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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:30952
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。
According to Asokan et al. (2006), the slope and intercept coefficients for the middle of the road companies (β5 andβ8) and successful companies (β6 andβ9) were estimated incremental to the slope and intercept coefficients of unsuccessful companies (α3 and β7). The procedure above closely follows the treatment of Burgstahler and Dichev (1997). Because of doing so, the purpose is to test whether the incremental coefficients are equal to zero. In this case, the t-statistics which is given in the tables for the successful or high earnings companies (H) and middle of the road companies (M) are for tests of incremental significance relative to the group of the unsuccessful or low earnings companies (L).
However, it should be noted that the coefficients exhibited in the tables are the total slope and intercept coefficients for the group M, that is to say, β7+β8 for the slope andα3+β5 for the intercept; and the total coefficients for the group H, β7+β9 for the slope andα3+β8 for the intercept. Therefore, t8 shown in Table 6 is the relevant t-statistics for testing whether the difference between slope coefficients of the middle of the road companies (M) and unsuccessful or low earnings companies (L) is significant, that is, whether β8 is zero.
Similarly, t9 is the relevant t-statistics for testing whether the difference between slope coefficients of the successful or high earnings companies (H) and unsuccessful or low earnings companies (L) is significant, that is, whetherβ9 is zero. At the same time, different cut offs were conducted by using quartiles and were not different significantly. It means that the method of cut offs for differentiating successful or unsuccessful firms did not significantly influence the results.
As the results showed in Table 6, there is a positively significant relationship between scaled market value and scaled earnings (β7 is significantly different from zero and positive). This result supports the market value relevance of earnings. Consistent with the valuation model, the average intercepts of Equation [4] decline as earnings scaled by book value rise across groups [(α3+β6 = 0.195)< (α3+β5 = 0.637)< (α3= 1.455)]. Additionally, the slope coefficients generally rise as the low earnings group is shifted from to high earnings group as also forecasted by the convexity theory [(β7+β9 =15.258)>(β7+β8 =13.276)>(β7 =9.498)]. At the same time, the explanatory power of Model 4 is much larger than that of the Model 1, which infers that the piece-wise form fits the data better than the simple linear form.
Table 7 reports the results for the piece-wise function of book value which is controlling for the level of earnings. As the results indicate, book value is more relevant for valuation of equity for unsuccessful firms because the intercepts decrease as the book value increase. The average intercepts of Equation [5] rise as book value scaled by earnings rise across groups [(α4+β11 = 1.086)< (α4+β10 = 5.240)< (α4= 14.401)]. In addition, consistent with expectations, the slope coefficients regularly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。