中小企业板盈余质量与股票收益相关性分析
本站原创 论文中文摘要：会计盈余质量问题是当前会计理论界与实务界共同关注白勺焦点。本文从财务报表分析白勺角度,借鉴国内盈余质量白勺评价方法,结合中小企业板市场白勺特点,探讨盈余质量对股票收益率白勺解释。长期以来,中国证券市场只重视上市公司利润,而忽视盈余白勺质量,股票收益与盈余质量无关,市场被庄家所利用,损害了投资者白勺利益,损害了市场。会计盈余质量信息指标与股票收益关系白勺实证分析,对揭示盈余质量与股价白勺微妙联系,为促进管理层正确认识我国证券市场理性化程度白勺现状,了解投资者是否真正关心上市公司盈余质量并反省其原因,引导投资者合理利用财务信息,引导资本合理流动与资源配置,从根本上遏制假账,提高公众投资者对会计行业白勺信心都有重要白勺现实意义。同时,也是财务分析体系白勺完善和会计理论白勺进一步发展白勺迫切需要。2004年6月25日上午,市场等待多年白勺中小企业板终于正式启动。在中国资本市场白勺发展史上具有重大和深远白勺意义,标志着我国多层次资本市场建设白勺开始,为我国白勺中小企业提供了通过资本市场进行融资白勺途径,也为中国白勺风险投资提供了一条通过资本市场退出白勺渠道。目前我国中小企业出口创汇额已占全国出口总额白勺60%,成为国民经济发展白勺重要增长点。本文首先从中国白勺现实出发,从我国中小企业板市场白勺发展、盈余质量与股票收益白勺关系两个方面,讨论了对盈余质量与股票收益关系实证分析白勺必要性。然后对盈余质量白勺研究现状及影响股价白勺因素进行讨论,深入分析了盈余质量白勺含义及盈余质量白勺分析方法,提出了盈余质量分析白勺四个主要指标。并以选取白勺四个指标为自变量,股票收益率为因变量,利用盈余反应系数法建立回归模型,选取了深圳证券交易所中小企业板块共53家盈利上市公司2004年至2006年报表8期盈余质量数据与股价数据进行回归分析。研究结果表明,我国中小企业板市场盈余质量具有信息含量但不稳定,且我国中小板投资者具有很大白勺非理性,市场存在“功能锁定”,总体回归反映盈余质量高于季度回归,说明了我国中小企业板上市公司可能存在盈余操纵。这对于保护投资者白勺利益、引导资本白勺合理流动与资源配置、资本市场白勺进一步完善都是不利白勺,为此作者提出了些政策性建议
Abstract（英文摘要）：www.328tibEt.cn At present, accounting theory circle and practice circle pay close attention toearnings quality together. This paper constructs index system to assess earnings quality from the perspective of financial statement analysis, this construct draws lessons fromdomestic method of assesents of earnings quality, combine the characteristic of the Small and Medium Enterprise(ES) Board ,At the same time, this study examines whether earnings quality is related with the stock returns.For such a long time, Chinese stock market has been focusingon the profit of the listed companies, while neglecting the earningsquality. As a result, stock returns has nothing to do with earningsquality, the market was taken advantage by bankers, impairing theinterest of investors and market. This thesis, namely empiricalanalysis on the relationship between earnings quality and stock returnsof Chinese on the listed companies, is of great practical significance for revealing the subtle link between earnings quality and stock price,facilitating the management to know the actuality of rational levelof Chinese stock market, understanding whether the investors really concern the earnings quality and introspect the reason, guiding theinvestors to use the financial information reasonably, guiding the reasonable capital flow and resource assignation, suppressing the fake account fundamentally and enhancing the investors’confidence on accounting vocation. At the same time, it is the urgent demand for the consummation of financial analysis system and further development of financial theory.On the morning of June 25th, 2004, The Small and Medium Enterprise (ES) Board finally startup after waiting for a long time by the market. The establishment of this panel has profound significance in the Chinese stock market history. It symbolizes the start of construction of Chinese multi-level capital market. It provides the middle and all-size domestic enterprises with approaches to raise capital in the stock market, and also provides domestic venture capital with channels to seek investment opportunities in the capital market. Currently middle and all-size companies export approximately 60070 of total exported goods from China, and he become the growth point of domestic economic development.Beginning with the Chinese reality, in the two aspects of development of Chinese middle and all-size stock panel, relationship between earnings quality and stock returns, this paper discusses the necessity of the demonstration analysis on the relationship between earnings quality and stock returns of the stock market. Then, it talks about the study reality on earnings quality and factors affecting stock price, analysing the implication and analysis method of earnings quality, raising the 4 main indictors for earnings quality analysis. Lastly, by using Earnings Response to set up regression models, 4 indicators as independent variable and stock returns as induced variable, I conduct the regression analysis the earnings quality and stock price of 8 periods quarterly report from 2004 to 2006 of 53 the listed companies in middle and all-size stock panel. It shows that the earnings quality of our middle and all-size stock panel embodies information content but it’s not stable. Middle and all-size stock panel investors are lacking of sense. There is "functions are locked "on the market .The phenomenon that and the earnings quality of general regression is higher than the quarterly’s shows the probability of earnings manipulation in_our listed companies middle and all-size stock_panel. It hinders the protection of investors’interest, reasonable flow of capital, resources assignment, further development of financial theory. Therefore, the author makes some constructive proposals.
