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论文编号：	651
作者编号：	2120061981
上传时间：	2008/6/20 10:15:03
中文题目：	中国上市公司会计信息与股票定价
英文题目：	An empirical research of the r
指导老师：	周晓苏
中文关键字：	Feltham-Ohlson模型 会计信息 价
英文关键字：	Feltham-Ohlson model Accounti
中文摘要：	中国资本市场是一个新兴加转轨的市场，已引起全球金融界的广泛关注，随着中国资本市场的发展，价值投资和价值管理的理念逐渐深入人心。研究中国证券市场问题，既可检验以西方为背景的研究结论在中国这样具有独特制度背景的新兴市场的适用性，同时也可以丰富已有的研究结果。中国股市有其自身的一些独有特征，是一个快速发展、不断完善的市场。一方面中国资本市场容量迅速扩充，制度建设日益完善；另一方面，中国会计准则在求同存异的前提下与国际标准加快了接轨步伐，会计信息质量有了较高的提升。在这样的前提下，研究在新的条件下，会计信息与股票定价的相关性便有了全新的意义。 本文主要研究上市公司会计数字的价值相关性以及如何挖掘会计信息的价值等问题，揭示会计信息对资本市场运行的基础性作用，以及资本市场对会计制度演进的深刻影响。本文拟尽力展现会计信息和股票价格之间的相关性，以期对正确理解股票价格运行的内在逻辑和关键驱动因子有所帮助，并从一个更有价值的角度对资本市场监管和会计信息披露政策的有效性进行检验和评判。 本文首先回顾了国内外这个领域的已有研究结果，并针对会计信息与股票定价的相关性进行了理论分析，通过引入Feltham-Ohlson模型，结合中国资本市场特征，就其适用性进行论证的同时予以拓展修正，建立回归方程，对中国资本市场1994-2006年13年9523个样本进行了实证检验。 本文实证结果显示，中国会计制度的激进式改革虽对促进会计信息价值相关性存在着较为明显的作用，但制度、标准的改革重要性从检验结果来看并不显著。从这个角度上来讲，笔者并不赞同会计准则的激进式改革，认为应保持标准的一定稳定性。从具体会计因素来看，每股正常收益与每股非正常收益与股价总体样本回归呈正相关关系，但未通过显著性检验，每股净资产与股票价格存在着显著的正相关关系，并呈现不断增强的趋势。每股收益与每股净资产解释能力呈现明显的阶段性，且两者之间几乎不存在增量解释能力。而公司规模、流通股比例、换手率三个变量中，流通股比例表现出最强的价值相关性，公司规模次之，换手率最低。
英文摘要：	China's securities market is an emerging and transitive market, which has caused widespread concern in the global economic world. With the development of the capital market, the theory of value investment and value management start to strike root in the hearts of the people. To study the issues of China's capital market, we could test the applicability of the western theories in the China's unique background, which can enrich the existing researched results. China's capital market is a rapidly developing and constantly improving market, with its own unique characteristics. On one hand, the China capital market capacity is expanded rapidly, and the system construction becoming better and approaching perfection day by day. On the other hand, China's accounting standards system in the base of seeking common ground while reserving differences, to accelerate the pace of synchronizing with the the international standards. So the quality of accounting information has been enhanced obviously. In such presupposition, the study of the relevance between accounting information and the stock price will have a new value. This paper mainly test the relevance between accounting information and stock pricing, and how the accounting information influent the stock price, in order to reveal the basic foundational function of the accounting information in capital market, and how the capital market influent the reforming of accounting system. Furthermore, this paper strives to study the relevance between the stock price and the accounting information, in the ultimately purpose of trying to understand the intrinsic logics of stock price operation and the key factors. And the paper will carry on the examination and the judgment to the supervision of capital market and the policy of accounting information disclosure in a more valuable point of view. This paper reviews the domestic and foreign findings at first, and carries on theoretical analysis to the relevance between accounting information and the stock pricing. Through introducing the Feltham-Ohlson model, we established the modified regression equation on the basis of the special situation of the China's capital market. This paper carries on the empirical examination with 9523 samples of the China’s capital market from 1994-2006. And mainly conclusions are draw as follows, although China's accounting radical reforms promotes the function of accounting information value relevance more obviously, the importance of the reforms of the system and standard is not significant from the results. From this angle, to maintain the stability of standard, the author does not approve of the accounting standards radical reforms. As to the normal earning per share, abnormal earning per share show positive relevance with stock price in the overall sample test, but the result is not significant. While the net-asset per share has a significant positive relevance with the stock price, and in an enhancement tendency. The explanatory ability of income per share and net-asset per share shows an obvious significance, and both of which do not have the increment explanatory ability. In the three factor of company scale, the negoation share proportion, turnover rate, the negoation share proporation has the most remarkable revelence, the company size next, and the turnover rate is the lowest.
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