本文關鍵詞：上市公司盈余結構的價值相關性研究　出處：《西南財經(jīng)大學》2012年碩士論文　論文類型：學位論文

  更多相關文章： 盈余結構 價值相關性 總括盈余 分解盈余

【摘要】：證券市場是一個信息敏感型市場,會計信息是證券市場中上市公司信息披露的核心內容,利益相關者也主要通過披露的會計信息、了解上市公司的經(jīng)營業(yè)績。因此,只有具有較高信息含量的會計信息,才能真實無偏地反映企業(yè)各方面的經(jīng)營狀況,從而有助于證券市場利益相關者做出合理的決策,促進資本市場健康持續(xù)地發(fā)展。為了提高會計信息的信息含量,許多國家都不斷修訂和完善本國的會計準則,我國財政部也于2006年2月15日頒布了新的《企業(yè)會計準則》,新準則與國際會計準則全面接軌,并于2007年在上市公司中正式開始執(zhí)行。新準則更加強調會計信息的決策有用性、真實性和公允性,著重于提高會計信息的質量以促進資源的有效配置,為投資者提供更多決策有用的信息、。會計信息在我國資本市場的發(fā)展與會計改革中的地位顯得越來越重要,因此對我國資本市場會計信息進行全方位的分析已經(jīng)迫在眉睫,并具有重要的理論與現(xiàn)實意義。會計盈余是會計信息中最重要的信息之一,盈余數(shù)據(jù)及其相應指標也是評價上市公司經(jīng)營業(yè)績的重要標準,大量研究會計信息價值相關性的文獻也正是圍繞著會計盈余及其相應指標進行的。 上市公司的盈余數(shù)據(jù)一直是市場投資者關注的焦點,盈余數(shù)據(jù)的重要性促使了上市公司進行盈余管理的動機,從而降低公司會計盈余的質量。針對這種問題的存在,幾乎所有的國家都會要求其上市公司按特定的步驟披露會計盈余,以識別上市公司盈余質量的真實情況。因此我們在進行會計盈余價值相關性分析時,不能僅僅考慮會計報表上易受操縱的凈利潤數(shù)據(jù)及其派生的指標,還必須綜合考慮利潤的構成項目以及構成比例,以更準確的反應公司的盈余質量。為此,本文基于中國資本市場環(huán)境研究新企業(yè)會計準則下盈余結構或具體盈余項目的價值含義,本文各章節(jié)詳細內容如下： 第一章,緒論。本章基于我國的現(xiàn)實情況首先闡述了本文的研究背景和研究意義,然后介紹了本文各章節(jié)的詳細內容和本文的結構框架,最后介紹了本文的研究方法以及貢獻與不足。 第二章,文獻綜述。本章介紹了過去國內外學者有關會計盈余、盈余結構和虧損公司價值相關性的理論和實證研究成果,對這些研究成果進行總結,發(fā)現(xiàn)有關會計盈余價值相關性的研究已經(jīng)引起了會計學術界的廣泛關注,也在國內外取得了一大批研究成果,但專門研究盈余結構信息含量的文獻則相對較少,起步也較晚,研究的也不夠全面,更多的是理論研究,實證研究較少。 第三章,盈余結構價值相關性研究的理論基礎。該部分首先介紹會計信息價值相關性的含義,然后從信息觀、計價觀和契約觀三個角度討論會計信息的作用機制,又從有效市場假說、功能鎖定假說、資本資產定價模型討論資本市場基本理論,最后進行盈余結構價值相關性的制度背景分析,為之后的實證研究提供理論基礎。 第四章,實證檢驗部分。實證分析以2007年至2010年的上市公司數(shù)據(jù)為基礎樣本,首先描述實證研究數(shù)據(jù)的來源,接著介紹本文的研究假設和變量選取的方法,最后建立研究模型并進行實證檢驗,從描述性統(tǒng)計、相關性分析和回歸分析三個方面進行價值相關性實證研究,并得出以下研究結論：(1)總括盈余凈利潤對被解釋變量股票價格的解釋能力較強,并且在各年度間表現(xiàn)出極強的穩(wěn)定性,說明總括盈余具有價值相關性,能夠向投資者傳遞關于股票價值的有用信息；(2)將盈余分解為各結構性項目能顯著地增加盈余對股票價格的解釋能力,披露盈余的結構性項目比總括盈余更加有助于投資者分析和判斷公司價值,從而做出更理性的投資決策,證明了盈余結構的價值相關性高于總括盈余；(3)虧損樣本下會計盈余與股票價格的關系變得十分微弱,模型調整的擬合優(yōu)度比較低,解釋變量的回歸系數(shù)幾乎均不顯著,說明虧損公司的會計盈余不存在價值相關性或價值相關性較弱,但虧損樣本下仍然存在盈余分解效應；(4)主營業(yè)務利潤分解模型的調整的R2大于營業(yè)利潤分解模型,證明了主營業(yè)務利潤比營業(yè)利潤更具有顯著的邊際信息含量；(5)總樣本分組檢驗中,按每股收益分組的回歸結果R2隨著每股收益的增加而上升,但在主營業(yè)務利潤比重和營業(yè)利潤比重分組的情況下并不呈現(xiàn)這一規(guī)律,說明我國證券市場仍然存在“功能鎖定”的現(xiàn)象；(6)將營業(yè)利潤分解為收入項和費用項之后,收入項與費用項具有顯著的價值含義差異,收入項比費用項更具有價值相關性。 第五章,研究結論與政策建議。本章首先總結了本文的實證研究結論,然后以我國的現(xiàn)實情況為基礎,提出提高我國會計信息價值相關性的四點建設性意見：深化監(jiān)管政策的市場化改革、提高注冊會計師的審計獨立性和信息分析能力、完善會計信息披露制度,提高會計信息披露質量、提高投資者自身知識水平和法律意識。 本文的主要貢獻在于： (1)以往學者的研究主要關注上市公司會計盈余的價值相關性,很少有人專門分析不同的收益來源如何影響投資者的投資決策、分解盈余和總括盈余對股票價格的解釋差異,對上市公司的盈余結構的價值相關性進行專門研究的文獻較少,實證研究更是聊聊無幾。本文采用理論與實證研究的方法檢驗了上市公司總括盈余和結構性盈余對股價的影響,另外還研究了虧損公司的價值相關性問題、分組樣本下會計盈余價值相關性的比較,研究的范圍很全面,并從盈余結構這個全新的角度對價值相關性進行了研究。 (2)本文在盈余結構的指標設計中,不同于以往的研究只從某一角度對總括盈余進行分解,而是從不同的角度將總括盈余劃分為結構性盈余,涉及到利潤表中凈利潤、主營業(yè)務利潤、營業(yè)利潤、收入項和費用項的信息含量,另外還專門研究了虧損公司盈余結構的價值相關性,使得本文的研究結論更具有準確性和穩(wěn)定性。 (3)本文以實施新企業(yè)會計準則后2007年至2010年的A股上市公司數(shù)據(jù)作為研究樣本,分析的結果可為新準則的實施效果提供有力的證明,從而彌補以往學者的研究主要采用舊準則下相關數(shù)據(jù)的缺陷,能夠檢驗上市公司盈余構成項目對股價的長期影響。 (4)結合本文的研究結論,對如何提高我國會計信息的價值相關性提出了四點建設性意見,對以后資本市場的發(fā)展與完善具有重大的參考價值和現(xiàn)實意義。 由于時間、能力、研究條件等限制,本文的研究存在很多局限性,本文研究的局限性及可以進一步研究的方向主要有以下幾點： (1)本文只采用價格模型進行實證研究,沒有采用其它模型(如收益模型)進一步檢驗結論的穩(wěn)定性,另外價格模型反映的是盈余數(shù)據(jù)對股票價格的累積影響,因此價格模型下的研究結果可能會存在規(guī)模效應,實證結果也有所偏頗。 (2)本文沒有考慮行業(yè)因素對會計盈余有效性的影響,沒有按行業(yè)對研究樣本進一步細分,建議以后的研究可以分行業(yè)檢驗,以得到更加準確的結論。 (3)影響價值相關性的因素有很多,比如投資人的心理、政府頒布的政策、公司重組等,但是由于其復雜性,我們在研究中不能將所有影響因素都納入研究范圍,因此本文存在固有的局限性。
[Abstract]:The securities market is a sensitive market information, accounting information is the core content of the securities market information disclosure of listed companies and stakeholders mainly through the disclosure of accounting information, understand the business performance of the listed company. Therefore, only the high quality accounting information, in order to unbiased reflect all aspects of enterprise management the status, which contributes to the securities market stakeholders to make reasonable decisions, and promote the sound development of capital market. In order to improve the information content of accounting information, many countries continue to revise and improve their accounting standards, China's Ministry of Finance on February 15, 2006 promulgated the new "accounting standards for business enterprises, the full integration of new with international accounting standards, and in 2007 in the listed company officially started. The new guidelines put more emphasis on the decision usefulness of accounting information, true and fair Of the effective allocation of emphasis on quality improvement of accounting information in order to promote the resources, provide useful information for investors more decision-making. Development of accounting information in China's capital market and accounting reform has become more and more important, so it is imminent to make a complete analysis of China's capital market and accounting information. It has important theoretical and practical significance. The accounting earnings is one of the most important information in the accounting information, an important standard of earnings data and the corresponding index is the performance evaluation of listed companies, a lot of research on the value relevance of accounting information literature is also around the accounting earnings and its corresponding index.
