本文選題：公允價值　切入點：股權(quán)結(jié)構(gòu)　出處：《湘潭大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：公允價值這種計量模式在我國共經(jīng)歷了提倡、回避和重新引入這三個階段,由此可見其在中國社會主義經(jīng)濟情況下的經(jīng)濟市場中還是占有不可小覷的重要地位。與用歷史成本的方法去度量會計實務(wù)中的數(shù)量相比較,用公允價值來衡量會更加準確、切合實際的真實會計價值,這樣才能為資本市場的投資者在投資過程中遇到重大問題時作出正確的判斷和決策。但從另一方面說,公允價值的實際值的取得,在實務(wù)工作中主要是根據(jù)管理層的估值來確定,所以,管理層可以因為自己的私利而對會計信息進行利用,這就會導(dǎo)致公允價值的真是相關(guān)性有偏差。在公司中對股權(quán)結(jié)構(gòu)進行合理安排后,通過股東之間的權(quán)利制約,就可以對公司運營中的會出現(xiàn)的虛假工作進行牽制,保證提供清楚透明的公允價值信息,保證公允價值的價值相關(guān)。本文運用Ohlson價格模型以及相應(yīng)演化模型,對2007年至2014年以來我國A股市場上市公司數(shù)據(jù)進行分析,利用年收盤價與每股凈資產(chǎn)和公允價值變動損益以及扣除公允價值收益后的每股收益之間的相關(guān)大小去檢驗相關(guān)性;從股權(quán)結(jié)構(gòu)對公允價值的價值相關(guān)性進行研究,通過歸納得出股權(quán)結(jié)構(gòu)主要分為股權(quán)構(gòu)成和股權(quán)集中度兩個方面,在根據(jù)相應(yīng)變量對公允價值凈資產(chǎn)和公允價值損益進行交互研究。研究發(fā)現(xiàn):(1)2007年至2014年之間上市的A股公司的股票價格與當期損益的公允價值變動收益具有顯著的正相關(guān)性。(2)國有股比例會降低公允價值的價值相關(guān)性,高管股比例、法人股比例能顯著提高公允價值的價值相關(guān)性;股權(quán)集中度與公允價值的價值相關(guān)性呈負相關(guān)關(guān)系;國有企業(yè)比非國有企業(yè)的公允價值的價值相關(guān)性更差。經(jīng)過本文研究分析可知,公允價值的變動對于會計信息本身具有增量價值相關(guān)性,公允價值計量模式的運用提升了會計信息對于股票價格的解釋能力。在加入國有股的變量之后,公允價值的相關(guān)性雖然依然存在,但是相較之前明顯降低,說明我國國有股不能制約上市公司利用公允價值進行盈余操縱的行為;在加入股權(quán)集中度的變量之后,公允價值的價值相關(guān)性明顯降低,說明我國上市公司中存在利用公允價值進行盈余操縱,以此牟取私利侵占中小股東權(quán)益的行為。
[Abstract]:The fair value measurement model has gone through the three stages of advocating, evading and reintroducing in our country. It can be seen that it still occupies an important position in the economic market of China's socialist economy. Compared with measuring the quantity in accounting practice with the method of historical cost, it will be more accurate to measure with fair value. Realistic true accounting value, so that investors in the capital market can make correct judgments and decisions when they encounter major problems in the course of their investment. But on the other hand, the actual value of fair value is obtained, In practical work, it is mainly determined by the valuation of the management. Therefore, the management can make use of the accounting information for their own personal gain. This will lead to a real bias in the relevance of fair value. After reasonable arrangement of the equity structure in the company, through the restriction of rights among shareholders, the false work that will occur in the operation of the company can be restrained. In this paper, we use the Ohlson price model and the corresponding evolution model to analyze the data of listed companies in China's A-share market since 2007 to 2014. Using the correlation between annual closing price, net assets per share and fair value changes and earnings per share after deducting fair value earnings, to test the correlation; to study the value correlation of fair value from equity structure. It is concluded that the equity structure is mainly divided into two aspects: equity structure and ownership concentration. An interactive study of fair value net assets and fair value gains and losses is carried out according to the corresponding variables. It is found that the stock prices of A share companies listed between 2007 and 2014 and the fair value change returns of current gains and losses are significant. The proportion of state-owned shares will reduce the value correlation of fair value. The proportion of senior management shares, the proportion of corporate shares can significantly improve the value relevance of fair value, and the equity concentration has a negative correlation with the value correlation of fair value. The value correlation of fair value of state-owned enterprises is worse than that of non-state-owned enterprises. Through the research and analysis of this paper, we can see that the change of fair value has incremental value relevance to accounting information itself. The use of fair value measurement mode has enhanced the ability of accounting information to explain the stock price. After joining the variables of state-owned stock, the correlation of fair value still exists, but compared with before, the correlation of fair value is obviously reduced. It shows that the state-owned shares in our country can not restrict the behavior of the listed companies using fair value to manipulate earnings, and after adding the variable of equity concentration, the value correlation of fair value is obviously reduced. It shows that the listed companies in our country use fair value to manipulate earnings, so as to gain private profits and encroach on the rights and interests of minority shareholders.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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