基于治理环境的上市公司会计信息价值相关性分析

发布时间：2018-06-08 16:38

本文选题：会计信息 + 价值相关性　；参考：《山东财经大学》2014年硕士论文

【摘要】：由于受地理位置、经济基础及战略布局等因素的影响，我国各个地区的经济发展水平并不平衡。同时，虽然我国不同地区的上市公司所处的大环境是一样的，但其所处地区的市场化进程、政府干预程度、法治水平却相差甚大，很不平衡。本文从这种公司所处的不同治理环境入手，分析在不同区域的会计信息价值相关性是否存在差异。会计信息是广大投资者作出投资决策的主要依据，同时也是影响股票价格的重要因为之一，股票市场作为信息密集型市场，对信息的依赖程度很高，而会计信息是上市公司对外界公布的重要信息。因而研究会计信息价值相关性具有重要意义。由于我国区域发展不平衡，会计信息对各个地区的股票价格影响力是否相同，又有哪些会计指标能向当地投资者提供的帮助最大，，这些都是目前我国股票市场迫切需要回答的问题。本文正是基于这样的背景下，本文将我国31个省份划分成八大综合经济区进行分析研究，以2010年、2011年、2012年三年的年报公告数据作为样本，采用修正的F-O（奥尔森模型）模型对各个地区会计信息价值相关性进行实证分析，对我国不同地区的投资者进行投资决策具有重要意义。本文首先对会计信息价值相关性进行了概念界定，分析和阐述了会计信息价值相关性的理论基础。并从理论层面分析了影响会计信息价值相关性的若干影响因素。随后在奥尔森推断的基础上,建立了多元回归模型并进行了相关性分析和回归分析，使用SPSS18统计软件，对八大综合经济区股票市场上3551家上市公司在2010年-2012年三年间的会计报表数据进行实证检验，分析了能反应公司特征的多个会计指标对股票价格产生的影响程度，并对分区域对会计信息价值相关性进行分析。为我国不同区域的投资者提供了决策依据。最后，本文从完善公司治理环境、信息披露、投资者行为这三个个方面来提出合理化的政策建议。
[Abstract]:Due to the influence of geographical location, economic base and strategic layout, the level of economic development in various regions of China is not balanced. At the same time, although the environment of listed companies in different regions of our country is the same, the process of marketization, the degree of government intervention and the level of rule of law in different regions of our country are very different and very unbalanced. This paper starts with the different governance environment of this kind of company and analyzes whether there are differences in the relevance of accounting information value in different regions. Accounting information is not only the main basis for investors to make investment decisions, but also one of the important reasons that affect the stock price. As an information-intensive market, the stock market is highly dependent on information. And the accounting information is the important information that the listed company announces to the outside world. Therefore, it is of great significance to study the relevance of accounting information value. Due to the imbalance in regional development in China, whether accounting information has the same influence on stock prices in various regions, and which accounting indicators can provide the greatest help to local investors, These are the questions that our country stock market urgently needs to answer at present. Based on this background, this paper divides 31 provinces into eight comprehensive economic zones for analysis and research, taking the annual reports published in 2010, 2011 and 2012 as samples. Using the modified F-O (Olson Model) model to analyze the correlation of the value of accounting information in different regions. It is of great significance to make investment decisions for investors in different regions of China. Firstly, this paper defines the value correlation of accounting information, analyzes and expounds the theoretical basis of the value correlation of accounting information. At the same time, it analyzes the influence factors of the correlation of accounting information value from the theory level. Then, on the basis of Olson's inference, the multivariate regression model is established, and the correlation analysis and regression analysis are carried out, using SPSS18 statistical software. This paper makes an empirical test on the accounting statement data of 3551 listed companies in the stock market of the eight major integrated economic zones during the three years from 2010 to 2012, and analyzes the influence of several accounting indicators that can reflect the characteristics of the company on the stock price. At the same time, the correlation of accounting information value is analyzed. It provides decision basis for investors in different regions of our country. Finally, this paper puts forward some rational policy suggestions from three aspects: perfect corporate governance environment, information disclosure and investor behavior.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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