营运能力财务信息的价值相关性分析——来自房地产类上市公司的经验证据

The Value-relevance of Financial Information of Operation Ability:Evidence from the Listed Companies of Real Estate

本文以我国2004～2007年房地产类上市公司为样本,分析了营运能力财务信息的价值相关性后发现,营运能力财务信息与股票价格并不存在直接正相关关系,对股票价格的解释力并不显著;营运能力财务信息与会计盈余具有显著正相关关系,并通过影响会计盈余与股票价格具有间接正相关关系。营运能力"较好"的房地产类上市公司会计盈余对股票价格的解释力比营运能力"较差"的房地产类上市公司会计盈余对股票价格的解释力强;营运能力财务信息还通过影响会计账面净资产价值与股票价格具有显著的相关。

Based on the samples of the Chinese public listed corporations of real estate in the period of 2004—2007,this paper investigated the value-relevance of financial information of operation ability. By examining the relationship of financial information of the operation ability ,accounting information of earnings and stock price, we draw the conclusions that: (1)there is no directly positive relationship between the financial information of operation ability and the stock price.(2)the financial information of operation ability is positive related with accounting information of earnings. the financial information of operation ability is indirectly positive related with stock price by influencing the accounting information of earnings. the group of 'better' performance of operation ability is higher than the group of 'worse' performance of operation ability in the explanation of the earnings on the stock price.(3)the financial information of operation ability is indirectly positive related with stock price by influencing the book value of net assets.