本文選題：非金融類上市公司　切入點：金融資產(chǎn)　出處：《浙江財經(jīng)學院》2012年碩士論文　論文類型：學位論文

【摘要】：百年一遇的金融危機揭示了金融資產(chǎn)的高風險性，也提醒世人警惕金融風險管理。但是在近幾年，上市公司越來越熱衷金融資產(chǎn)投資活動，例如購買銀行理財產(chǎn)品、各類期貨和債券、持股其他上市公司等。本文的研究重心在于外部市場對非金融類上市公司金融資產(chǎn)投資活動的反應，分析產(chǎn)生這種市場反應的原因，并向監(jiān)管部門和公司管理層提出相關的建議。 文章首先梳理了有關公司投資行為和金融資產(chǎn)價值計量的相關研究文獻。在投資行為方面，現(xiàn)有的研究都把目光聚焦在投資行為的影響因素、投資行為的合理性和投資行為的動機，并且都是從公司本身的角度出發(fā)進行研究，鮮有專門針對投資行為的市場反應的研究。對于金融資產(chǎn)價值計量，現(xiàn)有的相關研究側重討論金融資產(chǎn)的會計分類和計量屬性的選擇，但是在公司金融資產(chǎn)投資活動方面缺乏深入的分析。另外，文章還回顧了與上市公司信息披露的相關文獻。本文選擇委托代理理論、由管理層過度自信和羊群效應組成的行為財務理論以及信號理論來支持上市公司投資動機的研究。 實證研究和案例分析是文章的重點內容。實證研究中，本文選取了2008年至2010年88家非金融類上市公司為樣本，，以金融資產(chǎn)占總資產(chǎn)的比例為涉及金融資產(chǎn)投資行為的解釋變量、表示市場對公司資產(chǎn)估價的市凈率為代表市場反應的被解釋變量，并加入適當?shù)目刂谱兞�，進行平衡面板數(shù)據(jù)線性回歸。結果顯示，市凈率與金融資產(chǎn)投資規(guī)模呈負相關關系，即外部市場對非金融類上市公司的金融資產(chǎn)投資行為不贊成。雅戈爾公司的案例分析中，超額收益率和市凈率指標的分析結果都與實證研究的結果一致。本文用雅戈爾公司2007年至2011年的數(shù)據(jù)從金融資產(chǎn)價值的波動性、金融資產(chǎn)價值計量對公司經(jīng)營業(yè)績的影響和金融資產(chǎn)投資的信息披露三方面解釋外部市場對非金融類上市公司金融資產(chǎn)投資行為的反應。 通過實證研究和案例分析，本文針對非金融類上市公司金融資產(chǎn)投資行為分別向會計監(jiān)部門和公司管理層提出相關建議。會計監(jiān)管部門應當對從上市公司的金融投資專業(yè)能力、金融投資信息披露和信息披露的考評體系三個方面來著手完善上市公司金融投資活動。公司的管理層則應當重視投資項目選擇和風險管理體系，以保證公司投資活動的合理性和有效性。
[Abstract]:The once-in-a-century financial crisis has revealed the high risk of financial assets and alerted the world to financial risk management. However, in recent years, listed companies have become increasingly keen on financial asset investment activities, such as purchasing bank financial products. This paper focuses on the external market response to the financial assets investment activities of non-financial listed companies, and analyzes the reasons for this kind of market reaction. And to the regulatory department and the management of the company put forward the relevant recommendations. Firstly, the paper combs the relevant research literature on corporate investment behavior and financial asset value measurement. In investment behavior, the existing research focuses on the influencing factors of investment behavior. The rationality of the investment behavior and the motivation of the investment behavior are all carried out from the angle of the company itself. There is little research on the market reaction of the investment behavior. For the measurement of the value of financial assets, Existing relevant studies focus on the choice of accounting classification and measurement attributes of financial assets, but there is a lack of in-depth analysis on the investment activities of financial assets of companies. This paper also reviews the related literature on information disclosure of listed companies. This paper chooses principal-agent theory, behavioral financial theory composed of management overconfidence and herd effect, and signal theory to support the research of investment motivation of listed companies. Empirical research and case analysis are the main contents of this paper. In the empirical study, 88 non-financial listed companies from 2008 to 2010 are selected as samples. Taking the ratio of financial assets to total assets as the explanatory variable related to the investment behavior of financial assets, it indicates that the price-to-book ratio of the market valuation of the company's assets is the explained variable representing the market reaction, and the appropriate control variable is added. The results show that the price-to-book ratio is negatively related to the scale of financial assets investment, that is, the external market disagrees with the financial asset investment behavior of non-financial listed companies. The analysis results of the index of excess return and price-to-book ratio are consistent with the results of empirical research. This paper uses the data of Youngor Company from 2007 to 2011 to analyze the volatility of the value of financial assets. The impact of financial asset value measurement on corporate performance and the disclosure of financial asset investment information explain the external market response to the financial asset investment behavior of non-financial listed companies. Through empirical research and case studies, This paper puts forward the relevant suggestions to the accounting supervision department and the management of the company for the financial asset investment behavior of the non-financial listed company. The accounting supervision department should be concerned with the financial investment professional ability of the listed company. The evaluation system of financial investment information disclosure and information disclosure is to improve the financial investment activities of listed companies. The management of companies should attach importance to investment project selection and risk management system. To ensure the rationality and effectiveness of the company's investment activities.
【學位授予單位】：浙江財經(jīng)學院
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51;F224

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