【摘要】：2009年10月30日,經(jīng)國務(wù)院和中國證監(jiān)會(huì)批準(zhǔn)同意,首批28家企業(yè)在深圳證券交易所集體上市,這標(biāo)志著我國創(chuàng)業(yè)板市場的正式開放。創(chuàng)業(yè)板的成立,不僅開拓了以高新技術(shù)為核心競爭力的創(chuàng)新型企業(yè)融資途徑,而且為我國多層次資本市場翻開了嶄新的一頁。創(chuàng)業(yè)板市場中,由于上市公司規(guī)模較小、發(fā)展不穩(wěn)定、投資風(fēng)險(xiǎn)大等特點(diǎn),使其形成與主板市場不同的投資理念。作為創(chuàng)業(yè)板的投資者來說,如何利用上市公司的財(cái)務(wù)報(bào)表來客觀準(zhǔn)確地判斷公司的投資價(jià)值就顯得尤為重要了。而會(huì)計(jì)盈余作為反映企業(yè)經(jīng)營狀況的重要財(cái)務(wù)指標(biāo),己普遍成為投資者進(jìn)行投資決策的基礎(chǔ)。因此,對(duì)創(chuàng)業(yè)板上市公司會(huì)計(jì)盈余與股價(jià)的相關(guān)性研究,就有了十分重要的意義。 本文首先簡要闡述了會(huì)計(jì)盈余及股價(jià)的相關(guān)理論基礎(chǔ),深入分析了創(chuàng)業(yè)板上市公司會(huì)計(jì)盈余信息的主要內(nèi)容和披露情況,并結(jié)合我國創(chuàng)業(yè)板上市公司自身特點(diǎn)及會(huì)計(jì)盈余的性質(zhì)特征,從理論角度分析了創(chuàng)業(yè)板上市公司會(huì)計(jì)盈余信息對(duì)股價(jià)的可能性影響。在此基礎(chǔ)上提出了研究假設(shè)和理論模型,本文選取了2010年符合相關(guān)條件的創(chuàng)業(yè)板上市公司共計(jì)84家作為樣本,運(yùn)用事項(xiàng)研究法,對(duì)創(chuàng)業(yè)板上市公司會(huì)計(jì)盈余與股價(jià)的相關(guān)性進(jìn)行實(shí)證分析。其中以基本每股收益指標(biāo)和扣除非經(jīng)常性損益后每股收益指標(biāo)作為自變量,將上市公司成長性指標(biāo)作為控制變量,利用價(jià)格-會(huì)計(jì)盈余水平指標(biāo)回歸模型,分析財(cái)務(wù)報(bào)表中會(huì)計(jì)盈余與股價(jià)的關(guān)系,并比較分析兩個(gè)盈余指標(biāo)的決策有用性,為投資者的投資決策提供幫助,并為政府部門相關(guān)政策的制定及完善提供參考。 本文研究結(jié)果表明,我國創(chuàng)業(yè)板市場會(huì)計(jì)盈余與股價(jià)顯著相關(guān),但扣除非經(jīng)常性損益后每股收益指標(biāo)與股價(jià)的相關(guān)性弱于基本每股收益指標(biāo),這可能是由于扣除非經(jīng)常性損益后每股收益指標(biāo)信息不顯著,且投資者在實(shí)際操作分析時(shí),有非理性投機(jī)現(xiàn)象；另外,可能和研究方法及樣本量小,時(shí)間短等因素有關(guān)。針對(duì)以上問題,作者提出了一些政策建議。一方面通過完善相關(guān)制度來提高會(huì)計(jì)盈余的信息質(zhì)量,并從創(chuàng)業(yè)板上市公司會(huì)計(jì)盈余信息披露的制定和規(guī)范角度提出：創(chuàng)業(yè)板上市公司應(yīng)建立完善的信息披露體系；并定期提供企業(yè)成長性分析報(bào)告；將有效的會(huì)計(jì)盈余預(yù)測披露作為上市的重要條件等建議；另一方面對(duì)投資者增強(qiáng)理性投資提出相關(guān)建議：堅(jiān)持長期投資理念；選擇組合投資策略；確定投資比例。
[Abstract]:On October 30, 2009, with the approval of the State Council and CSRC, the first batch of 28 enterprises were listed collectively on the Shenzhen Stock Exchange, which marked the formal opening of the gem market in China. The establishment of the gem not only opens up the financing channels of innovative enterprises with high and new technology as the core competitiveness, but also opens a new page for our country's multi-level capital market. In the gem market, due to the small scale of listed companies, unstable development, large investment risk and other characteristics, it forms a different investment concept from the main board market. As a gem investor, it is very important to use the financial statements of listed companies to judge the investment value of companies objectively and accurately. As an important financial index, accounting surplus has become the basis for investors to make investment decisions. Therefore, it is of great significance to study the correlation between accounting earnings and stock price of listed companies in gem. Firstly, this paper briefly describes the theoretical basis of accounting earnings and stock price, and analyzes the main contents and disclosure of accounting earnings information of listed companies in gem. Combined with the characteristics of gem listed companies and the nature of accounting earnings, this paper analyzes the possibility of accounting earnings information on the share price of gem listed companies from the theoretical point of view. On this basis, the research hypothesis and theoretical model are put forward. In this paper, 84 listed companies on the gem in 2010 are selected as samples, and the method of event research is used. This paper makes an empirical analysis on the correlation between accounting earnings and stock price of listed companies in gem. Taking the basic earnings per share index and earnings per share index after deducting non-recurrent profit and loss as independent variables, taking the growth index of listed companies as control variable, the regression model of price-accounting surplus level index is used. This paper analyzes the relationship between accounting earnings and stock price in financial statements, and compares and analyzes the decision usefulness of the two earnings indicators, which can help investors to make investment decisions and provide references for the formulation and improvement of relevant policies of government departments. The results of this study show that the accounting earnings of gem market in China are significantly correlated with the stock price, but the correlation between earnings per share index and stock price is weaker than that of the basic earnings per share index after deducting non-recurring gains and losses. This may be due to the fact that the information of earnings per share is not significant after deducting non-recurrent gains and losses, and that investors have irrational speculation in actual operation analysis; in addition, it may be related to the small research methods and sample size, short time and other factors. In view of the above problems, the author puts forward some policy suggestions. On the one hand, improve the information quality of accounting surplus by perfecting the relevant system, and from the point of view of establishing and standardizing accounting earnings information disclosure of gem listed companies: the gem listed companies should establish a perfect information disclosure system; And provide the enterprise growth analysis report regularly; take the effective accounting earnings forecast and disclosure as the important condition of listing; on the other hand, put forward the relevant suggestions to the investors to enhance the rational investment: adhere to the long-term investment concept; Select the portfolio investment strategy; determine the proportion of investment.
【學(xué)位授予單位】：江西農(nóng)業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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