上市公司会计稳健性对权益估价的影响研究

发布时间：2018-10-18 12:02

【摘要】：在资本市场中,企业的市场价格及其价值己成为企业利益相关者们关注的核心问题。企业价值评估作为价值管理与价值投资的重要手段受到管理者及投资者的高度重视。作为会计基础原则之一,会计稳健性对会计盈余有一定程度的影响。实际上会计稳健性是有偏会计,会使得权益资产的账面价值下偏。在当前纷繁复杂的会计环境下,会计信息的不确定性程度逐步提高,尽管会计报表能够对信息进行公开,但是投资者没有能力去完全识别出由于变化的稳健性而引起价值低估的部分。所以,有必要分析会计稳健性对权益估价会产生什么样的影响,从而为企业管理者进行管理与投资者进行投资指明方向。本文使用剩余收益估价模型对权益估价与会计稳健性之间的关系进行验证,有助于认识我国当前会计稳健性对权益估值的影响状况及变化趋势,从而进一步完善我国会计稳健性与权益估值关系方面的研究。本文基于契约理论、信息不对称理论和委托代理理论,分别对会计稳健性和权益估价做了定性分析,讨论了会计稳健性对权益估价的影响,并以2003—-2012年我国A股上市公司的数据为研究样本,使用剩余收益模型(F-O模型)对我国上市公司十年中的会计稳健性变化做了分析对比,验证了我国上市公司会计稳健性与权益估价之间的关系,之后进行了分组回归分析,研究不同分组情况下会计稳健性对权益估价的影响。结果显示F-O线性动态方程和估值模型越来越适用于我国的资本市场,剩余收益估价模型对股票价格的解释能力和预测能力较强。总体上看我国上市公司存在会计稳健性使得会计信息具有价值相关性,能够因为提供稳健的会计信息而获得相应的经济利益。资产对公司价值的贡献并不是一直高于其账面价值,推测我国的宏观经济不稳定性造成了不同年度的稳健性溢价效应与稳健性折价效应,当宏观经济环境较乐观时,公司会表现出会计稳健性溢价,反之,公司会表现出会计稳健性折价。在考虑到不同控制权性质时,发现国有控股上市公司的稳健性对权益估价之间的影响更为显著,相较于亏损的样本公司而言,盈利的样本公司财务信息的稳健性程度与权益估价之间呈显著的正相关关系,市场在一定程度上能够的区分“好消息”公司与“坏消息”公司,对“好消息”公司给予较高的权益估价。我国上市公司的会计稳健性对权益估价存在行业特征,制造业,电、汽、热的生产和供应业,综合类行业和建筑业会计稳健性对权益估价的影响显著并正相关。最后根据研究结果从三个层面给出了相关的建议。
[Abstract]:In the capital market, the market price and its value of the enterprise has become the core issue concerned by the stakeholders. As an important means of value management and value investment, enterprise value evaluation is highly valued by managers and investors. As one of the basic principles of accounting, accounting conservatism has a certain degree of influence on accounting earnings. In fact, accounting conservatism is biased accounting, will make equity assets under the book value. In the current complicated accounting environment, the degree of uncertainty of accounting information has gradually increased, although the accounting statements can open the information, But investors do not have the ability to fully identify what undervalues are caused by the robustness of change. Therefore, it is necessary to analyze the impact of accounting conservatism on equity valuation, so as to point out the direction for managers to manage and investors to invest. This paper uses the residual income valuation model to verify the relationship between equity valuation and accounting conservatism, which is helpful to understand the influence of accounting conservatism on equity valuation and its changing trend. So as to further improve the relationship between accounting conservatism and equity valuation. Based on contract theory, information asymmetry theory and principal-agent theory, this paper makes qualitative analysis on accounting conservatism and equity valuation, and discusses the influence of accounting conservatism on equity valuation. Taking the data of A-share listed companies in China from 2003 to 2012 as the research sample, using the residual income model (F-O model), this paper analyzes and compares the accounting conservatism changes of China's listed companies in the past ten years. This paper verifies the relationship between accounting conservatism and equity valuation of listed companies in China, and then carries out group regression analysis to study the influence of accounting conservatism on equity valuation in different groups. The results show that the F-O linear dynamic equation and the valuation model are more and more suitable for China's capital market, and the residual income valuation model has a strong ability to explain and predict the stock price. Generally speaking, the accounting conservatism of listed companies in our country makes the accounting information have value relevance, and can obtain the corresponding economic benefits because of providing prudent accounting information. The contribution of assets to the company value is not always higher than its book value. It is speculated that the macroeconomic instability of our country has caused the robustness premium effect and the robust discount effect in different years, when the macroeconomic environment is more optimistic, Companies will show accounting conservatism premium, conversely, companies will show accounting conservatism discount. Considering the nature of different control rights, it is found that the robustness of state-owned holding listed companies has a more significant impact on equity valuation, compared with the loss of the sample companies. There is a significant positive correlation between the soundness of financial information and the valuation of equity, and the market can distinguish between "good news" companies and "bad news" companies to some extent. Give a higher valuation to the good news company. There are industry characteristics of accounting conservatism to equity valuation of listed companies in China. The influence of manufacturing industry, electricity, steam, heat production and supply industry, comprehensive industry and construction industry on equity valuation is significant and positive. Finally, according to the results of the study from three levels to give the relevant recommendations.
【学位授予单位】：东北农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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