本文選題：會計穩(wěn)健性　切入點：分析師薦股　出處：《浙江財經(jīng)大學》2014年碩士論文

【摘要】：對于目前證券市場上信息中介傳遞偏差和投機氛圍濃厚的現(xiàn)狀，證券分析師在其中扮演了怎樣的角色受到越來越多的關注。作為資本市場中獨特的信息中介，證券分析師是發(fā)揮其應有的治理作用，還是起到了相反的作用？而作為股票定價最重要因素的會計信息，其產(chǎn)生與報告無疑會對股票定價產(chǎn)生重要的影響。那么，作為衡量會計信息質(zhì)量重要原則的穩(wěn)健性原則，是否可以提高資本市場的有效性？能否起到穩(wěn)定投資者情緒，減輕市場波動的作用？要回答這些疑問，需要進行深入的理論分析和實證研究。 論文結合會計穩(wěn)健性和證券分析師薦股效應對股價的影響進行理論和實證研究，探索會計穩(wěn)健性政策對分析師薦股效應帶來的股價異常波動的影響，在理論上通過計量觀和信息觀論證會計穩(wěn)健性對股票定價的決定性影響，從投資者保護主義的角度說明穩(wěn)健的會計政策能抑制分析師薦股導致的異常市場反應，并得到實證結果的支持。 全文由研究背景與理論基礎、理論分析和實證分析以及結論與建議三部分組成。第一部分闡述了研究意義、背景、方法和思路，綜述了國內(nèi)外會計穩(wěn)健性和證券分析師薦股方面的研究。第二部分是論文主體部分。界定了證券分析師的概念與會計穩(wěn)健性的內(nèi)涵，解剖分析師發(fā)布薦股信息時面臨的各種利益沖突局面�，F(xiàn)實中投資者受羊群效應的作用，往往會跟隨分析師發(fā)布的樂觀建議出現(xiàn)“追高不追低”的投資怪相，因此分析師薦股會導致更高的換手率和更強烈的市場反應。通過分析會計穩(wěn)健性能夠限制管理者的私立行為，減輕信息不對稱程度，使股價更能反應出企業(yè)的實際狀況。投資者對采用相對穩(wěn)健會計政策的上市公司會有更真實的解讀，其投資行為也會更加理性，因此會計穩(wěn)健性政策雖不能完全消除分析師薦股帶來的強烈反應，但能起到一定的調(diào)節(jié)作用。相比激進會計政策當上市公司運用相對穩(wěn)健的會計政策時意味著將來能給企業(yè)帶來更多的成長空間，并且能降低預期盈余的差異給市場帶來的負面影響，能夠進一步抑制分析師關注未預期盈余導致地強烈市場反應。本文的實證研究通過事件研究法，論證了會計穩(wěn)健性政策對分析師薦股效應的影響。文章的最后，提出了有關建議：第一，，對證券分析師進行適當監(jiān)督，輔以適當?shù)拿袷沦r償責任以實現(xiàn)市場的公平并增強投資者的信心；第二，培育中小投資者的素質(zhì)；第三，改善證券市場結構，改變中小投資者狹隘的投資者意識；第四，加強會計穩(wěn)健性政策運用的監(jiān)管，完善資本市場運作，提高會計準則的實施質(zhì)量，確保在上市公司會計實務處理中切實貫徹會計穩(wěn)健性的原則，以提高上市公司的會計信息質(zhì)量，減輕信息不對稱性程度，保護投資者的利益。 本文試圖在以下方面進行創(chuàng)新： 第一，跨學科領域，多角度研究。通過將行為金融學與會計穩(wěn)健性兩者相結合，為會計政策對市場投機行為的影響研究提供了新的啟示。 第二，從投資者保護主義的角度研究會計穩(wěn)健性的經(jīng)濟后果，豐富了現(xiàn)有研究。本文提供了資產(chǎn)定價機制受會計穩(wěn)健性政策影響的經(jīng)驗數(shù)據(jù)，從信息觀和計量觀兩個角度論證了會計穩(wěn)健性對股價的決定性作用，并通過實證證明了兩者的關系。 第三，將會計穩(wěn)健性政策的影響引入證券分析師薦股效應的研究中，采用了[-3，10]的窗口期。通過本文的研究證明了會計穩(wěn)健性政策能夠有效抑制證券分析師薦股效應導致的強烈市場反應。
[Abstract]:For the current information on the securities market intermediary transfer bias and speculative situation, securities analysts play what kind of role has attracted more and more attention. As the unique information intermediaries in the capital market, securities analysts should play its role in governance, and played the opposite role as the most important stock pricing? The factors of accounting information, and the report will undoubtedly have an important impact on the stock price. So, as an important measure of the conservatism principle the principle of the quality of accounting information, whether it can improve the effectiveness of the capital market? Can stabilize investor sentiment, reduce the volatility of the market? To answer these questions, the need for theoretical analysis and in-depth empirical research.
The effects of the combination of accounting conservatism and securities analysts recommendation effect of stock price theory and empirical research, to explore the influence of abnormal fluctuation of accounting conservatism policy brings to the effect of stock analysts, in theory, through the measurement of accounting conservatism view and information view demonstrates a decisive impact on the stock pricing, market reaction shows that abnormal sound accounting policies can inhibit analysts from the perspective of investors lead to protectionism, and empirical results support.
