本文選題：會計信息 + 價值相關(guān)性��； 參考：《北京郵電大學》2013年碩士論文

【摘要】：會計信息價值相關(guān)性一直以來都是學術(shù)界經(jīng)典研究課題,在西方證券市場上的實證研究已日趨成熟,眾多學者選擇不同國家不同時間段,運用不同的研究方法,力從多角度揭示會計報表信息對證券市場上上市公司股價的影響力。目前較為成熟的理論是Feltham-Olson模型,大多的實證研究是基于此模型或?qū)υ撃Ｐ偷臄U展。我國證券市場規(guī)模不斷擴大,交易量不斷攀升,投資者對于投資也日驅(qū)理性。因此研究影響股價的因素非常有價值。財務(wù)報告中的會計信息能極大反映企業(yè)的價值,研究中國企業(yè)會計信息對股價的影響頗有意義。同時通過研究中國股市的特點,可以和其他國家進行比較。由于中國證券市場將上市公司分為十三個行業(yè),每個行業(yè)的行業(yè)背景、經(jīng)營特點迥異,因此本文考慮到各個行業(yè)會計信息和股價的關(guān)系會有所不同,將十三個行業(yè)分別進行研究,以期進行對比分析。論文的研究思路是首先將企業(yè)的價值定義為其市場價值,即股票價格,然后考察十三個行業(yè)四類會計信息與股價的相關(guān)性強弱,再利用逐步回歸的方法,建立回歸模型。通過對2000-2011年的市場數(shù)據(jù)進行實證研究,得到結(jié)論包括：(1)總體來看,十三個行業(yè)盈利指標與股價的相關(guān)性都普遍高于償債指標、營運指標和成長指標；(2)農(nóng)、林、牧、漁業(yè),制造業(yè),建筑業(yè),信息技術(shù)業(yè),批發(fā)和零售貿(mào)易業(yè),金融、保險業(yè)和傳播與文化產(chǎn)業(yè)這七類競爭行業(yè)的盈利、規(guī)模具有不穩(wěn)定性,投資者在證券市場上的行為會考慮企業(yè)財務(wù)報表反映的企業(yè)盈利、規(guī)模等信息,股價與會計信息之間具有一定的關(guān)聯(lián)性,但這種關(guān)聯(lián)性在中國的證券市場上體現(xiàn)還不夠充分,投資仍然帶有盲目性,仍需規(guī)范證券市場；(3)采掘業(yè)的特點是壟斷、有一定的定價權(quán)、高盈利,這類行業(yè)的盈利能力和營運能力能較好解釋股價,投資者在投資這類企業(yè)時應(yīng)關(guān)注盈利和營運指標；(4)公用事業(yè)性質(zhì)的行業(yè),如電力、煤氣及水的生產(chǎn)和供應(yīng)業(yè)、交通運輸倉儲業(yè)由于價格受政府管制,收益穩(wěn)定,投資者投資時較少考慮財務(wù)信息,會計信息與股票價格相關(guān)性很低；(5)房地產(chǎn)業(yè)由于目前受國家政策影響較大,投資者在證券市場上對房地產(chǎn)股票購買行為也主要考慮國家的行業(yè)政策,會計信息相關(guān)性低,因此證券市場上對房地產(chǎn)業(yè)的投資行為具有很大的投機性,亟需規(guī)范；(6)社會服務(wù)業(yè)和綜合類由于行業(yè)類型劃分不精細,不同類型企業(yè)之間會相互影響,因此價值相關(guān)性低,需要對行業(yè)進一步分類再研究。(7)勞動密集型產(chǎn)業(yè)和知識密集型產(chǎn)業(yè)會計信息價值相關(guān)性較高。
[Abstract]:The relevance of accounting information value has always been a classical research topic in academic circles. The empirical research in the western securities market has become more and more mature. Many scholars choose different countries and different periods of time and use different research methods. The influence of accounting statement information on the stock price of listed companies on the stock market is revealed from various angles. At present, Feltham-Olson model is the more mature theory, and most of the empirical research is based on this model or the expansion of the model. The scale of China's securities market is expanding, the trading volume is rising, and investors are increasingly rational about investment. Therefore, it is very valuable to study the factors that affect the stock price. The accounting information in the financial report can reflect the value of the enterprise greatly. It is meaningful to study the influence of the accounting information on the stock price of the Chinese enterprise. At the same time, by studying the characteristics of Chinese stock market, we can compare it with other countries. Because the Chinese securities market divides the listed companies into 13 industries, each industry has different background and operating characteristics, so this paper considers that the relationship between accounting information and stock price will be different. Thirteen industries will be studied separately, with a view to comparative analysis. The research idea of this paper is to define the value of enterprise as its market value, that is, stock price, then to investigate the correlation between accounting information and stock price in 13 industries, and then to establish a regression model by using the method of stepwise regression. Through empirical research on market data from 2000 to 2011, the conclusions are as follows: (1) overall, the correlation between 13 industry profit indicators and stock price is generally higher than debt service index, operating index and growth index; (2) agriculture, forestry, animal husbandry, fishery, Manufacturing, construction, information technology, wholesale and retail trade, finance, insurance and communications and cultural industries are seven competing industries that are profitable and unstable in scale. The behavior of investors in the securities market will consider the enterprise profit, scale and other information reflected in the financial statements of the enterprise, share price and accounting information have a certain correlation, but this correlation in China's securities market is not enough. Investment is still blind, and the securities market still needs to be standardized. (3) the extractive industry is characterized by monopoly, certain pricing power, high profitability, and the profitability and operational ability of such industries can better explain the stock price. Investors should pay attention to profitability and operating indicators when investing in such enterprises; (4) industries of a utility nature, such as production and supply of electricity, gas and water, transport, storage, and so on. Investors less consider financial information when investing, accounting information and stock prices are very low correlation; (5) the real estate industry is greatly affected by national policies, Investors in the securities market also mainly consider the real estate stock purchase behavior, accounting information is low correlation, so the securities market investment behavior in the real estate industry has a lot of speculative, need to regulate; (6) the social service industry and the comprehensive category have low value relevance because of the indelicate division of the industry types and the mutual influence between the different types of enterprises. Further classification of industries is needed. (7) the value of accounting information in labor-intensive industries and knowledge-intensive industries is highly relevant.
【學位授予單位】：北京郵電大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275.2;F224;F832.51

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本文編號：2114636