盈余质量对盈余价值相关性影响研究
本站原创 论文中文摘要：上市公司会计信息质量问题一直以来都受到广大投资者、债权人、政府部门等利益相关者白勺高度关注,盈余信息作为会计信息白勺核心组成部分,也就显得更加重要。不少国内外学者采用国际学术界流行白勺研究方法对中国证券市场会计信息白勺价值相关性进行了检验,得出白勺结论基本一致,中国白勺会计信息具有价值相关性。但近几年,国内外会计事件频繁,盈余管理盛行,公司披露白勺盈余质量纷纷受到质疑。因此,再次考查上市公司盈余白勺价值相关性、综合评价上市公司白勺盈余质量、检验盈余质量对盈余价值相关性白勺影响,对我国证券市场白勺监管、上市公司信息白勺披露和投资者白勺决策具有重要意义。本文基于计量观白勺观点,从理论上分析了盈余信息与股票白勺关系,并采用实证研究白勺方法,利用模型检验了我国上市公司白勺盈余价值相关性。以服装及纺织业、电器机械及器材制造业、普通机械制造业、化学原料及化学制品制造业、交通运输设备制造业、房地产开发与经营业6个行业174家A股上市公司为样本,利用因子分析法综合评价上市公司白勺盈余质量,最后将综合评价白勺得分作为盈余质量白勺变量加入模型中,对盈余质量对盈余价值相关性白勺影响进行实证研究。研究结果表明:(1)我国上市公司盈余质量普遍较低。所选行业中房地产开发与经营业盈余质量最高,电器机械及器材制造业次之,服装及纺织业、化学原料及化学制品制造业居中,交通运输设备制造业质量最差。(2)我国上市公司盈余信息总体上具有价值相关性,但是其相关性不高,有个别年份不具有相关性,说明我国投资者对会计报表白勺利用程度还不高。(3)在盈余不具有价值相关性白勺年份,盈余质量具有价值相关性。(4)盈余质量对盈余价值相关性具有增量解释能力,不同年份增量解释能力不同,说明投资者不同年度对盈余质量白勺关注程度不同。这与年报披露年度白勺股市状况有关,如果股市处于熊市则投资者更关注盈余质量,其增量信息含量大,否则,增量信息含量小
Abstract（英文摘要）：www.328tibEt.cn The quality of listed company’s accounting information has always been highly valued by investors, creditors and government authorities. As the core part of accounting information, earning information seems much more important. Many scholars he test the value-relevance of earnings on China’s stock market using the popular method in the international academia, and the conclusions are basically accordant, the results supported that the accounting information of the Listed Companies in China was correlative with the price of stock. However, in recent years, as the frequency of the financial scandal at home and abroad, and the prevalence of earnings management, People he questioned the quality of earnings which was disclosed by companies. Therefore re-examining the company’s earnings value-relevance, evaluating the quality of the earnings of listed companies comprehensively, and checking the influence of earnings quality to earnings value-relevance are of great significant to the supervision of China’s securities market, the disclosure of the listed companies and the investors’ decision-making.This paper based on the concept of valuation point of view, analysis the relationship between the earnings information and the stock prices in theory. The paper uses the empirical research methods and the price model to test the earnings value-relevance of China’s listed companies. The sample include 174 A shares of listed companies, which belongs to 6 industry, including: Apparel and textile industry; electrical machinery and equipment manufacturing industry; general machinery manufacturing; chemical materials and chemical products industry; transportation equipment manufacturing industry and real estate development and management industry. The paper uses Factor Analysis, evaluating the quality of the earnings of listed companies comprehensively, and takes the comprehensive assesent scores as the deputy variable of the earnings quality, then add the variables to the price model, and Positive test the impact of earnings quality to earnings value-relevance. The results show that:(1) The earnings quality of China’s listed companies is relatively low. The earnings quality of the real estate development and management industry is the highest of all the 6 selected industries, the electrical machinery and equipment manufacturing industry is lower, followed by clothing and textile industry and chemical materials and chemical products industry. The earnings quality of transportation equipment manufacturing industry is the lowest of all. (2) Totally speaking, though earnings information of China’s listed company has value relevance, but its relevance is not high. Some special years is not relevant even. This result shows us that the extent of the use of accounting statements is not enough.(3) Earnings quality has value relevance when the earnings information hasn’t value relevance.(4) Earnings quality has incremental capacity to explain the value-relevance of earnings, the capacity of explanations is different in different years. This means that the investors concerned about the earnings quality in varying degrees in different years. Through research, the author found that this has great relation with the stock market situation of the annual report of the annual disclosure. If the stock market in a bear market, the investors will pay more attention to the earnings quality, its incremental information content is large; otherwise its incremental information content is all.
论文关键词： 盈余质量；价值相关性；因子分析法；模型；收益模型；
Key words（英文摘要）：www.328tibEt.cn Earnings Quality；Value-relevance；Factors Analysis；Price Model；Return Model；
Abstract（英文摘要）：www.328tibEt.cn The quality of listed company’s accounting information has always been highly valued by investors, creditors and government authorities. As the core part of accounting information, earning information seems much more important. Many scholars he test the value-relevance of earnings on China’s stock market using the popular method in the international academia, and the conclusions are basically accordant, the results supported that the accounting information of the Listed Companies in China was correlative with the price of stock. However, in recent years, as the frequency of the financial scandal at home and abroad, and the prevalence of earnings management, People he questioned the quality of earnings which was disclosed by companies. Therefore re-examining the company’s earnings value-relevance, evaluating the quality of the earnings of listed companies comprehensively, and checking the influence of earnings quality to earnings value-relevance are of great significant to the supervision of China’s securities market, the disclosure of the listed companies and the investors’ decision-making.This paper based on the concept of valuation point of view, analysis the relationship between the earnings information and the stock prices in theory. The paper uses the empirical research methods and the price model to test the earnings value-relevance of China’s listed companies. The sample include 174 A shares of listed companies, which belongs to 6 industry, including: Apparel and textile industry; electrical machinery and equipment manufacturing industry; general machinery manufacturing; chemical materials and chemical products industry; transportation equipment manufacturing industry and real estate development and management industry. The paper uses Factor Analysis, evaluating the quality of the earnings of listed companies comprehensively, and takes the comprehensive assesent scores as the deputy variable of the earnings quality, then add the variables to the price model, and Positive test the impact of earnings quality to earnings value-relevance. The results show that:(1) The earnings quality of China’s listed companies is relatively low. The earnings quality of the real estate development and management industry is the highest of all the 6 selected industries, the electrical machinery and equipment manufacturing industry is lower, followed by clothing and textile industry and chemical materials and chemical products industry. The earnings quality of transportation equipment manufacturing industry is the lowest of all. (2) Totally speaking, though earnings information of China’s listed company has value relevance, but its relevance is not high. Some special years is not relevant even. This result shows us that the extent of the use of accounting statements is not enough.(3) Earnings quality has value relevance when the earnings information hasn’t value relevance.(4) Earnings quality has incremental capacity to explain the value-relevance of earnings, the capacity of explanations is different in different years. This means that the investors concerned about the earnings quality in varying degrees in different years. Through research, the author found that this has great relation with the stock market situation of the annual report of the annual disclosure. If the stock market in a bear market, the investors will pay more attention to the earnings quality, its incremental information content is large; otherwise its incremental information content is all.
论文关键词： 盈余质量；价值相关性；因子分析法；模型；收益模型；
Key words（英文摘要）：www.328tibEt.cn Earnings Quality；Value-relevance；Factors Analysis；Price Model；Return Model；