摘要
剩余收益能体现高新技术企业创造价值的能力,然而在场外市场现实环境中,剩余收益对投资决策的作用往往被忽视。提出适用于场外交易主体市场(新三板)使用的每股剩余收益RIPS计算方法,并通过经验研究表明总体样本的RIPS具有信息含量。分期样本检验中,2009年RIPS还不具备有效的信息含量,2010年RIPS具有信息含量。并且,通过RIPS与EPS的信息含量比对,发现RIPS在投资决策中的作用并不逊于EPS,具有同等参考价值。
Residual income is fit for the high-tech enterprises to embody the ability to create value.But in the real environment of the OTC market,the effects of residual income for investment decision are often ignored.This paper puts forward the computational method of RIPS(Residual Income per Share) to apply to the main body of the OTC market(the New Third Board of Shenzhen).Through the empirical study during the period of 2009—2010 years,the research produces a result: the analysis results of all samples show that the RIPS have useful information contents.And the staging test samples show that the RIPS in 2009 had useless information contents.But,the RIPS in 2010 could be helpful for the investors.Moreover,by comparing the information contents of RIPS with that of EPS,the research discovers the effects of RIPS for investment decision are as good as those of EPS.The RIPS and EPS have equivalent reference value.
出处
《审计与经济研究》
CSSCI
北大核心
2012年第6期57-66,共10页
Journal of Audit & Economics
关键词
场外市场(OTG市场)
剩余收益
RIPS
会计信息含量
每股剩余收益
新三板企业
投资决策
OTC market
residual income
RIPS
accounting information content
residual income per share
enterprises in the New Third Board of Shenzhen
investment decision