本文選題：平滑收益 + 超額收益率　； 參考：《蘭州大學(xué)》2014年碩士論文

【摘要】：平滑收益即上市公司為了自身利益的最大化,利用會(huì)計(jì)應(yīng)計(jì)項(xiàng)目,通過(guò)各種會(huì)計(jì)估計(jì)、會(huì)計(jì)政策變更和改變實(shí)際經(jīng)營(yíng)管理活動(dòng)等手段,人為改變上市公司利潤(rùn),使其收益波動(dòng)性減弱的行為。隨著證券市場(chǎng)的不斷發(fā)展,平滑收益已經(jīng)成為上市公司盈余管理的重要手段,我國(guó)上市公司平滑收益的盈余管理行為也已經(jīng)十分普遍。上市公司的收益平滑向股東及潛在投資者傳遞了經(jīng)營(yíng)管理良好和成長(zhǎng)性穩(wěn)定的市場(chǎng)信息,有利于其獲得證券市場(chǎng)投資者對(duì)其更小的風(fēng)險(xiǎn)評(píng)估,得到股東及潛在的投資者的青睞；上市公司的收益平滑有助于上市公司獲得較低的股權(quán)融資成本,減少上市公司成本,提升上市公司價(jià)值。同時(shí),上市公司的收益平滑,有利于上市公司維護(hù)自身契約關(guān)系,減少契約方違約的機(jī)會(huì)成本,獲得更加優(yōu)惠的契約條件,增加企業(yè)價(jià)值。因而,收益平滑對(duì)上市公司而言有著利好的市場(chǎng)效果,上市公司存在著平滑收益的動(dòng)機(jī)。 本論文針對(duì)平滑收益的市場(chǎng)反應(yīng),進(jìn)一步研究平滑收益與上市公司股票超額收益率的相關(guān)關(guān)系,證明收益平滑有利于上市公司獲得更高的股票超額收益率,深入量化平滑收益對(duì)股票超額收益率的影響程度,并針對(duì)我國(guó)上市公司平滑收益的普遍現(xiàn)象,向相關(guān)監(jiān)管部門及證券投資者提出合理的建議。 本論文主要分為以下五個(gè)部分：第一部分是本文導(dǎo)論,主要介紹本文的研究背景、研究意義、研究方法以及研究?jī)?nèi)容和研究框架；第二部分是本文研究主題的相關(guān)文獻(xiàn)綜述,總結(jié)并歸類現(xiàn)有國(guó)內(nèi)外研究成果,為本文之后的研究奠定理論基礎(chǔ)；第三部分基于前期的文獻(xiàn)研讀和理論分析,構(gòu)建上市公司平滑收益與股票超額收益率相關(guān)關(guān)系的實(shí)證研究模型,篩選評(píng)價(jià)指標(biāo)并選定研究樣本；第四部分則是通過(guò)Excel、 SPSS19.0軟件對(duì)樣本歷史數(shù)據(jù)的處理,得出實(shí)證研究結(jié)果,并針對(duì)得出的結(jié)果進(jìn)行闡述與分析,總結(jié)研究結(jié)論；第五部分是針對(duì)本論文的研究結(jié)論對(duì)證券投資者、相關(guān)證券市場(chǎng)監(jiān)管部門提出合理化建議。
[Abstract]:In order to maximize their own interests, the smooth income is that the listed company artificially changes the profit of the listed company by means of various accounting estimates, accounting policy changes and changes in actual business and management activities, using the accounting accruals, and through various accounting estimates, changes in accounting policies, and changes in actual operating and management activities. The act of reducing the volatility of its earnings. With the continuous development of the securities market, smooth income has become an important means of earnings management of listed companies, and the earnings management behavior of listed companies in China is also very common. The smooth return of listed companies conveys the market information of good management and stable growth to shareholders and potential investors, which is helpful for them to obtain a smaller risk assessment by investors in the securities market and get the favor of shareholders and potential investors. The income smoothing of listed companies helps the listed companies to obtain lower cost of equity financing, reduce the cost of listed companies, and enhance the value of listed companies. At the same time, the smooth income of listed companies will help them maintain their contractual relations, reduce the opportunity cost of breach of contract, obtain more favorable contract conditions, and increase the value of enterprises. Therefore, income smoothing has a good market effect on listed companies, and the listed companies have the motive of smoothing income. Further study on the relationship between smooth income and stock excess return of listed companies proves that income smoothing is helpful for listed companies to obtain higher stock excess return, and quantifies the influence of smooth income on stock excess return. Aiming at the common phenomenon of smooth income of listed companies in China, the author puts forward reasonable suggestions to the relevant regulators and securities investors. This paper is divided into the following five parts: the first part is the introduction of this paper, mainly introduces the research background of this paper. The second part is a review of the relevant literature on the subject of this paper, summarizing and classifying the existing domestic and foreign research results, which will lay a theoretical foundation for the research after this paper. In the third part, based on the previous literature study and theoretical analysis, the empirical research model of the relationship between the smooth return of listed companies and the excess return of stock is constructed, and the evaluation index is selected and the research sample is selected. The fourth part is through Excel, SPSS 19.0 software to the sample historical data processing, obtains the empirical research result, and according to the result carries on the elaboration and the analysis, summarizes the research conclusion; the fifth part is aimed at this paper research conclusion to the securities investor, Relevant securities market regulatory department puts forward rationalization proposal.
【學(xué)位授予單位】：蘭州大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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本文編號(hào)：1994222