采掘业上市公司勘探开发投资及储量信息的相关性研究
发布时间：2018-07-29 19:54
【摘要】：在资本市场中，股票的定价对于披露的会计信息有着较强的依赖。会计信息质量的高低，关系着资本市场资源配置的效率问题，高质量的会计信息能够有效地推动资本市场的良性发展。对于我国采掘业上市公司来讲，除去必要的信息披露，勘探开发投资信息和储量信息的披露不仅对于采掘业公司本身的业绩是一种重要的评价，对于信息使用者而言也是非常重要的信息依据。信息披露的越充分，投资者的决策效率就越高，但公司市场竞争效率也会被削弱，因此是否披露储量信息和勘探开发投资信息还存在着争论。如何披露这些信息以及该信息的披露是否能给股票价格带来影响，对于采掘业上市公司的投资者和管理者而言，都是非常重要的。 本文筛选出42家采掘业上市公司为研究对象，对2010年～2012年3个会计年份内勘探开发投资及储量信息的披露状况进行了分析；并以此为样本数据，采用价格模型对勘探开发投资信息及储量信息的信息相关性展开实证研究；研究结果表明，勘探开发投资额信息和储量数量信息披露的价值相关性较强，，且二者均表现为对股票价格有一定的正向影响。在一定程度上说明这些信息对于投资者的定价策略、管理者改进管理和披露的方式以及监管者完善和加强监管措施有着一定的价值。因此，本文建议采掘业上市公司、尤其是非油气矿产资源的采掘业上市公司能够进一步透明且完善地披露勘探开发投资信息和储量信息。
[Abstract]:In the capital market, the pricing of stocks is strongly dependent on the disclosed accounting information. The quality of accounting information is related to the efficiency of resource allocation in capital market. High quality accounting information can effectively promote the benign development of capital market. For the listed companies of mining industry in our country, apart from the necessary information disclosure, the disclosure of exploration and development investment information and reserves information is not only an important evaluation for the performance of the extractive industry companies themselves. It is also a very important information basis for information users. The more information is disclosed, the higher the decision-making efficiency of investors is, but the market competition efficiency of the company will also be weakened. Therefore, whether to disclose the reserve information and the investment information of exploration and development is still controversial. How to disclose these information and whether the disclosure can affect the stock price is very important for the investors and managers of listed companies in extractive industries. In this paper, 42 listed companies of mining industry are selected as research objects, and the information disclosure of exploration and development investment and reserves in three accounting years from 2010 to 2012 are analyzed, and the data are taken as sample data. An empirical study on the correlation between investment information and reserves information of exploration and development is carried out by using price model, and the results show that the disclosure of investment information and reserves quantity information of exploration and development has a strong value correlation. Both of them have a positive effect on the stock price. To a certain extent, this information has certain value to investors' pricing strategy, the way managers improve management and disclosure, as well as the regulators' improvement and strengthening of regulatory measures. Therefore, this paper suggests that the listed companies of extractive industry, especially those with non-oil and gas mineral resources, should be able to disclose the investment information and reserves information of exploration and development in a more transparent and perfect manner.
【学位授予单位】：西安石油大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.1;F406.7
本文编号：2153817
[Abstract]:In the capital market, the pricing of stocks is strongly dependent on the disclosed accounting information. The quality of accounting information is related to the efficiency of resource allocation in capital market. High quality accounting information can effectively promote the benign development of capital market. For the listed companies of mining industry in our country, apart from the necessary information disclosure, the disclosure of exploration and development investment information and reserves information is not only an important evaluation for the performance of the extractive industry companies themselves. It is also a very important information basis for information users. The more information is disclosed, the higher the decision-making efficiency of investors is, but the market competition efficiency of the company will also be weakened. Therefore, whether to disclose the reserve information and the investment information of exploration and development is still controversial. How to disclose these information and whether the disclosure can affect the stock price is very important for the investors and managers of listed companies in extractive industries. In this paper, 42 listed companies of mining industry are selected as research objects, and the information disclosure of exploration and development investment and reserves in three accounting years from 2010 to 2012 are analyzed, and the data are taken as sample data. An empirical study on the correlation between investment information and reserves information of exploration and development is carried out by using price model, and the results show that the disclosure of investment information and reserves quantity information of exploration and development has a strong value correlation. Both of them have a positive effect on the stock price. To a certain extent, this information has certain value to investors' pricing strategy, the way managers improve management and disclosure, as well as the regulators' improvement and strengthening of regulatory measures. Therefore, this paper suggests that the listed companies of extractive industry, especially those with non-oil and gas mineral resources, should be able to disclose the investment information and reserves information of exploration and development in a more transparent and perfect manner.
【学位授予单位】：西安石油大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.1;F406.7
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本文编号：2153817
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