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论文作者:www.51lunwen.org论文属性:硕士毕业论文 thesis登出时间:2014-09-18编辑:felicia点击率:31667
论文字数:12190论文编号:org201409160936028892语种:英语 English地区:中国价格:免费论文
关键词:账面价值收益股票价值equity valueearningsbook value
摘要:如何写好一篇会计学留学论文?需要注意哪些方面的问题?本文将为你展示一篇优秀的会计学优秀论文的写法。在发达国家,收益和账面价值都是在预测股票价值方面都发挥着极为重要的作用。然而在中国,收益本身似乎随着时间的变迁,其重要性在不断地削弱。账面价值与股权价值的联系重要且紧密。本文就收益和股权价值方面分析,探索股票价值的不断发展。
The importance of earnings, however, seems to be not that high as a predictor of equity value. Book value has a stronger relation to equity value in this environment. The fact that in the immature market of China it is too difficult to determine market value by forecasting future expected earnings may explain this difference. In a unstable and immature economic environment in which book value of earnings is quite uncertain, investors may be paying attention to other factors rather than earnings. At the same time, Chinese investors may have found this criterion and applied it well.
The importance of book value in valuing equity has been denied by some researches. Bath and Kallapur (1996), for example, noted that book value was only important because of its contribution as a control for scale differences. Others have arrived at different conclusions by considering the role of book value. Ohlson (1995) and Penman (1992) concluded that the important role book value played because it was a useful proxy for expected future normal earnings.
Still, others reported that it was important but for a different reason. For example, Berger et al. (1996), Bath and Kallapur (1996) and Burgstahler and Dichev (1997) concluded that book value had a great contribution as a value proxy for unsuccessful companies. This study shows that book value is important in an unstable economic environment and immature stock market, like China, which is still in early stage of capital market.
The results, specifically, indicate that earnings and book values have significant relation to equity valuation. The combination of the two factors has a strong relation to equity values. Finally, when the sample is partitioned, what has been found is that earnings play a more important role in valuation of equity of successful companies, while book value has more contribution in valuation of equity of unsuccessful companies. This is consistent with the findings of Burgstahler and Dichev (1997). To be concluded, the models using the data of Chinese firms have a high adjusted R2. This may show that in this developing country, only a few factors are influenced the stock price.
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