011年的数据分别从企业资产账面净值信息与股价的关系,以及企业无形资产投资信息与股价的关系两方面,实证检验了会计信息中所包含的成长性信息对股票定价的影响。实证结果表明,目前在中国的会计信息环境下,企业的会计系统很难对企业成长性的信息进行捕捉与加工,并有效地传递到证券市场。论文的第五部分则在分析我国股票发行定价现状的基础上,通过一个实际案例的深入分析,尝试揭示出我国目前股票发行(成长性)定价与上市公司会计信息之间的关系。论文的最后一部分是结论与建议。该部分从影响目前中国会计信息系统与资本市场股票发行定价的主要方面,提出了改善上述问题进而提高中国经济成长性的建议。本文研究的主要贡献在于： 1.本文基于企业成长性理论、契约和信息不对称理论以及会计学理论构建了一个由管理者到投资者由内而外用于分析会计信息如何反映成长性,以及会计信息对于成长性的反映如何被股票定价机制所吸收的理论分析框架。由于企业的成长性属于企业管理者的私有信息,这种私有信息涉及较多的专业判断,并且先验性较差,难于向外发送；同时,在不同的激励方式下,管理者对关于成长性的信息披露意愿也不尽相同,如果管理者的激励主要建立在比较刚性的会计信息基础上,管理者就会在利用会计信息传递成长性方面显得不那么有效率。而在投资者方面,由于存在管理者信息披露无效、专业知识有限、信息成本及噪音等因素的影响,也比较难于将会计信息中成长性吸纳入对股票的估值定价之中,导致会计信息、成长性、与股票定价之间的联系不紧密。不过,如果管理者、投资者、中介机构及政府等所有的资本市场参与者共同努力的话,比如资本市场能更为有效：会计准则能使会计信息更为公允、更能体现公司的前景；管理者披露的信息能更为真实等,该理论框架可以合理预期会计信息与成长性及股票定价的关系将会更为紧密,这实质上也是我们完善资本市场的一个方向之一。 2.本文基于评估企业成长性的价值计划模型及FelthamOhlson模型创新出一种如何检验会计信息中有关成长性的信息能甭被股票定价机制所吸收的实证检验方法。 3.本文通过中国上市公司2000年-2011年的数据分别从企业资产账面狰值信息与股价的关系,及企业无形资产投资信息与股价的关系两方面,对会计信息对企业成长性信息的反映,进而对股票定价的影响进行了实证检验,检验出中国上市公司目前的会计信息系统并不能很好地捕获有关公司成长性的信息并将其有效地传递给证券市场。文章还基于上述结论提出了一系列政策建议,这类工作当下很少有研究者在进行。本文研究的不足之处在于：研究建立的用以分析会计信息对成长性的反映及其与股票定价关系的理论框架虽然脉络清晰,但在很多方面比较粗糙,需要进一步地研究加以完善；实证检验变量的选取稍显简单,对一些指标的细节推敲不够深入,实证证据的说服力可能会由此打些折扣,衷心希望有志者加以研究,本人也将在后续研究中找寻并运用更好、更为全面的实证检验方法；政策建议方面涉及面过广,有些建议表面化、空洞化,需要结合实务进一步改进。
[Abstract]:This paper aims to establish the framework of theoretical analysis and empirical testing of the accounting information can reflect the growth of enterprises, which will affect the stock price which has important theoretical and practical significance of the topic. In the capital market, investors' stock investment objective is to narrow the investment income, the basic factors that determine stock investment income represents the growth of listed companies continued profitability and development prospects. The growth of stock market value of enterprise, and restricts the stock price level two market trends. Since the basic form of the securities market is signaling in the financial statements of the accounting information, the basic data of the use of stock pricing method also from the accounting information and the stock value mainly depends on its future growth ability, so the accounting information and the growth ability of the two It is logical to link up and verify the inevitable connection in it.
