發(fā)布時間：2018-03-06 06:42

  本文選題：上市公司　切入點：成長性　出處：《武漢大學》2014年博士論文　論文類型：學位論文

【摘要】：本文旨在通過建立理論分析框架并進行實證檢驗,探討會計信息能否充分地反映企業(yè)的成長性,進而是否會影響股票定價這一具有重要理論與實踐意義的課題。在資本市場中,投資者進行股票投資的目的是為了狹得投資收益,而決定股票投資收益的基本因素代表著上市企業(yè)持續(xù)盈利能力和發(fā)展前景的成長性。上市企業(yè)的成長性決定股票的價值,并制約著股票價格的二級市場走勢。既然證券市場信號傳遞的基本表現(xiàn)形式就是財務報表中的會計信息,股票定價方法所運用的基本數(shù)據(jù)也來自于會計信息,而股票的價值又主要取決于其未來的成長能力,那么將會計信息與成長能力這兩者聯(lián)系起來,驗證其中存在的必然聯(lián)系,也就是順理成章的事情了。 論文首先對企業(yè)成長性定義與內涵進行了深入探討,并結合對成長性定義的剖析,逐一分析了企業(yè)成長理論、股票定價理論及會計價值相關性理論的形成、演進及有關啟示。同時,在對此進行文獻綜述的基礎上討論了三者的關系,初步概括出了其中的理論脈絡。論文的理論構建部分,通過運用基于信息不對稱理論的契約經(jīng)濟學方法,分別從管理者與投資者的角度對會計信息對其企業(yè)成長性的反映及其與股票定價的關系進行了深入的研討,并構建了一個基于契約經(jīng)濟學與會計信息計量觀的理論分析框架,指出企業(yè)會計的成長性信息能否被會計系統(tǒng)所捕獲,并最終通過會計信息傳遞到股票價格之中,取決于對企業(yè)對管理者的激勵與外部會計環(huán)境的共同作用。論文的第四部分在理論研究的基礎上利用中國上市公司2000年-2011年的數(shù)據(jù)分別從企業(yè)資產(chǎn)賬面凈值信息與股價的關系,以及企業(yè)無形資產(chǎn)投資信息與股價的關系兩方面,實證檢驗了會計信息中所包含的成長性信息對股票定價的影響。實證結果表明,目前在中國的會計信息環(huán)境下,企業(yè)的會計系統(tǒng)很難對企業(yè)成長性的信息進行捕捉與加工,并有效地傳遞到證券市場。論文的第五部分則在分析我國股票發(fā)行定價現(xiàn)狀的基礎上,通過一個實際案例的深入分析,嘗試揭示出我國目前股票發(fā)行(成長性)定價與上市公司會計信息之間的關系。論文的最后一部分是結論與建議。該部分從影響目前中國會計信息系統(tǒng)與資本市場股票發(fā)行定價的主要方面,提出了改善上述問題進而提高中國經(jīng)濟成長性的建議。 本文研究的主要貢獻在于： 1.本文基于企業(yè)成長性理論、契約和信息不對稱理論以及會計學理論構建了一個由管理者到投資者由內而外用于分析會計信息如何反映成長性,以及會計信息對于成長性的反映如何被股票定價機制所吸收的理論分析框架。 由于企業(yè)的成長性屬于企業(yè)管理者的私有信息,這種私有信息涉及較多的專業(yè)判斷,并且先驗性較差,難于向外發(fā)送；同時,在不同的激勵方式下,管理者對關于成長性的信息披露意愿也不盡相同,如果管理者的激勵主要建立在比較剛性的會計信息基礎上,管理者就會在利用會計信息傳遞成長性方面顯得不那么有效率。而在投資者方面,由于存在管理者信息披露無效、專業(yè)知識有限、信息成本及噪音等因素的影響,也比較難于將會計信息中成長性吸納入對股票的估值定價之中,導致會計信息、成長性、與股票定價之間的聯(lián)系不緊密。不過,如果管理者、投資者、中介機構及政府等所有的資本市場參與者共同努力的話,比如資本市場能更為有效：會計準則能使會計信息更為公允、更能體現(xiàn)公司的前景；管理者披露的信息能更為真實等,該理論框架可以合理預期會計信息與成長性及股票定價的關系將會更為緊密,這實質上也是我們完善資本市場的一個方向之一。 2.本文基于評估企業(yè)成長性的價值計劃模型及FelthamOhlson模型創(chuàng)新出一種如何檢驗會計信息中有關成長性的信息能甭被股票定價機制所吸收的實證檢驗方法。 3.本文通過中國上市公司2000年-2011年的數(shù)據(jù)分別從企業(yè)資產(chǎn)賬面猙值信息與股價的關系,及企業(yè)無形資產(chǎn)投資信息與股價的關系兩方面,對會計信息對企業(yè)成長性信息的反映,進而對股票定價的影響進行了實證檢驗,檢驗出中國上市公司目前的會計信息系統(tǒng)并不能很好地捕獲有關公司成長性的信息并將其有效地傳遞給證券市場。文章還基于上述結論提出了一系列政策建議,這類工作當下很少有研究者在進行。 本文研究的不足之處在于：研究建立的用以分析會計信息對成長性的反映及其與股票定價關系的理論框架雖然脈絡清晰,但在很多方面比較粗糙,需要進一步地研究加以完善；實證檢驗變量的選取稍顯簡單,對一些指標的細節(jié)推敲不夠深入,實證證據(jù)的說服力可能會由此打些折扣,衷心希望有志者加以研究,本人也將在后續(xù)研究中找尋并運用更好、更為全面的實證檢驗方法；政策建議方面涉及面過廣,有些建議表面化、空洞化,需要結合實務進一步改進。
[Abstract]:This paper aims to establish the framework of theoretical analysis and empirical testing of the accounting information can reflect the growth of enterprises, which will affect the stock price which has important theoretical and practical significance of the topic. In the capital market, investors' stock investment objective is to narrow the investment income, the basic factors that determine stock investment income represents the growth of listed companies continued profitability and development prospects. The growth of stock market value of enterprise, and restricts the stock price level two market trends. Since the basic form of the securities market is signaling in the financial statements of the accounting information, the basic data of the use of stock pricing method also from the accounting information and the stock value mainly depends on its future growth ability, so the accounting information and the growth ability of the two It is logical to link up and verify the inevitable connection in it.
This paper discusses the definition and connotation of enterprise growth, combined with the analysis of the growth of the definition, analyses the theory of enterprise growth, the formation of the stock pricing theory and the value relevance of accounting theory, evolution and enlightenment. At the same time, in this foundation of literature on the relationship between the three. Preliminary summarized the theory of the construction of part of the paper. By using the method of contract economics theory, based on the theory of information asymmetry, managers and investors respectively from the perspective of the research on the accounting information of the enterprise to reflect the long and its relationship with the stock price, and builds an analytical framework contract economics and accounting information measurement theory based on the theory of the growth of enterprise accounting information that can be captured by the accounting system, and finally through the accounting information to The stock price, depending on the common role of the enterprise on the managerial incentive and accounting external environment. The fourth part of the paper on the basis of theoretical research Chinese by Listed Companies in 2000 -2011 data respectively from the enterprise net book value and stock price information, two aspects and relationship between