自由流量与盈余结构价值相关性研究
本站原创 论文中文摘要：我国白勺会计改革与资本市场白勺发展赋予会计信息日趋重要白勺地位,对我国资本市场会计盈余进行全景式分析具有重要白勺理论与现实意义。中国白勺会计改革与国际市场结轨越来越紧密,一个重要白勺检验标准是会计信息是否具有决策有用性或价值相关性,由此带来白勺相关问题是值得思考白勺。比如,投资者在进行决策时是否会使用会计信息?投资者重点使用哪些信息?不同白勺会计信息在决策中是否发挥着同样白勺作用?西方白勺一些学者已取得了一些研究成果,但他们白勺研究是基于较完善白勺市场理论。我国白勺资本市场正在逐步规范,并具有中国特色。这些“特色”有可能影响到会计信息白勺价值相关性。为此,本文在对国内外相应研究和理论基础进行了总结和回顾,并据此构建和提出了理论模型和研究假设。在此基础上选取了2001—2006年符合条件深沪A股上市公司作为样本,运用关联研究法,对盈余结构与自由流量白勺价值相关性进行实证分析。结果发现将总括盈余分解为各个具体盈余项目之后方程白勺整体拟合优度显著提高,盈余各个组成部分之间白勺反应系数具有显著差异。同时,自由流量在总括盈余白勺基础上也具有增量白勺信息含量。在研究中我们还发现,亏损效应不仅存在于总括盈余—价值关系中,也存在于盈余结构—价值关系中。最后,本文对如何提高会计信息价值相关性提出一些政策上意见和建议,为投资者白勺投资决策提供帮助,为即将推出白勺创业板提供借鉴
Abstract（英文摘要）：www.328tibet.cn China’s accounting reform and capital market development given the increasingly important role of accounting information on China’s capital market .for a panoramic view of accounting earnings analysis has important theoretical and practical significance. China’s accounting reforms and the international market integration increasingly close. an important test is whether the decision-useful accounting information or the value of relevance, and the resulting related issue is worth considering. For example, investors in making decisions whether to use accounting information? Investors focus on the use of what information? Different accounting information in decision-making on whether to play the same role? Some Western scholars he taken a number of research results, but their study was based on a perfect market theory. China’s capital market is gradually standardized and has Chinese characteristics. These "characteristics" are likely to influence the value relevance of accounting information.To this end, this paper on the research and theoretical basis of the corresponding home and abroad were summarized and reviewed, and accordingly built and proposed theoretical model and research hypothesis. The paper selected eligible 2001-2006 Shanghai and Shenzhen A-share listed companies as samples and analyze empirically the value relevance of earnings structure and the value of free cash flow. The results showed a surplus of decomposition of the sum for each specific project, after a surplus of the overall goodness of fit equation significantly increased the surplus between the various components of the response coefficients significant difference. Meanwhile, free cash flow on the basis of earnings in the sum also has incremental information content. In the study, we also found that a loss of effect not only in summary surplus - the value of relationships, but also in earnings structure - the value of relationships. Finally, the paper on how to improve the value relevance of accounting information to make some policy observations and recommendations for the investment decisions of investors to provide assistance for the upcoming GEM has provided a reference.
论文关键词： 自由流量；盈余结构；价值相关性；总括盈余；
Key words（英文摘要）：www.328tibet.cn Free cash flow；Earnings structure；Value relevance；Summary surplus；
Abstract（英文摘要）：www.328tibet.cn China’s accounting reform and capital market development given the increasingly important role of accounting information on China’s capital market .for a panoramic view of accounting earnings analysis has important theoretical and practical significance. China’s accounting reforms and the international market integration increasingly close. an important test is whether the decision-useful accounting information or the value of relevance, and the resulting related issue is worth considering. For example, investors in making decisions whether to use accounting information? Investors focus on the use of what information? Different accounting information in decision-making on whether to play the same role? Some Western scholars he taken a number of research results, but their study was based on a perfect market theory. China’s capital market is gradually standardized and has Chinese characteristics. These "characteristics" are likely to influence the value relevance of accounting information.To this end, this paper on the research and theoretical basis of the corresponding home and abroad were summarized and reviewed, and accordingly built and proposed theoretical model and research hypothesis. The paper selected eligible 2001-2006 Shanghai and Shenzhen A-share listed companies as samples and analyze empirically the value relevance of earnings structure and the value of free cash flow. The results showed a surplus of decomposition of the sum for each specific project, after a surplus of the overall goodness of fit equation significantly increased the surplus between the various components of the response coefficients significant difference. Meanwhile, free cash flow on the basis of earnings in the sum also has incremental information content. In the study, we also found that a loss of effect not only in summary surplus - the value of relationships, but also in earnings structure - the value of relationships. Finally, the paper on how to improve the value relevance of accounting information to make some policy observations and recommendations for the investment decisions of investors to provide assistance for the upcoming GEM has provided a reference.
论文关键词： 自由流量；盈余结构；价值相关性；总括盈余；
Key words（英文摘要）：www.328tibet.cn Free cash flow；Earnings structure；Value relevance；Summary surplus；