This paper discusses the definition and connotation of enterprise growth, combined with the analysis of the growth of the definition, analyses the theory of enterprise growth, the formation of the stock pricing theory and the value relevance of accounting theory, evolution and enlightenment. At the same time, in this foundation of literature on the relationship between the three. Preliminary summarized the theory of the construction of part of the paper. By using the method of contract economics theory, based on the theory of information asymmetry, managers and investors respectively from the perspective of the research on the accounting information of the enterprise to reflect the long and its relationship with the stock price, and builds an analytical framework contract economics and accounting information measurement theory based on the theory of the growth of enterprise accounting information that can be captured by the accounting system, and finally through the accounting information to The stock price, depending on the common role of the enterprise on the managerial incentive and accounting external environment. The fourth part of the paper on the basis of theoretical research Chinese by Listed Companies in 2000 -2011 data respectively from the enterprise net book value and stock price information, two aspects and relationship between enterprise intangible assets investment information and stock price an empirical test, influence the growth of the information contained in the accounting information on stock pricing. The empirical results show that the current accounting information environment in Chinese under the accounting system of enterprises is difficult to capture and processing enterprise growth of information, and effectively delivered to the securities market. The fifth part of the thesis on the analysis basis of China's IPO pricing situation, through in-depth analysis of a real case, try to reveal China's current stock issuance (growth) and pricing of listed companies The last part of the paper is the conclusion and suggestion. This part puts forward suggestions for improving the above problems and improving China's economic growth from the main aspects affecting the pricing of stock issuing in China's accounting information system and capital market.
The main contributions of this study are as follows:
1. the growth of enterprises based on the theory of contract theory and asymmetric information theory and accounting theory to construct a by management to investors from the inside out for the analysis of accounting information to reflect the growth, as well as the accounting information to reflect the growth of the stock price to be absorbed by the system in the framework of theoretical analysis.
Due to the growth of enterprises belonging to the enterprise managers of private information, private information that involves more professional judgment, and a priori is poor, difficult to send out; at the same time, in different incentives, managers will disclose are not the same on the growth of the information, if the management incentive is mainly set up in based on the accounting information is relatively rigid, the managers will transfer the growth in the use of accounting information is not so efficient. But in terms of investors, because of the existence of management information disclosure is invalid, limited professional knowledge, information cost and noise and other factors, are more difficult to be absorbed into the accounting information in the growth of valuation the pricing of stock, resulting in accounting information, growth, and the stock price is not close contact. However, if the managers, investors, intermediaries and government all the information The market participants to work together, for example, the capital market can be more effective: accounting standards can make accounting information more fair, more can reflect the company's prospects; management information disclosure can be more real, the theoretical framework can be reasonably expected growth and the relationship between accounting information and stock pricing more closely this is essentially, we improve one of the direction of the capital market.
2., based on the value plan model and FelthamOhlson model of evaluating the growth of enterprises, this paper develops an empirical test method to test the information about growth in accounting information, which can not be absorbed by the stock pricing mechanism.
3. the relationship between China listed companies in 2000 -2011 years of data value information and stock price from the enterprise net assets book, two aspects of relations and corporate intangible assets investment information and stock price, reflect on the accounting information of the information on the growth of enterprises, and the impact on the stock pricing empirical test Chinese listed companies the accounting information system is not very good for the growth of the company's acquisition of information and the effective transfer to the stock market. Based on the above conclusions and put forward a series of policy suggestions, this kind of work as few researchers in.
The inadequacies of this paper is: To study and establish the theoretical framework for the analysis of the accounting information to reflect on the growth and stock pricing relationship while the context is clear, but in many ways more rough, further studies are required to be improved; empirical variables selection is slightly simpler, on some indicators of the details is not deep enough the empirical evidence, it may make some allowance, sincerely hope to study there, I will also find in the follow-up study and use better, more comprehensive empirical test methods; policy suggestion involves too broad, some superficial, hollowing out, need to be further improved in practice.

【学位授予单位】：武汉大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F832.51;F275

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