区域经济、企业业绩间的相互影响与价格模型的拓展研究

发布时间：2018-11-12 13:30

【摘要】：在会计研究领域，基于会计信息的价格模型很好的利用了企业资产负债表和利润表的信息，成为会计实证研究的热点。由区域经济学相关理论可知，区域经济发展和企业业绩间存在相互影响的因果关系，且区域经济发展对企业业绩影响具有一定的持续性，又由于会计信息的变化会反映到股价上，那么研究区域信息对股价的影响力有一定的必要性。本文即基于该思想，首先对区域经济发展对企业组织的影响和企业组织发展对区域经济影响的相关理论进行回顾分析，在此基础上认为区域经济发展和企业业绩间互为因果关系，并结合我国上市公司从1990~2011年间数据，采用时间序列的格兰杰因果分析进行实证研究。基于因果关系的基础上，采用面板数据分析方法，，进一步实证说明经济越发达对企业业绩的促进作用越大，这和无政府干预资本市场情况相符合，说明我国现阶段有政府干预的上市“保荐制”制度是合理的，能达到优化资源配置的目的。综合以上实证结论可知，区域经济发展会影响企业业绩，且经济越发达对企业业绩的影响越大，又结合会计信息的“决策有用观”可知会计信息的变化会影响到投资者对公司价值的判断，基于此论文对广泛使用的基于会计信息的价格模型进行拓展研究。实证分析加入反映区域经济发展情况的自变量后，模型的解释力是否提高，且东部区域经济发展对股价的解释力是否大于中西部地区经济发展对股价的解释力。实证结论说明，东部区域经济发展状况对东部上市公司的股价有一定的解释力，拓展后的模型在东部区域得到验证，然而中部、西部和全国区域的拓展后模型并未得到验证，这也反映出我国区域经济发展对股价的解释力呈现地域性的特点。本文基于区域经济发展和企业组织间相关关系理论，进行一系列连续的实证研究，实证结论具有一定的说服力，对国家区域发展政策、上市公司上市制度的制定也有一定的指导意义。
[Abstract]:In the field of accounting research, the price model based on accounting information makes good use of the information of balance sheet and income statement, and becomes the hot spot of accounting empirical research. According to the relevant theories of regional economics, there is a causal relationship between regional economic development and enterprise performance, and regional economic development has a certain sustained impact on enterprise performance. Because the change of accounting information will reflect the stock price, it is necessary to study the influence of regional information on stock price. Based on this idea, this paper firstly reviews and analyzes the influence of regional economic development on enterprise organization and the influence of enterprise organization development on regional economy. On the basis of this, the author thinks that the regional economic development and enterprise performance are causality, and carries on the empirical research by Granger causality analysis of time series combined with the data of listed companies in China from 1990 to 2011. On the basis of causality, panel data analysis method is used to prove that the more developed the economy is, the greater the contribution to firm performance, which is consistent with the situation of anarchic intervention in capital markets. It shows that the recommendation system of government intervention is reasonable and can achieve the purpose of optimizing the allocation of resources. Combined with the above empirical conclusions, the regional economic development will affect the performance of enterprises, and the more developed the economy, the greater the impact on corporate performance. Combined with the "decision usefulness" of accounting information, it can be seen that the change of accounting information will affect investors' judgment of company value. Based on this paper, the widely used price model based on accounting information is expanded and studied. After adding the independent variable to reflect the development of regional economy, the explanatory power of the model is improved, and the explanatory power of the eastern regional economic development to the stock price is greater than that of the economic development in the central and western regions. The empirical results show that the economic development of the eastern region has a certain explanatory power on the stock price of listed companies in the east, and the expanded model has been verified in the eastern region, but the extended model in the central, western and national regions has not been verified. This also reflects the regional characteristics of regional economic development to explain the stock price. Based on the theory of regional economic development and the relationship between enterprises and organizations, this paper carries out a series of continuous empirical studies. The empirical conclusions are persuasive and effective to the national regional development policy. The formulation of listed company listing system also has certain guiding significance.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F127;F275;F224

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