合并财务报表与母公司财务报表价值相关性的差异研究

发布时间：2018-03-21 08:05

本文选题：价值相关性　切入点：合并财务报表　出处：《长安大学》2013年硕士论文　论文类型：学位论文

【摘要】：上市公司财务报表的编制和披露是资本市场健康发展的重要因素，在有效市场中，股价则是利益相关者基于会计信息进行决策的反映。在资本市场的风云变化下，面对报表信息需求者的多元化需求，无论是从庞大的股票投资人群和信息需求的现实背景来看，还是新会计准则对合并财务报表与母公司财务报表的重视与披露角度出发，上市公司合并财务报表与母公司财务报表价值相关性的差异研究均是亟待研究的重要问题之一。因此，本文从有效市场理论出发，结合会计信息与股价之间的作用机理与基于信息与股价作用机理的利益相关者的需求分析，结合现有研究，构建考虑偿债能力指标和更多控制变量的价值相关性模型，通过多元回归等统计方法实证检验合并财务报表与母公司财务报表的价值相关性差异。取得的主要创新及结论如下：首先，不同于以往的主要集中在合并财务报表所反映的会计信息对股价的影响研究，本研究将母公司报表所反映的会计信息纳入到了价值相关性考虑范围之内，力求探析母公司报表数据与股价的关系规律。其次，对价值相关性的概念进行了界定，较为系统的阐述了会计信息与股价反映研究所映射的有效市场理论；分析了信息观、计价模型观以及契约观下会计信息与股价的作用机理，，并基于上述理论对利益相关者的会计信息需求进行了研究。最后，提出了考虑偿债能力指标的研究假设，构建增加控制公司治理、股东代理人关系、审计意见和公司规模等控制变量的反映股价的扩展模型；并进行SPSS统计学分析，最终得出：偿债能力指标具有信息含量；将反映盈利能力和偿债能力的指标和控制变量共同应用到扩展模型中，模型的拟合优度最高；合并财务报表比母公司报表具有更高的价值相关性；控制变量对于股价的反映因模型选择不同而异等实证检验结论。
[Abstract]:The preparation and disclosure of financial statements of listed companies is an important factor for the healthy development of capital market. In the efficient market, stock price is the reflection of stakeholders' decision based on accounting information. Facing the diversified demand of the information demanders, whether from the realistic background of the huge stock investment crowd and the information demand, or from the angle of the new accounting standards' attention and disclosure to the consolidated financial statements and the parent company's financial statements, The research on the value correlation between the combined financial statements of listed companies and the financial statements of the parent company is one of the most important issues to be studied. Combining the function mechanism between accounting information and stock price and the needs analysis of stakeholders based on information and stock price mechanism, combined with the existing research, a value correlation model considering solvency index and more control variables is constructed. This paper empirically tests the value correlation difference between the combined financial statements and the parent financial statements by means of statistical methods such as multiple regression. The main innovations and conclusions are as follows:. First of all, different from the previous research on the impact of accounting information reflected in consolidated financial statements on stock prices, this study brings the accounting information reflected in parent company statements into consideration of value relevance. Try to explore the relationship between the parent company report data and stock price. Secondly, the concept of value correlation is defined, and the effective market theory of accounting information and stock price reflection research is systematically expounded, and the information view is analyzed. Based on the pricing model view and the mechanism of accounting information and stock price under the contract view, this paper studies the accounting information needs of stakeholders based on the above theory. Finally, the research hypothesis considering solvency index is put forward, and an extended model of controlling variables, such as increasing control of corporate governance, stockholder agent relationship, audit opinion and company size, is constructed to reflect the stock price, and the SPSS statistical analysis is carried out. Finally, it is concluded that the indexes of solvency have information content, the indexes and control variables reflecting profitability and solvency are applied to the extended model together, and the model has the highest degree of goodness of fit. The combined financial statement has higher value correlation than the parent company's; the reflection of the control variable to the stock price is different according to the model selection and other empirical test conclusions.
【学位授予单位】：长安大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F231.5

【引证文献】