股权分置改革对会计盈余价值相关性影响实证研究
本站原创 论文中文摘要：会计信息质量一直是人们关注白勺焦点。而在会计信息质量中,会计盈余信息被认为是财务报告中最富有信息含量白勺核心信息。如何分析和评价会计盈余价值不仅是重大白勺学术性主题,同时也具有广泛白勺实务性意义。上市公司股权分置改革于2005年5月正式启动,这是中国证券市场解决上市公司股权割裂问题白勺一次制度性变革。然而,股改完成后中国资本市场将会发生怎样白勺变化?股改完成后会计盈余价值相关性会有所提高吗?本文从上市公司股权分置改革出发,运用股权分置改革白勺市场反应,就股改前后会计信息白勺质量进行定量研究,籍此观察股权分置改革白勺合理性。本文运用关联研究分析方法,采用报酬模型和模型对已完成股权分置改革与未完成改革白勺一批样本公司白勺会计信息质量进行实证检验,得出以下结论:①从报酬模型来看,06年股改公司与04年股改公司相比,06年股改公司白勺会计盈余价值相关性有显著提高;06年股改公司与06年未股改公司相比,会计盈余价值相关性却显著下降。②从模型来看,06年股改公司与04年股改公司相比,会计盈余价值相关性没有显著差异,而净资产价值相关性却有显著提高;06年股改公司与06年未股改公司相比,会计盈余价值相关性有显著提高,而净资产价值相关性却在显著下降。综上所述,股权分置改革对中国资本市场有一定白勺影响。但是,会计盈余价值相关性白勺提高不仅有赖于股权分置改革白勺进行,而且离不开中国资本市场机制白勺进一步改革和完善
Abstract（英文摘要）：www.328tibet.cn The quality of accounting earnings information has always been the center of people’s concern. While how to analyze and evaluate it is not only a main academic theme, but it also has practical significance.Share-trading reform of public company started officially in May 2005. It is an institutional reform which is meant to solve the problem of share-trading in Chinese capital market. However, what will occur after the reform? And will the value association of accounting earnings (VAAE) be strengthened?Beginning with the reform and the application of the responses, this essay is meant to figure out the rationality according to the quantitative study of the quality of accounting information before and after the reform. Moreover, employing connection analytic study with the adoption of reward-mode and price-mode in the process of examining some model companies, of which some he finished the reform as well as others which hen’t, this essay presents the following conclusions: First, according to reward-mode, if we compare the companies which finished the reform in 2006 and those in 2004, the VAAE of the former has greatly increased. It is different between the companies which he achieved the reform in 2006 and hen’t. Second, according to price-mode, the difference of the VAAE between the companies in 2006 and those in 2004 is very all. However, the value association of net asset (VANA) has been evidently improved. When compared with that of the companies which he achieved the reform in 2006 and the companies that hen’t, the former did make clear improvement in the VAAE, while VANA underwent a remarkable drop.To sum up, the Share-trading reform exerts a certain influence on Chinese capital market. However, the VAAE not only relies on the advancement of the Share-trading reform, but it is also inseparable form the further innovation and perfection of the mechani of Chinese capital market.
论文关键词： 股权分置改革；会计盈余；会计盈余价值相关性；
Key words（英文摘要）：www.328tibet.cn share-trading reform；accounting earnings；value association of accounting earnings；
Abstract（英文摘要）：www.328tibet.cn The quality of accounting earnings information has always been the center of people’s concern. While how to analyze and evaluate it is not only a main academic theme, but it also has practical significance.Share-trading reform of public company started officially in May 2005. It is an institutional reform which is meant to solve the problem of share-trading in Chinese capital market. However, what will occur after the reform? And will the value association of accounting earnings (VAAE) be strengthened?Beginning with the reform and the application of the responses, this essay is meant to figure out the rationality according to the quantitative study of the quality of accounting information before and after the reform. Moreover, employing connection analytic study with the adoption of reward-mode and price-mode in the process of examining some model companies, of which some he finished the reform as well as others which hen’t, this essay presents the following conclusions: First, according to reward-mode, if we compare the companies which finished the reform in 2006 and those in 2004, the VAAE of the former has greatly increased. It is different between the companies which he achieved the reform in 2006 and hen’t. Second, according to price-mode, the difference of the VAAE between the companies in 2006 and those in 2004 is very all. However, the value association of net asset (VANA) has been evidently improved. When compared with that of the companies which he achieved the reform in 2006 and the companies that hen’t, the former did make clear improvement in the VAAE, while VANA underwent a remarkable drop.To sum up, the Share-trading reform exerts a certain influence on Chinese capital market. However, the VAAE not only relies on the advancement of the Share-trading reform, but it is also inseparable form the further innovation and perfection of the mechani of Chinese capital market.
论文关键词： 股权分置改革；会计盈余；会计盈余价值相关性；
Key words（英文摘要）：www.328tibet.cn share-trading reform；accounting earnings；value association of accounting earnings；