股权结构对公允价值的价值相关性影响研究

发布时间：2018-03-02 17:17

本文选题：公允价值　切入点：股权结构　出处：《湘潭大学》2017年硕士论文　论文类型：学位论文

【摘要】：公允价值这种计量模式在我国共经历了提倡、回避和重新引入这三个阶段,由此可见其在中国社会主义经济情况下的经济市场中还是占有不可小觑的重要地位。与用历史成本的方法去度量会计实务中的数量相比较,用公允价值来衡量会更加准确、切合实际的真实会计价值,这样才能为资本市场的投资者在投资过程中遇到重大问题时作出正确的判断和决策。但从另一方面说,公允价值的实际值的取得,在实务工作中主要是根据管理层的估值来确定,所以,管理层可以因为自己的私利而对会计信息进行利用,这就会导致公允价值的真是相关性有偏差。在公司中对股权结构进行合理安排后,通过股东之间的权利制约,就可以对公司运营中的会出现的虚假工作进行牵制,保证提供清楚透明的公允价值信息,保证公允价值的价值相关。本文运用Ohlson价格模型以及相应演化模型,对2007年至2014年以来我国A股市场上市公司数据进行分析,利用年收盘价与每股净资产和公允价值变动损益以及扣除公允价值收益后的每股收益之间的相关大小去检验相关性;从股权结构对公允价值的价值相关性进行研究,通过归纳得出股权结构主要分为股权构成和股权集中度两个方面,在根据相应变量对公允价值净资产和公允价值损益进行交互研究。研究发现:(1)2007年至2014年之间上市的A股公司的股票价格与当期损益的公允价值变动收益具有显著的正相关性。(2)国有股比例会降低公允价值的价值相关性,高管股比例、法人股比例能显著提高公允价值的价值相关性;股权集中度与公允价值的价值相关性呈负相关关系;国有企业比非国有企业的公允价值的价值相关性更差。经过本文研究分析可知,公允价值的变动对于会计信息本身具有增量价值相关性,公允价值计量模式的运用提升了会计信息对于股票价格的解释能力。在加入国有股的变量之后,公允价值的相关性虽然依然存在,但是相较之前明显降低,说明我国国有股不能制约上市公司利用公允价值进行盈余操纵的行为;在加入股权集中度的变量之后,公允价值的价值相关性明显降低,说明我国上市公司中存在利用公允价值进行盈余操纵,以此牟取私利侵占中小股东权益的行为。
[Abstract]:The fair value measurement model has gone through the three stages of advocating, evading and reintroducing in our country. It can be seen that it still occupies an important position in the economic market of China's socialist economy. Compared with measuring the quantity in accounting practice with the method of historical cost, it will be more accurate to measure with fair value. Realistic true accounting value, so that investors in the capital market can make correct judgments and decisions when they encounter major problems in the course of their investment. But on the other hand, the actual value of fair value is obtained, In practical work, it is mainly determined by the valuation of the management. Therefore, the management can make use of the accounting information for their own personal gain. This will lead to a real bias in the relevance of fair value. After reasonable arrangement of the equity structure in the company, through the restriction of rights among shareholders, the false work that will occur in the operation of the company can be restrained. In this paper, we use the Ohlson price model and the corresponding evolution model to analyze the data of listed companies in China's A-share market since 2007 to 2014. Using the correlation between annual closing price, net assets per share and fair value changes and earnings per share after deducting fair value earnings, to test the correlation; to study the value correlation of fair value from equity structure. It is concluded that the equity structure is mainly divided into two aspects: equity structure and ownership concentration. An interactive study of fair value net assets and fair value gains and losses is carried out according to the corresponding variables. It is found that the stock prices of A share companies listed between 2007 and 2014 and the fair value change returns of current gains and losses are significant. The proportion of state-owned shares will reduce the value correlation of fair value. The proportion of senior management shares, the proportion of corporate shares can significantly improve the value relevance of fair value, and the equity concentration has a negative correlation with the value correlation of fair value. The value correlation of fair value of state-owned enterprises is worse than that of non-state-owned enterprises. Through the research and analysis of this paper, we can see that the change of fair value has incremental value relevance to accounting information itself. The use of fair value measurement mode has enhanced the ability of accounting information to explain the stock price. After joining the variables of state-owned stock, the correlation of fair value still exists, but compared with before, the correlation of fair value is obviously reduced. It shows that the state-owned shares in our country can not restrict the behavior of the listed companies using fair value to manipulate earnings, and after adding the variable of equity concentration, the value correlation of fair value is obviously reduced. It shows that the listed companies in our country use fair value to manipulate earnings, so as to gain private profits and encroach on the rights and interests of minority shareholders.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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