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论文编号：	5233
作者编号：	2120112387
上传时间：	2013/6/5 15:49:03
中文题目：	股市高速扩容对会计信息决策有用性的影响研究
英文题目：	A Study of the Effect on the Stock Market High-Speed Expansion to the Decision Usefulness of Accounting Information
指导老师：	边泓
中文关键字：	股市扩容，认知心理因素，决策有用性
英文关键字：	stock market expansion, the cognitive psychological factors, decision usefulness
中文摘要：	我国股票交易市场作为一个新兴的市场，只在十几年的时间里就经历了相当于国外市场几十年甚至上百年的历程。截至2007年底我国A股上市公司总数（一般企业）为1588家，之后2008年至2011年新增上市公司数量分别为77家、63家、232家、154家。其中2011年底我国证券市场上有2195家A股上市公司，筹集240多亿元资金，所以可看出，高速扩容是我国证券市场在最近几年的主要特征之一，扩容速度明显高于以前年度。而且随着我国经济形势的持续健康的发展以及改革开放制度的深入，我国的证券市场仍具有非常巨大的直接融资的潜力。 股市扩容一直是一个比较敏感的话题，很多人士认为股市扩容会增大市场资金供给压力，往往把它作为不利于股市行情发展的“利空”因素，经常伴随着股市的下跌，而股价下跌会导致过高市盈率，对此，本文针对高速扩容带来投资对象增多，股价持续下跌情况下，从投资人心理发生变化的视角，以“投资人的决策是否更关注会计信息”为研究中心，检验高速扩容是否会导致会计信息决策有用性的提高。从会计学研究的角度来看，股市扩容增加了上市公司的数量，从而给投资者带来更多的选择，但是由于股市扩容速度的迅猛增长，证券市场的投资品种增多，发行股本的数量增加，市场价值总值增长，却在短时间内投入股票市场的资金严重不足，从而导致股价下跌，大部分投资人被套牢，为了挽回损失，投资人开始选择投资新股，寻找刺激性题材，但因为以前年度上市的股票缺乏题材，股价无法上涨，恶性循环下就导致新发布的报表的数据被市场的关注程度下降，短期内的市场反应程度明显下降；同时，也致使大部分以前年度上市的股票的股价与会计数据之间的关系被严重破坏。本文从以上两个角度来论证在股市高速扩容，股价不断下跌的大环境下，会计信息是否为投资人的投资决策提供可靠依据，投资人是否会对上市公司披露的财务报告作出相应的投资决策的调整。 通过本文的理论推导和实证研究发现，会计信息（尤其是每股盈余、每股净资产等）与股票价格之间的相关关系，尤其是对于新上市的公司的相关性更加显著。即使在高速扩容的情况下，会计信息也对投资者的定价决策具有显著影响，投资者对会计信息的披露整体看来也会做出相应的反应，但是投资者对会计信息的反应程度有所下降。本文的研究结果论证了会计信息在资本市场运作中必不可缺的作用，但是面对信息相关性的下降，监管部门应该具有一定的警醒。股票市场高速扩容的数量和速度大小等都应该考虑实际上股票市场的承受的能力。股市供给资金应更加稳妥、有计划地进行，并且避免一下子扩得过猛。特别是扩容要与这个国家的经济、金融形势步调相一致，过快或者过慢都会产生不良的后果。
英文摘要：	Chinese stock market is a typical emerging market.In just 10 years time it has gone through the course of equivalent mature markets abroad for decades or even centuries. By the end of 2007 ,the total number of Chinese A-share listed companies (general business) was 1588, and from 2008 to 2011 the number of New Listing Corporation number were 77, 63, 232, 154. The number of Chinese A-share Listing Corporation reached 2195 by the end of 2011, raising more than 240 billion yuan. So the high-speed expansion is one of the main features of the securities market in China in recent years, and the expansion rate is significantly higher than that in the prior year. Along with our national economy sustained rapid growth and the deepening of reform and opening up, the securities market still has very large space for the development of direct financing. The stock market expansion has been a sensitive topic, many people believe that the stock market expansion will increase the supply of funds in the market pressure, So it is the "bad" factor that is not conducive to the development of the stock market, often accompanied by a decline in the stock market, which will cause high price-earnings ratio. In this regard,under the stitution which high-speed expansion has brought increasing investment targets, the share price continued to fall.The paper from the perspective of investors psychological changes, "the decision of the investor is more concerned about the accounting information" as the research center,tests whether the high-speed expansion will lead to the usefulness of accounting information for decision-making to improve. From the point of view of accounting studies, the stock market expansion increases the number of listed companies, which bring more choices for investors, However, due to the rapid growth of the stock market capacity expansion speed, the number of investments in the securities market increases, the increase in the number of issued capital, total market value of growth, but investment in the stock market in a short time has a serious shortage of funds, Resulting in a share price falling, most investors locked in, in order to recover losses, investors are choosing new shares for investment, looking for stimulating subjects. But because the old the shares lack of theme, stock prices can not rise, leading to the data of the newly released report under the degree of attention by the market decline, in the short term market reaction degree decreased obviously; At the same time, resulting in the relationship between stock prices of the most old shares and accounting data has been severely damaged. In this article, from the above two points of view to demonstrate the high-speed expansion in the stock market; under the environment of share prices falling,whether accounting information can provide reliable basis for investment decisions of investors or not, and whether investors will make the corresponding market reaction after financial report of listed companies disclosed. In this paper, our study found that the relation between accounting information and capital market is more significant correlation, especially for newly listed firms. Even in the case of high-speed expansion, accounting information also has a significant impact on the pricing decisions of investors and as a whole investors will react accordingly disclosure of accounting information, but the extent of reaction of investors to accounting information declines. The results of this study expounds on the role of accounting information which is essential in the operation of the capital markets, but in the face of information correlation, regulators should be alert. The scale and speed of the stock market expansion should take into account the actual affordability of the market. Stock market supply of funds should be more secure in a planned way, and avoid suddenly expanding too far too fast. Especially the expansion to the pace of the country's economic, financial situation should keep consistent, too fast or too slow will produce adverse consequences.
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