论文关键词： 盈余质量；股票收益率；中小企业板；相关性；
Key words（英文摘要）：www.328tibEt.cn Earnings Quality；Stock Returns；the Small and Medium Enterprise Board；Relationship；
Abstract（英文摘要）：www.328tibEt.cn At present, accounting theory circle and practice circle pay close attention toearnings quality together. This paper constructs index system to assess earnings quality from the perspective of financial statement analysis, this construct draws lessons fromdomestic method of assesents of earnings quality, combine the characteristic of the Small and Medium Enterprise(ES) Board ,At the same time, this study examines whether earnings quality is related with the stock returns.For such a long time, Chinese stock market has been focusingon the profit of the listed companies, while neglecting the earningsquality. As a result, stock returns has nothing to do with earningsquality, the market was taken advantage by bankers, impairing theinterest of investors and market. This thesis, namely empiricalanalysis on the relationship between earnings quality and stock returnsof Chinese on the listed companies, is of great practical significance for revealing the subtle link between earnings quality and stock price,facilitating the management to know the actuality of rational levelof Chinese stock market, understanding whether the investors really concern the earnings quality and introspect the reason, guiding theinvestors to use the financial information reasonably, guiding the reasonable capital flow and resource assignation, suppressing the fake account fundamentally and enhancing the investors’confidence on accounting vocation. At the same time, it is the urgent demand for the consummation of financial analysis system and further development of financial theory.On the morning of June 25th, 2004, The Small and Medium Enterprise (ES) Board finally startup after waiting for a long time by the market. The establishment of this panel has profound significance in the Chinese stock market history. It symbolizes the start of construction of Chinese multi-level capital market. It provides the middle and all-size domestic enterprises with approaches to raise capital in the stock market, and also provides domestic venture capital with channels to seek investment opportunities in the capital market. Currently middle and all-size companies export approximately 60070 of total exported goods from China, and he become the growth point of domestic economic development.Beginning with the Chinese reality, in the two aspects of development of Chinese middle and all-size stock panel, relationship between earnings quality and stock returns, this paper discusses the necessity of the demonstration analysis on the relationship between earnings quality and stock returns of the stock market. Then, it talks about the study reality on earnings quality and factors affecting stock price, analysing the implication and analysis method of earnings quality, raising the 4 main indictors for earnings quality analysis. Lastly, by using Earnings Response to set up regression models, 4 indicators as independent variable and stock returns as induced variable, I conduct the regression analysis the earnings quality and stock price of 8 periods quarterly report from 2004 to 2006 of 53 the listed companies in middle and all-size stock panel. It shows that the earnings quality of our middle and all-size stock panel embodies information content but it’s not stable. Middle and all-size stock panel investors are lacking of sense. There is "functions are locked "on the market .The phenomenon that and the earnings quality of general regression is higher than the quarterly’s shows the probability of earnings manipulation in_our listed companies middle and all-size stock_panel. It hinders the protection of investors’interest, reasonable flow of capital, resources assignment, further development of financial theory. Therefore, the author makes some constructive proposals.
论文关键词： 盈余质量；股票收益率；中小企业板；相关性；
Key words（英文摘要）：www.328tibEt.cn Earnings Quality；Stock Returns；the Small and Medium Enterprise Board；Relationship；