本文選題：會(huì)計(jì)信息透明度 + 投資價(jià)值��； 參考：《西南大學(xué)》2013年碩士論文

【摘要】：隨著我國(guó)經(jīng)濟(jì)的發(fā)展,證券市場(chǎng)在國(guó)民經(jīng)濟(jì)中的作用也越來越大。中國(guó)的證券市場(chǎng)逐步走向規(guī)范化,價(jià)值投資理念也成為了市場(chǎng)的主流投資理念。其中怎樣評(píng)價(jià)上市公司的投資價(jià)值,從哪個(gè)角度去評(píng)價(jià),評(píng)價(jià)的結(jié)果是否真實(shí)可信等,都是一直以來研究的重點(diǎn)。近些年來,會(huì)計(jì)信息的透明度的概念被廣大的投資所熟知,它是對(duì)會(huì)計(jì)信息披露質(zhì)量的概括,理論界也逐步研究會(huì)計(jì)信息透明度在公司投資價(jià)值評(píng)價(jià)中的作用,本文從這個(gè)角度出發(fā),結(jié)合國(guó)內(nèi)上市公司的財(cái)務(wù)狀況,重新構(gòu)建了上市公司投資價(jià)值評(píng)價(jià)體系,對(duì)汽車制造業(yè)的上市公司進(jìn)行了評(píng)價(jià)分析,然后將企業(yè)評(píng)價(jià)的價(jià)值和會(huì)計(jì)信息透明度相結(jié)合,來判斷企業(yè)的投資價(jià)值。在一定范圍內(nèi),希望能夠豐富和完善公司投資價(jià)值評(píng)價(jià)的理論,避免投資者因?yàn)闀?huì)計(jì)信息的不透明遭受重大損失,為投資者進(jìn)行投資決策提供更加合理的建議。 本文采用理論分析和實(shí)證分析相結(jié)合的方法進(jìn)行研究。文章首先主要介紹了研究背景、選題意義以及研究思路和研究目的,對(duì)論文進(jìn)行總括介紹,并且對(duì)國(guó)內(nèi)外上市公司投資價(jià)值評(píng)價(jià)以及會(huì)計(jì)信息透明度文獻(xiàn)的闡述,以及對(duì)文獻(xiàn)的總結(jié)和評(píng)價(jià)。其次,本文對(duì)上市公司投資價(jià)值評(píng)價(jià)含義與特征進(jìn)行了界定,此處的投資價(jià)值是指企業(yè)的內(nèi)在價(jià)值,是依據(jù)股票所具有的內(nèi)在價(jià)值大小和股票在市場(chǎng)中的表現(xiàn)來判斷企業(yè)是否具有投資價(jià)值的。并且對(duì)企業(yè)投資價(jià)值的影響因素進(jìn)行了分析,主要包括外部因素和內(nèi)部因素分析。與此同時(shí),對(duì)會(huì)計(jì)信息透明進(jìn)行了概念介紹,現(xiàn)有反映會(huì)計(jì)信息透明度的指標(biāo)是多種多樣的,本文采用盈余激進(jìn)度對(duì)其進(jìn)行衡量,而盈余激進(jìn)度則采用瓊斯模型來計(jì)算。再次,進(jìn)行了上市公司投資價(jià)值評(píng)價(jià)的指標(biāo)體系,主要從設(shè)計(jì)原則和其局限性進(jìn)行介紹,之后給出適合本文的公司投資評(píng)價(jià)指標(biāo)體系設(shè)計(jì),一共包含6個(gè)方面13個(gè)指標(biāo)。最后對(duì)汽車制造業(yè)上市公司投資價(jià)值評(píng)價(jià),本文采用主成分分析法,對(duì)原有指標(biāo)體系進(jìn)行了主成分提取,建立了上市公司投資價(jià)值評(píng)價(jià)模型,對(duì)所選取的樣本數(shù)據(jù)進(jìn)行分析,得出汽車制造業(yè)的上市公司投資價(jià)值評(píng)價(jià)得分排名,然后將企業(yè)評(píng)價(jià)的價(jià)值和會(huì)計(jì)信息透明度相結(jié)合,來判斷企業(yè)的投資價(jià)值。 經(jīng)過實(shí)證研究得出以下結(jié)論：整個(gè)汽車行業(yè)的會(huì)計(jì)信息透明度水平相對(duì)較低,具有較高投資價(jià)值的企業(yè)相對(duì)不多,而會(huì)計(jì)信息透明度高的公司其評(píng)價(jià)分析的結(jié)果更可信,也更符合實(shí)際情況。
[Abstract]:With the development of China's economy, the role of the securities market in the national economy is becoming more and more important. China's securities market is gradually standardizing, and the concept of value investment has become the mainstream investment concept in the market. In recent years, the concept of transparency of accounting information is well known by the vast amount of investment. It is a generalization of the quality of accounting information disclosure. The theoretical circle has also gradually studied the role of accounting information transparency in the evaluation of the value of the company's investment. The evaluation system of listed company investment value is rebuilt, the listed company of automobile manufacturing industry is evaluated and analyzed. Then the value of the enterprise evaluation and the transparency of accounting information are combined to judge the investment value of the enterprise. In a certain scope, we hope to enrich and complete the theory of the value evaluation of the company's investment and avoid the investors. Because accounting information is opaque and suffer heavy losses, it can provide more reasonable suggestions for investors to make investment decisions.
This article uses the method of combining theoretical analysis and empirical analysis. The article first introduces the research background, the significance of the topic and the purpose of the research and the purpose of the research. This paper gives a general introduction to the paper, and expounds the evaluation of the investment value of the listed companies at home and abroad, and the literature of the transparency of the accounting information, as well as the summary of the literature. Secondly, this paper defines the meaning and characteristics of the evaluation of the investment value of the listed companies. The value of the investment here refers to the intrinsic value of the enterprise. It is based on the intrinsic value of the stock and the performance of the stock in the market to determine whether the enterprise has the value of the investment. The analysis mainly includes external factors and internal factors analysis. At the same time, the concept of transparency of accounting information is introduced, and the existing indicators that reflect the transparency of accounting information are varied. In this paper, the earnings exciting progress is used to measure the accounting information, while the surplus progress is calculated by the Jones model. The index system of investment value evaluation, mainly from the design principles and its limitations, then gives the design of the investment evaluation index system suitable for this article, including 13 indexes in 6 aspects. Finally, the evaluation of the investment value of the listed companies of the automobile manufacturing industry is given. This paper uses the principal component analysis method and carries out the original index system. The evaluation model of the investment value of the listed company is established by the principal component extraction. The selected sample data is analyzed, and the ranking of the evaluation score of the investment value of the listed companies in the automobile manufacturing industry is obtained, and then the value of the enterprise evaluation and the transparency of the accounting information are combined to judge the investment value of the enterprises.
Through the empirical study, the following conclusions are drawn: the transparency level of the accounting information is relatively low in the whole automobile industry, and the enterprises with higher investment value are relatively few, and the results of the company with high accounting information transparency are more credible and more in line with the actual situation.

【學(xué)位授予單位】：西南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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