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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:30849
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。
While earnings provide a measure of how the firm’s resources are used currently, book value provides a measure of the value of the firm’s resources independent of how the resources are used currently. They note that, in particular, when the ratio of earnings to book value is high, earnings is the more important factor than book value of equity value. This is because under such a condition the firm is more likely to continue using resources in its current way. In contrary, when the ratio of earnings to book value is low, book value becomes the more important factor than earnings in equity valuation. Under this alternative condition, the firm is more likely to exercise the option to adapt its resources to a better alternative use.
1.2 Objectives
In this dissertation, I will focus on the association between earnings and book value with stock prices in the Chinese stock market. Analysis of the Chinese market presents the potential for obtaining insights into stock pricing in an emerging or immature market. While some arguments could be made that certain aspects, for example, political and economic consequences of joining the World Trade Organization (WTO), make the Chinese market unique.
In general, however, it should be noted that the Chinese market is still very reflective of developing (emerging) markets. Los and Yu (2008) classify China as an emerging market because of its low per capita income, chronic inflation, thin and immature capital markets, and concentrated financial and industrial sectors; criteria that they use to characterize emerging markets generally.
Although the two Chinese Stock Exchange, the Shanghai Stock Exchange (SHSE) and the Shenzhen Stock Exchange (SZSE), were founded in December, 1990. The Chinese stock market is considered one of the highest growing emerging markets. But it is still small relative to the stock markets in developed countries. As Han et al. (2006) note, potential inefficiency and volatility also characterize the Chinese market. In the market, the buying and selling activity of a few large investors can make great effect to the stock prices.
China is experiencing a highly economic transition and on the path to become an important and irreplaceable part of economic integration all over the world at present. Therefore, it is interesting to examine if the association of earnings, book value with stock prices which is applied to the larger and more efficient market will still hold in an immature (developing) stock market, like China. The objective of this dissertation is to examine the relationships between recursion value (earnings), adaptation value (book value) and equity value in an emerging stock market.
The results of this dissertation will show that earnings is associated with stock price significantly for successful and middle-of-the-road companies; while, book value is associated with stock price significantly for unsuccessful companies. This may indicate that the “recursion value” portion of a company’s equity value is relatively of greater importance in equity valuation than “adaptation value” for successful (high earnings) companies, whereas the “adaptatio本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。