上市公司会计稳健性对企业价值评估影响研究

发布时间：2018-04-03 11:43

本文选题：上市公司　切入点：会计稳健性　出处：《东北石油大学》2013年硕士论文

【摘要】：随着企业以及相关利益者越来越关注企业价值管理，企业价值评估相关理论和实务的研究得到了快速的发展，价值管理是现代企业研究的热点。企业价值评估中的重要要素是选择合理会计信息，而会计稳健性要求企业合理的确认会计信息，从而引出会计稳健性对企业价值评估影响研究。会计稳健性对企业价值评估影响研究涉及到以下方面：一方面，分别基于契约理论、代理理论、信号传递理论以及不同企业价值评估模型，从理论方面分析会计稳健性对企业价值评估影响。基于契约理论得出会计稳健性可以减小契约摩擦增加契约价值进而增加企业价值；基于代理理论得出会计稳健性有助于降低代理成本，增加企业价值；基于信号传递理论得出会计稳健性有助于提高信息可靠性和市场回报率，降低了企业价值评估风险，提高了企业价值；根据成本法、市场法和收益法等不同企业价值评估方法中也可以得出会计稳健性有助于降低企业价值评估风险，增大企业价值评估结果。另一方面，基于会计稳健性对企业价值评估理论分析结果，提出实证研究假设，依据不同企业价值评估模型选取了企业价值指标以及根据企业筹资、投资、营运等活动全方面选取会计稳健性指标，分别在不考虑控制变量和考虑控制变量情况下进行二者间的实证分析，，在不考虑控制变量下以及依据不同企业价值指标与会计稳健性指标间进行相关性分析和线性回归分析，得出会计稳健性越强，企业价值越大；在净利润增长率为控制变量时得出，当净利润增长率为正时，会计稳健性与企业价值间相关性更强；在股价与权益净利率为控制变量时得出，企业价值评估风险越小，会计稳健性指标与企业价值指标间相关性越强，也从侧面得出企业价值评估信息越具有稳健性，其评估结果风险越小。依据理论分析和实证研究结果，提出基于会计稳健性的企业价值评估相关财务建议，并指出在考虑会计稳健性作用下，选取剩余收益模型来评估企业价值是一种合理有效的评估方法，剩余收益模型更符合会计信息化、价值管理等思想，是一种符合现代管理的一种评估方法。
[Abstract]:With the enterprises and related stakeholders pay more and more attention to the enterprise value management, the research on the theory and practice of enterprise value evaluation has been developed rapidly, and the value management is the hot spot of the modern enterprise research.The important element of enterprise value evaluation is to select reasonable accounting information, and accounting conservatism requires the enterprise to confirm accounting information reasonably, which leads to the study of the influence of accounting conservatism on enterprise value evaluation.The research on the impact of accounting conservatism on enterprise value evaluation involves the following aspects: on the one hand, it is based on contract theory, agency theory, signaling theory and different enterprise value assessment models, respectively.The influence of accounting conservatism on enterprise value evaluation is analyzed theoretically.Based on the contract theory, it is concluded that accounting conservatism can reduce contract friction, increase contract value and then increase enterprise value; based on agency theory, accounting conservatism can help to reduce agency cost and increase enterprise value.It can also be concluded that accounting conservatism is helpful to reduce the risk of enterprise value evaluation and increase the result of enterprise value evaluation in different enterprise value evaluation methods such as market method and income method.The accounting conservatism index is selected from all aspects of operation and other activities, and the empirical analysis between them is carried out without considering the control variable and the control variable respectively.Without considering the control variables and according to the correlation analysis and linear regression analysis between different enterprise value index and accounting conservatism index, it is concluded that the stronger the accounting conservatism, the greater the enterprise value;When the net profit growth rate is a control variable, when the net profit growth rate is positive, the correlation between accounting conservatism and enterprise value is stronger.The stronger the correlation between accounting conservatism index and enterprise value index is, the more conservatism the enterprise value evaluation information is, the less the risk is.Based on the theoretical analysis and empirical research results, this paper puts forward the relevant financial proposals of enterprise value evaluation based on accounting conservatism, and points out that under the consideration of accounting conservatism,It is a reasonable and effective evaluation method to select the residual income model to evaluate the enterprise value. The residual income model is more in line with accounting information, value management and other ideas, is a kind of evaluation method in line with modern management.
【学位授予单位】：东北石油大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F233;F276.6

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