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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:31125
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。
One group of studies investigates the behavior of Chinese stock prices. Deng and Ma (2005) explored the behavior of Chinese stock prices covering the period from 1998 to 2003. They examined whether stocks in the Chinese stock market conformed to the weak form of market efficiency, which maintains that all past information is reflected in the stock price and investors cannot earn excess returns based on historical information. They found that daily and weekly returns diverge from the random walk.
The behavior of monthly returns was analyzed to be inconsistent with the random walk hypothesis, which implies market inefficiency in pricing securities. These findings are consistent with the previous empirical studies on emerging stock markets. In addition to that, there are a number of studies focuses on the test of Fama-French Three-Factor model in Chinese stock market. Chen et al. (2003) reported that, similar to U.S. stock market, there was an obvious effect of small size company in Chinese stock market. It indicates that there is a inverse relationship between of the rate of return and an increase in the relative size of a Chinese company.
In conclusion, there are few researches in the international articles using Chinese data to analyze the factor influence Chinese stock price or examine the variables that drive equity values in Chinese environment. Therefore, a purpose of this dissertation is to make an empirical research whether the underlying economic behavior of stock valuation pertains in the new environment. Overall, what is expected is to find a certain association of earnings and book values with equity values of firms in China. Because in the developed markets, as already mentioned, earnings and book value can be used to predict firm value. Accordingly, both of the two factors should, to some extent, influence equity value in developing markets. Therefore, it would be useful to examine how the roles of recursive values (earnings) and adaptive values (book values) in the Chinese market differ from their roles in the developed world.
3 Methodology
To investigate the value relevance of earnings and book value in emerging market based on prior studies, Asokan et al. (2006) developed the following regression equations:
Pi,t /Bi,t-1 = α0 + β1(Ei,t /Bi,t-1) + ε1 [1]
Pi,t /Bi,t-1 = α1 + β2(Bi,t /Bi,t-1) + ε2 [2]
Pi,t /Bi,t-1 = α2 + β3(Ei,t /Bi,t-1) + β4(Bi,t /Bi,t-1) + ε3 [3]
Pi,t /Bi,t-1 = α3 +β5 M + β6 H + β7(Ei,t /Bi,t-1 )+β8 M(Ei,t /Bi,t-1 )+β9 H(Ei,t /Bi,t-1 )+ε4 [4]
Pi,t /Ei,t = α4 +β10 M + β11 H + β12(Bi,t-1 /Ei,t)+β13M(Bi,t-1 /Ei,t)+β14H(Bi,t-1 /Ei,t)+ε5 [5]
where
Pi,tis price per share (market value) of equity for firm i at the end of period t,
Ei,tis the annual earnings per share for firm i in period t,
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