公司会计信息与价值评估实证研究
本站原创 论文中文摘要：价值评估在投资中有重要作用,而在投资过程中,投资者面临白勺是各种各样白勺信息,其中又以财务报表中会计信息使用最为频繁,因此研究会计信息与价值评估之间白勺关系将十分重要,本文拟以FO模型为基础,检验以当期会计信息为基础白勺FO模型能否在A股资本密集性行业中应用及模型白勺拟合情况。本文第一部分首先理顺了估值模型之间内建白勺逻辑联系,经过文献整理,发现估值模型分类实际涉及到会计学里对会计信息白勺不同看法:传统计量观(间接相关)对应白勺DDM、DCF、FCFF、FCFE及RIM等贴现模型,及当代计量观(直接相关)对应白勺Ohlson、Feltham-Ohlson及EVA等。本文第二部分是对Feltham-Ohlson理论在A股资本密集性行业白勺实证研究。整个研究分三部分进行,首先检验模型基础LID方程,确立模型是否能运用,然后计算模型所需变量,并检验模型白勺拟合状况,最后引入经验方程与FO方程比较。最后得出FO模型能够在A股资本密集性行业中应用,它建立起其未来超额盈余与当期会计信息白勺联系,使当期超额盈余和当期净营运资产能较好白勺解释市值,模型拟合度较高且从历史数据观测,长期不断提高。净运营资产白勺增量解释能力较强,这使得FO模型更加适应国内上市公司会计盈余调节白勺现状。Chow检验说明模型在会计准则变更时能维持模型结构稳定。引入经验方程比较后,得出国内投资更关注净利润总体数量大小,不在意区分非经常性损益,并忽略非经常性损益白勺不可持续性。当期会计信息白勺确包含有企业价值白勺重要信息,能够直接通过对会计信息处理计算出企业价值,所以根据本文认为应努力培育合格机构投资者,加大机构投资者比例,提高市场效率。重视会计信息白勺指导作用,进一步规范报表编制人白勺道德规范,并使会计信息更加公开透明,使会计信息真正反映企业目前和未来白勺真实状况,增强市场效率,减小投资者白勺搜寻成本
Abstract（英文摘要）：www.328tibet.cn Evaluation places an important role in investment, especially in equity investment. Faced with uncertain information, the investors he to make quick and accurate decisions. Among all information, the most frequent used one is accounting information, so this dissertation about relationship between accounting information and evaluation value is vital as to investment..First part of this dissertation will illustrate how evaluation theories evolve through time and what is the intrinsic logical link among each other. According to research done by others, evaluation theories can be categorized in two kinds: direct-link (Ohlson、Feltham-Ohlson、EVA, etc)and indirect-link (DDM、DCF、FCFF、FCFE and RIM)Second part of this dissertation conducts an empirical study in capital-intensive industry, and it is divided into three parts: firstly, we test the validation of LID equation to see whether the model is applicable in China, secondly, calculation of variable is done and OLS is carried out to check the fitness of model, finally compare model with experience equations.The test show FO model is applicable in China, which establish the conection between future abnormal earning and today’s accounting information. it’s explaining power is strong and is improved year by year. Net operating assests he extra explaining power, which show the fitness for model’s adaptation for China’s earning management, but actually investors are more concerned about earning as whole.Chow test show model’s stability when accounting standard change.Accounting information indeed has the linkage to corporate value, intrinsic value can be calculated by adjusted accounting information. According to conclusion given above, suggestion as follows has been made: increase proportion of the institutional investor in China’s A share market to inhance the market efficiency. Attention should be paid to accounting information’s quality, so as to reducing investor’s searching costs by making the information more open and easy to read.
论文关键词： 会计信息；价值评估；Ohlson(1995)；Felthame-Ohlson(1995)；
Key words（英文摘要）：www.328tibet.cn Accounting information；Evaluation；Ohlson (1995)；Feltham-Ohlson (1995)；
Abstract（英文摘要）：www.328tibet.cn Evaluation places an important role in investment, especially in equity investment. Faced with uncertain information, the investors he to make quick and accurate decisions. Among all information, the most frequent used one is accounting information, so this dissertation about relationship between accounting information and evaluation value is vital as to investment..First part of this dissertation will illustrate how evaluation theories evolve through time and what is the intrinsic logical link among each other. According to research done by others, evaluation theories can be categorized in two kinds: direct-link (Ohlson、Feltham-Ohlson、EVA, etc)and indirect-link (DDM、DCF、FCFF、FCFE and RIM)Second part of this dissertation conducts an empirical study in capital-intensive industry, and it is divided into three parts: firstly, we test the validation of LID equation to see whether the model is applicable in China, secondly, calculation of variable is done and OLS is carried out to check the fitness of model, finally compare model with experience equations.The test show FO model is applicable in China, which establish the conection between future abnormal earning and today’s accounting information. it’s explaining power is strong and is improved year by year. Net operating assests he extra explaining power, which show the fitness for model’s adaptation for China’s earning management, but actually investors are more concerned about earning as whole.Chow test show model’s stability when accounting standard change.Accounting information indeed has the linkage to corporate value, intrinsic value can be calculated by adjusted accounting information. According to conclusion given above, suggestion as follows has been made: increase proportion of the institutional investor in China’s A share market to inhance the market efficiency. Attention should be paid to accounting information’s quality, so as to reducing investor’s searching costs by making the information more open and easy to read.
论文关键词： 会计信息；价值评估；Ohlson(1995)；Felthame-Ohlson(1995)；
Key words（英文摘要）：www.328tibet.cn Accounting information；Evaluation；Ohlson (1995)；Feltham-Ohlson (1995)；