创业板上市公司会计盈余、现金流量的价值相关性研究

发布时间：2018-04-06 21:24

本文选题：会计盈余　切入点：现金流量　出处：《集美大学》2017年硕士论文

【摘要】：长期以来,基于权责发生制下的会计盈余信息和基于收付实现制下的现金流量信息,两者与股价的相关性研究一直都是理论界和实务界关注的问题,而且没有得到一致的结论。2009年10月30日,我国创业板的上市,使得创业板的市场监管、上市公司管理和投资者如何做出更理性的投资决策等问题都亟待解决与完善。本文就是在此背景下,在文献综述、有效市场假说和决策有用观等理论研究的基础上,实证研究了创业板上市公司会计盈余、现金流量与股价之间的相关性。本文引入费森—奥尔森的简化修正模型,选取创业板市场2010年至2015年共6年的符合条件的上市公司作为研究样本,选择每股收益EPS和净资产收益率ROE作为会计盈余指标,选择每股经营现金净流量CFO、每股投资现金净流量CFI和每股筹资现金净流量CFF作为现金流量指标,实证检验创业板上市公司的会计盈余、现金流量指标与股价之间的关系。研究发现,创业板上市公司会计盈余与现金流量都对股价有一定的解释力,但会计盈余的价值相关性明显强于现金流量,而且会计盈余与现金流量之间还互相具有增量的价值相关性。针对研究结论,从创业板市场监管角度,本文提出完善市场法律法规建设、增加创业板上市公司的供给、规范并严格实施信息披露制度、落实合理的退市制度的建议;从上市公司角度,提出关注企业自身高成长性的保持和技术创新能力的提高、严格遵守市场的信息披露制度的建议;从投资者角度,提出综合考虑企业的会计盈余和现金流量信息做出决策、大力培育机构投资者的建议。未来,学者可以从不同角度更加深入研究,以期充分论证创业板上市公司会计盈余、现金流量与股价之间的相关性,进而更好的为投资者决策提供合理参考依据。
[Abstract]:For a long time, the research on the correlation between accounting earnings information based on accrual basis and cash flow information based on cash payment basis has always been concerned by both theoretical and practical circles.And there is no consistent conclusion. On October 30, 2009, the gem listed in our country, the gem market supervision, listed company management and how investors make more rational investment decisions are urgently to be solved and improved.On the basis of literature review, efficient market hypothesis and decision usefulness, this paper empirically studies the correlation among accounting earnings, cash flow and stock price of listed companies in gem.This paper introduces Fesson-Olson 's simplified modified model, selects listed companies in the gem market for 6 years from 2010 to 2015 as research samples, and selects EPS and ROE as accounting earnings indicators.The net operating cash flow per share (CFO), the net investment cash flow (CFI) and the net cash flow per share (CFF) are selected as the cash flow indicators to test the relationship between the accounting surplus, the cash flow index and the stock price of gem listed companies.It is found that both accounting earnings and cash flow of gem listed companies have a certain explanatory power to share prices, but the value correlation of accounting earnings is obviously stronger than cash flow.Moreover, there is an incremental value correlation between accounting earnings and cash flow.In view of the research conclusion, from the view of market supervision of gem, this paper puts forward the suggestions of perfecting the construction of market laws and regulations, increasing the supply of listed companies on the gem, standardizing and strictly implementing the information disclosure system, and implementing the reasonable delisting system.From the point of view of listed companies, this paper puts forward some suggestions to pay attention to the maintenance of high growth and the improvement of technological innovation ability of enterprises, and strictly abide by the information disclosure system of the market; from the perspective of investors,This paper puts forward the suggestion of cultivating institutional investors by synthetically considering the accounting surplus and cash flow information of enterprises.In the future, scholars can further study from different angles in order to fully demonstrate the correlation between accounting earnings, cash flow and stock price of listed companies in gem, and then provide reasonable reference basis for investors to make decisions.
【学位授予单位】：集美大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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