The full text of the research background and theoretical basis, theoretical analysis and empirical analysis, conclusions and suggestions of three parts. The first part describes the research background, significance, methods and ideas, research at home and abroad, accounting conservatism and securities analysts of the review. The second part is the main part of this paper. The definition and connotation of accounting conservatism of securities analysts the various interests conflict information when faced with anatomical analysts released. In reality, investors are subject to the effect of herding, optimistic recommendations often follow analyst released "don't chase, chasing the high low" investment analysts therefore grimace, will lead to a higher turnover rate and market reaction more intense. Through the analysis of accounting conservatism can limit managers' private behavior, reduce the degree of information asymmetry, the stock price can reflect the actual condition of enterprise investment. On the relatively safe accounting policy of listed companies will have a more realistic interpretation, its investment behavior will be more rational, so the accounting conservatism policy has not completely eliminate the backlash brought by analysts, but can play an important role. Compared with aggressive accounting policy when the listed companies use relatively robust accounting policy means the future can bring more space to grow up, and can reduce the negative impact of differences in expected earnings brought to the market, to further suppress the unexpected earnings lead analysts focused on strong market reaction. The empirical study using the method of event study demonstrates the influence of accounting conservatism on policy analysts' recommendation effect. At the end of this article, the author puts forward some suggestions: first, proper supervision of the securities analyst, supplemented by appropriate civil liability in order to realize the market Fair and enhance the confidence of investors; second, cultivate the quality of investors; third, improve the structure of the stock market, small investors change narrow investor awareness; fourth, strengthen the supervision of accounting conservatism by policy, improve the capital market operation, improve the quality of accounting standards, ensure the effective implementation of Accounting Conservatism in Listed Companies in the accounting practice the principle, in order to improve the quality of accounting information of listed companies, reduce the degree of information asymmetry, to protect the interests of investors.
This article tries to make innovations in the following aspects:
First, interdisciplinary and multi angle research. By combining behavioral finance and accounting conservatism, it provides a new inspiration for the study of the impact of accounting policy on market speculation.
Second, from the protection of investors accounting conservatism in perspective of economic consequences, enriches the existing research. This paper provides empirical data of asset pricing mechanism under the influence of accounting conservatism policy, from the information perspective and measurement view two angles to demonstrate the decisive role of accounting conservatism on the stock price, and the relationship between the two is proved by empirical research.
Third, the research will affect the accounting conservatism policy introduced the securities analysts recommendation effect, using the [-3,10] window period. Through this study proved that the strong market reaction of accounting conservatism policy can effectively restrain the effect of the securities analysts recommendation result.

【學位授予單位】：浙江財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

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本文編號：1715103