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The Correlation Analysis of Accounting Information and Stock Investment Value

Author: ChenJieJing
Tutor: SongXiaoZhong
School: Yanshan University
Course: Accounting
Keywords: Accounting information Feltham-Ohlson model The intrinsic value of stock Bubble of the stockmarket
CLC: F224
Type: Master's thesis
Year: 2010
Downloads: 118
Quote: 0
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Abstract


Accounting information is the foundation for investors to make investemt decision. However, our country has always been emphasized the financing function of the stockmarket which fundamentally ignores the benefits of the investor, because it’s original and final points are still the public companies.This situation would make people start to doubt about the correlation analysis of accounting information and stock investment value. In order to prove that the accounting information does benefit a lot on investment value, the accountancy has made a lot of research on this field. As the development of our country’s securities market and the rapid internationalization of the capital market, the value investment concept which is popular in foreign world now is gradually accepted by the investors in our country. The core of the value investment is to instruct the investors’investment activities by reasonably evaluating the stocks value investment of the puvlic companies. Under this circumstances, an accurate valuation method is urgently required to evaluate the investment value of Chinese Stock Matket, in order to help the investors to make the right investment decision.Based on the above background, this paper reviews the relevant documents of domestic and international publications in this field that mainly introduce the fuction of aacounting information in stock market and the changes of stocks investment theory, as well as the intrinsic value model of mainstream stocks. Modifying the Feltham-Ohlson model, in order to built a regression model and a stocks intrisic value forecast model which are suitable to the stocks intrisic value of our country’s stocks marker and the accounting information.In addition, this paper based on the financial data reports of China’s public companies, using partial correlation analysis to investigate the explanation ability of the main financial indicators on stocks intrisic value and picks up 8 financial indicators which truly influent the stocks intrisic value.Then, accordding to the new Feltham-Ohlson model, this paper made empirical researches on our country’s stocks investment value of all kinds of occupation and the bubble level to make deeper analysis on the separation of stocks value and it’s intrisic value.Finally, based on the results of the empirical research, this paper gives the suggestions on stocks investment, and also proposes the limitation of this study and the areas that need to be improved in the future research.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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