我国上市公司会计信息与股票相关性研究
本站原创 论文中文摘要：证券市场上,高质量白勺会计信息是向市场传递内在价值白勺桥梁,通过促使股票向内在价值白勺回归,机制实现资源合理配置,促进证券市场发展。反之,会计信息失真会影响到投资者白勺决策,更甚者会危及到政府白勺宏观决策,损害证券市场资源优化配置白勺功能。本文以会计信息对证券市场作用信息观为依托,分析我国股市会计盈余信息与股票白勺相关性。通过使用1998-2006年间我国A股上市公司样本,利用信息观下白勺经典Return Model对数据作出检验,在短时窗研究中,利用事项研究白勺方法,在长时窗白勺研究中,以累积月度收益为研究对象,并加入上市年限这一变量,从多角度进行上市公司股价与会计盈余白勺相关分析。通过实证研究发现,我国证券市场总体上,会计盈余与股票正相关性存在。但分年度及分交易所白勺样本内测试又显示了实证结果白勺多元化。最后就提高我国上市公司会计信息白勺价值相关性提出了相应白勺改进对策
Abstract（英文摘要）：www.328tibet.cn In stock market, high quality accounting information is the bridge between stock price and its intrinsic value. By the price scheme, the resources are efficiently allocated. In this way, the stock market is fostered to develop. On the other side, if the accounting information did not reflect the real economic activities of the company, it can hazard the decision of the investors, even worse; it can impact the measures of the government concerning the marco-economic policies.The paper starts from the information perspective as for the function of the accounting information for the stock market, analyzing the relevance on accounting earnings and the stock prices. The A-listed companies’ stock and accounting information from 1998 to 2006 are used as samples, the classic Return Model is used to test the samples. In the short window study, the event study method is used; in the long window study, we used cumulative monthly return as the analysis objective, meanwhile, listing age is also added as variable to test the relevance on accounting information and stock prices from multi-perspectives.Through empirical test, we found out generally speaking, there is positive relevance between accounting information and stock price. Nevertheless, the yearly sub-samples and the sub-samples per stock exchange show more dynamic details. At last, we analyze the problems and offer relevant solutions to improve the value relevance of accounting information in Chinese Market.
论文关键词： 会计信息；价值相关性；上市年限；会计盈余；
Key words（英文摘要）：www.328tibet.cn Price relevance；accounting information；Listing age；earnings；
Abstract（英文摘要）：www.328tibet.cn In stock market, high quality accounting information is the bridge between stock price and its intrinsic value. By the price scheme, the resources are efficiently allocated. In this way, the stock market is fostered to develop. On the other side, if the accounting information did not reflect the real economic activities of the company, it can hazard the decision of the investors, even worse; it can impact the measures of the government concerning the marco-economic policies.The paper starts from the information perspective as for the function of the accounting information for the stock market, analyzing the relevance on accounting earnings and the stock prices. The A-listed companies’ stock and accounting information from 1998 to 2006 are used as samples, the classic Return Model is used to test the samples. In the short window study, the event study method is used; in the long window study, we used cumulative monthly return as the analysis objective, meanwhile, listing age is also added as variable to test the relevance on accounting information and stock prices from multi-perspectives.Through empirical test, we found out generally speaking, there is positive relevance between accounting information and stock price. Nevertheless, the yearly sub-samples and the sub-samples per stock exchange show more dynamic details. At last, we analyze the problems and offer relevant solutions to improve the value relevance of accounting information in Chinese Market.
论文关键词： 会计信息；价值相关性；上市年限；会计盈余；
Key words（英文摘要）：www.328tibet.cn Price relevance；accounting information；Listing age；earnings；