enterprise intangible assets investment information and stock price an empirical test, influence the growth of the information contained in the accounting information on stock pricing. The empirical results show that the current accounting information environment in Chinese under the accounting system of enterprises is difficult to capture and processing enterprise growth of information, and effectively delivered to the securities market. The fifth part of the thesis on the analysis basis of China's IPO pricing situation, through in-depth analysis of a real case, try to reveal China's current stock issuance (growth) and pricing of listed companies The last part of the paper is the conclusion and suggestion. This part puts forward suggestions for improving the above problems and improving China's economic growth from the main aspects affecting the pricing of stock issuing in China's accounting information system and capital market.
The main contributions of this study are as follows:
1. the growth of enterprises based on the theory of contract theory and asymmetric information theory and accounting theory to construct a by management to investors from the inside out for the analysis of accounting information to reflect the growth, as well as the accounting information to reflect the growth of the stock price to be absorbed by the system in the framework of theoretical analysis.
Due to the growth of enterprises belonging to the enterprise managers of private information, private information that involves more professional judgment, and a priori is poor, difficult to send out; at the same time, in different incentives, managers will disclose are not the same on the growth of the information, if the management incentive is mainly set up in based on the accounting information is relatively rigid, the managers will transfer the growth in the use of accounting information is not so efficient. But in terms of investors, because of the existence of management information disclosure is invalid, limited professional knowledge, information cost and noise and other factors, are more difficult to be absorbed into the accounting information in the growth of valuation the pricing of stock, resulting in accounting information, growth, and the stock price is not close contact. However, if the managers, investors, intermediaries and government all the information The market participants to work together, for example, the capital market can be more effective: accounting standards can make accounting information more fair, more can reflect the company's prospects; management information disclosure can be more real, the theoretical framework can be reasonably expected growth and the relationship between accounting information and stock pricing more closely this is essentially, we improve one of the direction of the capital market.
2., based on the value plan model and FelthamOhlson model of evaluating the growth of enterprises, this paper develops an empirical test method to test the information about growth in accounting information, which can not be absorbed by the stock pricing mechanism.
3. the relationship between China listed companies in 2000 -2011 years of data value information and stock price from the enterprise net assets book, two aspects of relations and corporate intangible assets investment information and stock price, reflect on the accounting information of the information on the growth of enterprises, and the impact on the stock pricing empirical test Chinese listed companies the accounting information system is not very good for the growth of the company's acquisition of information and the effective transfer to the stock market. Based on the above conclusions and put forward a series of policy suggestions, this kind of work as few researchers in.
The inadequacies of this paper is: To study and establish the theoretical framework for the analysis of the accounting information to reflect on the growth and stock pricing relationship while the context is clear, but in many ways more rough, further studies are required to be improved; empirical variables selection is slightly simpler, on some indicators of the details is not deep enough the empirical evidence, it may make some allowance, sincerely hope to study there, I will also find in the follow-up study and use better, more comprehensive empirical test methods; policy suggestion involves too broad, some superficial, hollowing out, need to be further improved in practice.

【學位授予單位】：武漢大學
【學位級別】：博士
【學位授予年份】：2014
【分類號】：F832.51;F275

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