增加价值的价值相关性研究--基于面板数据的实证分析

Value-related research on increasing value——An empirical based on panel data

财务报告的有用性取决于其向使用者提供的信息是否具有价值相关性。因此,会计信息的相关性研究十分重要。如果具体的会计信息能够反映股价,则表明该信息至少在一定程度上对于资本市场的投资者或者分析师是具有价值相关性的。文章旨在分析我国资本市场上增加价值信息的价值相关性,选择2007-2014年非财务类上市公司为样本,采用固定效应的面板数据模型,分析股价与每股增加价值之间的关系。实证结果显示,增加价值信息具有价值相关性,可以解释一部分的股价。增加价值相对于净利润而言视角更广,结合研究结论,可以看出增加价值为我国资本市场投资者提供了有用的信息,在理论研究与实践中都应该充分得以利用。

The usefulness of financial reports depends on whether the information it provides to the user has value relevance.Therefore,it is very important to study on the correlation of accounting information.If the accounting information can reflect the stock price,it indicates that the information has value relevance to the investors or analyst.This paper studied the value relevance of the Value Added information.Using panel data of China's non-financial listed firms from 2007 to 2014,this paper examined the relationship between the stock price and value added.The results shown that,the value added information has value relevance,which could explain the share price to some extent.The measurement perspective of value added is broader than net profit,combining with the main conclusions of the study,we will find that the value added can provide usefulness information for the investors.Thus,we should make full use of the value addes information in theory and practice.