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An Empirical Study on Accounting Earnings、Cash Flow and Stock Price Value Relevance

Author: XinYan
Tutor: ZhaoLiSan
School: Hebei University
Course: Accounting
Keywords: Accounting Earnings Cash flow Value relevance
CLC: F832.51;F224
Type: Master's thesis
Year: 2009
Downloads: 202
Quote: 0
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Abstract


A long time , based on the accrual basis of accounting earnings has been considered the most objective and fair evaluation of enterprise accounting information of the current performance . People think that accounting earnings and stock prices are closely linked, is the important basis for investors to determine the price level . With a certain lag , but based on the accrual accounting surplus accounting policies affect the company will be selected , and then there is the possible operation . Whether the accounting earnings and stock prices have a significant correlation in the mid-20th century by foreign theorists and practitioners widely questioned , and part of the research is that the cash flows and stock price more relevant . China's capital market developed rapidly in the past ten years , but is still not mature enough . Operating mechanism , the legal system , market participants still not a small gap between the more developed countries . Therefore , foreign study conclusions can be applied in China 's doubtful . In view of the above reasons , I believe that it is necessary to conduct in-depth discussions on the issues of accounting earnings , cash flows and stock price , trying to provide empirical evidence for China 's policy makers and investors a more effective use of accounting information . In this paper, a method of combining theoretical and empirical analysis , and the A-share listed companies in Shanghai and Shenzhen markets in 2005-2007 as samples , and strive through a series of empirical analysis accounting earnings , cash flows and stock price between the existence of the value of correlation provide empirical evidence , and ultimately come to the following conclusions : 1 . accounting earnings and stock prices was a significant positive correlation . Profitable company accounting earnings more value than the loss company accounting surplus correlation . Accounting earnings of the companies in which the losses are basically does not have the value of the correlation , this variable net assets per share is more valuable than accounting earnings correlation . 3 The value relevance of cash flows from operating activities in the cash flow statement , cash flow from operations and accounting earnings compared to more interpretation of accounting earnings on stock prices . Analysis accounting earnings premise , considering the cash flows from operating activities will bring incremental value relevance .

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