我国上市公司销售费用对其所有者权益广度、股票流动性和波动率相关性研究

发布时间：2018-03-23 15:15

本文选题：销售费用　切入点：面板数据　出处：《天津大学》2014年硕士论文

【摘要】：股票市场上高质量的会计信息是市场上传递股票内在价值的有效途径,会计财务报表是上市公司定期向社会公众披露的企业经营状况的重要信息,根据会计信息质量的要求,会计信息具有可靠性、相关性、可理解性、可比性、实质重于形式、重要性、谨慎性、及时性,能够为投资者决策提供有效的依据。在公司竞争中销售工作是营运环节的工作的重心,需要投入巨大的人力、物力和财力。销售费用作为财务报表中三公开支费用中的重要一项,销售费用的产生有助于宣传公司产品,疏通公司产品的销售渠道,提升产品的销售量,不断树立公司良好的品牌形象。如果某家公司没有任何销售费用的产生,很大程度上则意味着公司面临着巨大的销售危机,存在潜在亏损的风险,情况严重的可能会导致公司经营无法顺利进行,销售受阻,产品缺乏认可度,最后导致公司的亏损甚至是破产。由此可见销售费用是涉及到公司生死存亡的关键因素。本论文利用会计信息对股票市场具有表征作用,主要分析销售费用对我国股票市场中个体投资者人数、股票的流动性及波动率的相关性关系,通过2003年至2013年沪深两市A股中346家股票的数据进行面板数据回归分析,实证研究发现,我国证券市场总体上,会计信息中的销售费用对股票市场中个体投资者人数、股票的流动性及波动率存在不同的相关性关系。无论是个股投资者还是监管当局都可以合理利用有效会计信息,充分分析公司销售费用的变动及公司运营的情况好坏,个股投资者甄别出具有投资性的公司进行收益最大化投资,监管当局则可以甄别出存在较大经营风险的公司进行风险监管,充分披露股市信息,保障股票市场的顺利进行。公司经营者可以适度调整销售费用的支出情况,使得销售费用的开支与公司的发展状况相匹配。
[Abstract]:The high quality accounting information in the stock market is an effective way to transfer the intrinsic value of the stock in the market. The financial statements of accounting are the important information of the business situation of the listed companies that are regularly disclosed to the public, according to the requirements of the quality of the accounting information. Accounting information has reliability, relevance, comprehensibility, comparability, substance over form, importance, prudence, timeliness, Can provide an effective basis for investors to make decisions. In the competition of the company, sales work is the focus of the work of the operation, which requires a huge amount of manpower. Material and financial resources. As an important item of the three public expenses in the financial statements, the production of sales expenses helps to publicize the company's products, dredge the sales channels of the company's products, and increase the sales volume of the products. Keep building up a good brand image. If a company does not incur any sales expenses, it means to a large extent that the company is facing a huge sales crisis and the risk of potential loss. If the situation is serious, the company may not be able to operate smoothly, its sales will be blocked, and its products will lack recognition. Finally, it leads to the loss of the company and even bankruptcy. It can be seen that the sales expenses are the key factors to the survival of the company. This paper uses accounting information to represent the stock market. This paper mainly analyzes the relationship between sales expenses and the number of individual investors, stock liquidity and volatility in China's stock market, and carries out panel data regression analysis through the data of 346 A-shares in Shanghai and Shenzhen stock markets from 2003 to 2013. The empirical study shows that, in general, the sales expenses in accounting information affect the number of individual investors in the stock market. There are different correlations between stock liquidity and volatility. Both individual stock investors and regulatory authorities can reasonably use effective accounting information to fully analyze the changes in the company's sales expenses and the quality of the company's operations. Individual stock investors identify companies with an investment nature to maximize their returns, while regulatory authorities can identify companies with greater operational risks to conduct risk supervision and fully disclose stock market information. To ensure the smooth progress of the stock market, the company manager can adjust the expenditure of the sales expenses appropriately, so that the expenses of the sales expenses match the development of the company.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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