上市公司平滑收益对股票超额收益率的影响研究

发布时间：2018-06-08 03:26

本文选题：平滑收益 + 超额收益率　；参考：《兰州大学》2014年硕士论文

【摘要】：平滑收益即上市公司为了自身利益的最大化,利用会计应计项目,通过各种会计估计、会计政策变更和改变实际经营管理活动等手段,人为改变上市公司利润,使其收益波动性减弱的行为。随着证券市场的不断发展,平滑收益已经成为上市公司盈余管理的重要手段,我国上市公司平滑收益的盈余管理行为也已经十分普遍。上市公司的收益平滑向股东及潜在投资者传递了经营管理良好和成长性稳定的市场信息,有利于其获得证券市场投资者对其更小的风险评估,得到股东及潜在的投资者的青睐；上市公司的收益平滑有助于上市公司获得较低的股权融资成本,减少上市公司成本,提升上市公司价值。同时,上市公司的收益平滑,有利于上市公司维护自身契约关系,减少契约方违约的机会成本,获得更加优惠的契约条件,增加企业价值。因而,收益平滑对上市公司而言有着利好的市场效果,上市公司存在着平滑收益的动机。本论文针对平滑收益的市场反应,进一步研究平滑收益与上市公司股票超额收益率的相关关系,证明收益平滑有利于上市公司获得更高的股票超额收益率,深入量化平滑收益对股票超额收益率的影响程度,并针对我国上市公司平滑收益的普遍现象,向相关监管部门及证券投资者提出合理的建议。本论文主要分为以下五个部分：第一部分是本文导论,主要介绍本文的研究背景、研究意义、研究方法以及研究内容和研究框架；第二部分是本文研究主题的相关文献综述,总结并归类现有国内外研究成果,为本文之后的研究奠定理论基础；第三部分基于前期的文献研读和理论分析,构建上市公司平滑收益与股票超额收益率相关关系的实证研究模型,筛选评价指标并选定研究样本；第四部分则是通过Excel、 SPSS19.0软件对样本历史数据的处理,得出实证研究结果,并针对得出的结果进行阐述与分析,总结研究结论；第五部分是针对本论文的研究结论对证券投资者、相关证券市场监管部门提出合理化建议。
[Abstract]:In order to maximize their own interests, the smooth income is that the listed company artificially changes the profit of the listed company by means of various accounting estimates, accounting policy changes and changes in actual business and management activities, using the accounting accruals, and through various accounting estimates, changes in accounting policies, and changes in actual operating and management activities. The act of reducing the volatility of its earnings. With the continuous development of the securities market, smooth income has become an important means of earnings management of listed companies, and the earnings management behavior of listed companies in China is also very common. The smooth return of listed companies conveys the market information of good management and stable growth to shareholders and potential investors, which is helpful for them to obtain a smaller risk assessment by investors in the securities market and get the favor of shareholders and potential investors. The income smoothing of listed companies helps the listed companies to obtain lower cost of equity financing, reduce the cost of listed companies, and enhance the value of listed companies. At the same time, the smooth income of listed companies will help them maintain their contractual relations, reduce the opportunity cost of breach of contract, obtain more favorable contract conditions, and increase the value of enterprises. Therefore, income smoothing has a good market effect on listed companies, and the listed companies have the motive of smoothing income. Further study on the relationship between smooth income and stock excess return of listed companies proves that income smoothing is helpful for listed companies to obtain higher stock excess return, and quantifies the influence of smooth income on stock excess return. Aiming at the common phenomenon of smooth income of listed companies in China, the author puts forward reasonable suggestions to the relevant regulators and securities investors. This paper is divided into the following five parts: the first part is the introduction of this paper, mainly introduces the research background of this paper. The second part is a review of the relevant literature on the subject of this paper, summarizing and classifying the existing domestic and foreign research results, which will lay a theoretical foundation for the research after this paper. In the third part, based on the previous literature study and theoretical analysis, the empirical research model of the relationship between the smooth return of listed companies and the excess return of stock is constructed, and the evaluation index is selected and the research sample is selected. The fourth part is through Excel, SPSS 19.0 software to the sample historical data processing, obtains the empirical research result, and according to the result carries on the elaboration and the analysis, summarizes the research conclusion; the fifth part is aimed at this paper research conclusion to the securities investor, Relevant securities market regulatory department puts forward rationalization proposal.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

【参考文献】