The earnings data of listed companies has been the focus of investors in stock market, the importance of earnings data prompted the listed company earnings management motivation, so as to reduce the earning quality. Aiming at this problem, almost all countries will require disclosure of accounting earnings according to the specific steps of the listed companies, to identify the real situation the earnings quality of listed companies. So we analyze the value relevance of accounting earnings, not only consider the net profit data on the accounting statement is susceptible to manipulation and derived indicators must also constitute the project considering the profit and the proportion of the earnings quality, company more accurate. Therefore, the meaning of the value of new business study on environmental China capital market accounting standards on earnings structure or detailed earnings items based on the detailed chapters as follows:
The first chapter is the introduction. Based on the reality of our country, this chapter first expounds the background and significance of the research, then introduces the detailed contents of this chapter and the structure framework of this article. Finally, it introduces the research methods, contributions and shortcomings of this paper.
The second chapter is literature review. This chapter introduces the past domestic and foreign scholars on the accounting earnings, theoretical and empirical research results of the correlation between earnings structure and loss of the value of the company, the paper research on the value relevance of accounting surplus has attracted extensive attention in accounting academia, has also made a large number of research results at home and abroad, but the specialized research on the information content of earnings structure literature is relatively small, started late, the research is not comprehensive, more theoretical research, empirical research is limited.
The third chapter, the theoretical basis of value relevance of earnings structure. This part first introduces the meaning of the value relevance of accounting information, and then from the information perspective, valuation perspective and contract perspective in three aspects to discuss the mechanism of accounting information, and from the efficient market hypothesis, false lock function, the capital asset pricing model to discuss the basic theory of capital market. Analysis of system background and value relevance of earnings structure, provide a theoretical basis for further empirical studies.
