【摘要】：在資本市場中，股票的定價對于披露的會計信息有著較強的依賴。會計信息質量的高低，關系著資本市場資源配置的效率問題，高質量的會計信息能夠有效地推動資本市場的良性發(fā)展。對于我國采掘業(yè)上市公司來講，除去必要的信息披露，勘探開發(fā)投資信息和儲量信息的披露不僅對于采掘業(yè)公司本身的業(yè)績是一種重要的評價，對于信息使用者而言也是非常重要的信息依據(jù)。信息披露的越充分，投資者的決策效率就越高，但公司市場競爭效率也會被削弱，因此是否披露儲量信息和勘探開發(fā)投資信息還存在著爭論。如何披露這些信息以及該信息的披露是否能給股票價格帶來影響，對于采掘業(yè)上市公司的投資者和管理者而言，都是非常重要的。 本文篩選出42家采掘業(yè)上市公司為研究對象，對2010年～2012年3個會計年份內勘探開發(fā)投資及儲量信息的披露狀況進行了分析；并以此為樣本數(shù)據(jù)，采用價格模型對勘探開發(fā)投資信息及儲量信息的信息相關性展開實證研究；研究結果表明，勘探開發(fā)投資額信息和儲量數(shù)量信息披露的價值相關性較強，，且二者均表現(xiàn)為對股票價格有一定的正向影響。在一定程度上說明這些信息對于投資者的定價策略、管理者改進管理和披露的方式以及監(jiān)管者完善和加強監(jiān)管措施有著一定的價值。因此，本文建議采掘業(yè)上市公司、尤其是非油氣礦產資源的采掘業(yè)上市公司能夠進一步透明且完善地披露勘探開發(fā)投資信息和儲量信息。
[Abstract]:In the capital market, the pricing of stocks is strongly dependent on the disclosed accounting information. The quality of accounting information is related to the efficiency of resource allocation in capital market. High quality accounting information can effectively promote the benign development of capital market. For the listed companies of mining industry in our country, apart from the necessary information disclosure, the disclosure of exploration and development investment information and reserves information is not only an important evaluation for the performance of the extractive industry companies themselves. It is also a very important information basis for information users. The more information is disclosed, the higher the decision-making efficiency of investors is, but the market competition efficiency of the company will also be weakened. Therefore, whether to disclose the reserve information and the investment information of exploration and development is still controversial. How to disclose these information and whether the disclosure can affect the stock price is very important for the investors and managers of listed companies in extractive industries. In this paper, 42 listed companies of mining industry are selected as research objects, and the information disclosure of exploration and development investment and reserves in three accounting years from 2010 to 2012 are analyzed, and the data are taken as sample data. An empirical study on the correlation between investment information and reserves information of exploration and development is carried out by using price model, and the results show that the disclosure of investment information and reserves quantity information of exploration and development has a strong value correlation. Both of them have a positive effect on the stock price. To a certain extent, this information has certain value to investors' pricing strategy, the way managers improve management and disclosure, as well as the regulators' improvement and strengthening of regulatory measures. Therefore, this paper suggests that the listed companies of extractive industry, especially those with non-oil and gas mineral resources, should be able to disclose the investment information and reserves information of exploration and development in a more transparent and perfect manner.
【學位授予單位】：西安石油大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F426.1;F406.7

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本文編號：2153817