本文選題：會(huì)計(jì)盈余　切入點(diǎn)：現(xiàn)金流量　出處：《集美大學(xué)》2017年碩士論文

【摘要】：長(zhǎng)期以來,基于權(quán)責(zé)發(fā)生制下的會(huì)計(jì)盈余信息和基于收付實(shí)現(xiàn)制下的現(xiàn)金流量信息,兩者與股價(jià)的相關(guān)性研究一直都是理論界和實(shí)務(wù)界關(guān)注的問題,而且沒有得到一致的結(jié)論。2009年10月30日,我國創(chuàng)業(yè)板的上市,使得創(chuàng)業(yè)板的市場(chǎng)監(jiān)管、上市公司管理和投資者如何做出更理性的投資決策等問題都亟待解決與完善。本文就是在此背景下,在文獻(xiàn)綜述、有效市場(chǎng)假說和決策有用觀等理論研究的基礎(chǔ)上,實(shí)證研究了創(chuàng)業(yè)板上市公司會(huì)計(jì)盈余、現(xiàn)金流量與股價(jià)之間的相關(guān)性。本文引入費(fèi)森—奧爾森的簡(jiǎn)化修正模型,選取創(chuàng)業(yè)板市場(chǎng)2010年至2015年共6年的符合條件的上市公司作為研究樣本,選擇每股收益EPS和凈資產(chǎn)收益率ROE作為會(huì)計(jì)盈余指標(biāo),選擇每股經(jīng)營現(xiàn)金凈流量CFO、每股投資現(xiàn)金凈流量CFI和每股籌資現(xiàn)金凈流量CFF作為現(xiàn)金流量指標(biāo),實(shí)證檢驗(yàn)創(chuàng)業(yè)板上市公司的會(huì)計(jì)盈余、現(xiàn)金流量指標(biāo)與股價(jià)之間的關(guān)系。研究發(fā)現(xiàn),創(chuàng)業(yè)板上市公司會(huì)計(jì)盈余與現(xiàn)金流量都對(duì)股價(jià)有一定的解釋力,但會(huì)計(jì)盈余的價(jià)值相關(guān)性明顯強(qiáng)于現(xiàn)金流量,而且會(huì)計(jì)盈余與現(xiàn)金流量之間還互相具有增量的價(jià)值相關(guān)性。針對(duì)研究結(jié)論,從創(chuàng)業(yè)板市場(chǎng)監(jiān)管角度,本文提出完善市場(chǎng)法律法規(guī)建設(shè)、增加創(chuàng)業(yè)板上市公司的供給、規(guī)范并嚴(yán)格實(shí)施信息披露制度、落實(shí)合理的退市制度的建議;從上市公司角度,提出關(guān)注企業(yè)自身高成長(zhǎng)性的保持和技術(shù)創(chuàng)新能力的提高、嚴(yán)格遵守市場(chǎng)的信息披露制度的建議;從投資者角度,提出綜合考慮企業(yè)的會(huì)計(jì)盈余和現(xiàn)金流量信息做出決策、大力培育機(jī)構(gòu)投資者的建議。未來,學(xué)者可以從不同角度更加深入研究,以期充分論證創(chuàng)業(yè)板上市公司會(huì)計(jì)盈余、現(xiàn)金流量與股價(jià)之間的相關(guān)性,進(jìn)而更好的為投資者決策提供合理參考依據(jù)。
[Abstract]:For a long time, the research on the correlation between accounting earnings information based on accrual basis and cash flow information based on cash payment basis has always been concerned by both theoretical and practical circles.And there is no consistent conclusion. On October 30, 2009, the gem listed in our country, the gem market supervision, listed company management and how investors make more rational investment decisions are urgently to be solved and improved.On the basis of literature review, efficient market hypothesis and decision usefulness, this paper empirically studies the correlation among accounting earnings, cash flow and stock price of listed companies in gem.This paper introduces Fesson-Olson 's simplified modified model, selects listed companies in the gem market for 6 years from 2010 to 2015 as research samples, and selects EPS and ROE as accounting earnings indicators.The net operating cash flow per share (CFO), the net investment cash flow (CFI) and the net cash flow per share (CFF) are selected as the cash flow indicators to test the relationship between the accounting surplus, the cash flow index and the stock price of gem listed companies.It is found that both accounting earnings and cash flow of gem listed companies have a certain explanatory power to share prices, but the value correlation of accounting earnings is obviously stronger than cash flow.Moreover, there is an incremental value correlation between accounting earnings and cash flow.In view of the research conclusion, from the view of market supervision of gem, this paper puts forward the suggestions of perfecting the construction of market laws and regulations, increasing the supply of listed companies on the gem, standardizing and strictly implementing the information disclosure system, and implementing the reasonable delisting system.From the point of view of listed companies, this paper puts forward some suggestions to pay attention to the maintenance of high growth and the improvement of technological innovation ability of enterprises, and strictly abide by the information disclosure system of the market; from the perspective of investors,This paper puts forward the suggestion of cultivating institutional investors by synthetically considering the accounting surplus and cash flow information of enterprises.In the future, scholars can further study from different angles in order to fully demonstrate the correlation between accounting earnings, cash flow and stock price of listed companies in gem, and then provide reasonable reference basis for investors to make decisions.
【學(xué)位授予單位】：集美大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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