Fourth chapter is the empirical part. The empirical analysis on the data of listed companies from 2007 to 2010 as the basic samples, first describe the source of empirical data, and then introduces the method of the research hypotheses and variable selection, finally establish the research model and empirical test, from descriptive statistics, correlation analysis and regression analysis of three aspects of research the value relevance of empirical analysis, and draw the following conclusions: (1) earnings net profit on the explanatory variables to explain stock price ability, and showed strong stability in different year, that overall earnings have value relevance, can convey useful information about the value of the shares to investors; (2) earnings for the structural decomposition project can significantly increase the explanatory power of earning to price earnings ratio, structural project disclosure of earnings is more conducive to investment Investors to analyze and judge the value of the company, so as to make rational investment decisions, proved the value relevance of earnings structure is higher than the earnings; (3) the relationship between accounting earnings and stock price of the loss of the sample becomes very weak, goodness of model is relatively low, the regression coefficients of explanatory variables that almost were not significant. The loss of the company's accounting earnings have no value relevance is weak, but the loss still exists surplus sample decomposition effect; (4) the main business profit decomposition model adjusted R2 is greater than the operating profit decomposition model, proved that the main business profit is more significant than the marginal information content of operating profit; (5) the total sample grouping test, according to the regression results of earnings per share of the R2 packet increases with the increase of earnings per share, but in the main business profit proportion and the proportion of the group operating profit Do not show under this law, shows that China stock market is still "function lock" phenomenon; (6) the operating profit income and expenses for decomposition, income and expenses with the meaning of the value difference and income than the cost has more value relevance.
The fifth chapter, conclusions and suggestions. This chapter summarizes the conclusions of the empirical research, based on the reality of our country, put forward to improve the four point of the construction of the value relevance of accounting information in our opinion: deepening market-oriented reform of regulatory policy, improve the independence of the audit and information analysis ability of registered accountants the improvement of accounting information disclosure system, improve the quality of accounting information disclosure, improve investor's own level of knowledge and awareness of the law.
The main contributions of this article are as follows:
(1) the value relevance of previous scholars mainly focus on the accounting earnings of listed companies, there are few people devoted to the analysis of how different sources of income affect the investment decisions of investors, earnings and earnings decomposition on the stock price difference, make a special study on the value relevance of earnings structure of listed companies in the literature, empirical research is talk much. In this paper, theoretical and empirical research methods are used to test the influence on the earnings of listed companies on the stock price and the structural surplus, in addition to loss of the company's value relevance are also studied, comparing the value relevance of accounting surplus sample groups, the research scope is very comprehensive, and carried out the research from a new perspective of earnings structure on the value relevance.
(2) the design index of earnings structure, different from the previous research only from a perspective of earnings decomposition, but from a different perspective on the earnings will be divided into structural surplus, relates to the net profit in the profit statement, the main business profit, operating profit, income and expense items of information content in addition, devoted to the study of the value relevance of earnings structure of company, the conclusion of this thesis has more accuracy and stability.
(3) in this paper, after the implementation of new accounting standards from 2007 to 2010 A shares of listed companies as the research sample data, provide strong proof of the effectiveness of the implementation of the results for the new standards, in order to make up for the research of previous scholars mainly use the relevant data under the old accounting standards defects, can constitute a project on inspection of listed companies earnings the price of long-term effects.
(4) combined with the conclusions of this paper, we put forward four constructive suggestions on how to improve the relevance of accounting information in China, which has great reference value and practical significance for the future development and improvement of capital market.
Due to the limitations of time, ability and research conditions, there are many limitations in this study. The limitations of this study and the directions for further research are mainly as follows.
(1) this paper only uses the price model for empirical research, without the use of other models (such as profit model) stability further inspection conclusion, also reflects the cumulative effect of the price model of earnings data on the stock price, so the price of model results may exist the scale effect, the empirical results also biased.
(2) this paper does not consider the impact of industry factors on the effectiveness of accounting earnings. It has not been further subdivided according to industry research samples. It is suggested that future research can be divided into industry tests to get more accurate conclusions.
(3) there are many factors that affect the value relevance, such as investor psychology, government promulgated policies, corporate restructuring and so on. But because of its complexity, we can not take all the factors into the research scope, so there are inherent limitations in this paper.

【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F275;F224

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