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Of AH shares with A shares accounting information value relevant Comparative Study

Author: JiangMingHan
Tutor: FangShuHong
School: Fudan University
Course: Financial Management
Keywords: F-O model Value relevance of accounting information Cross-listing
CLC: F832.51
Type: Master's thesis
Year: 2011
Downloads: 108
Quote: 1
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Abstract

Accounting information plays a crucial role in the capital market, something that is its main convey information about fundamentals from an investment point of view, the financial indicators are concentrated corporate financial reporting, which indicators to provide investors with useful Help?, or have the kind of decision usefulness of these public information? analysis of the correlation between accounting information and stock price, the micro level for investors and listed companies to provide enlightenment on the value of the stock, the macro-level help to understand China's capital market efficiency. With the increasing globalization of capital markets and integration of the world's major stock exchanges to compete for a listing of resources and investors have to reduce the costs of listing, making the company easier to issue shares in the domestic stock market and listed for trading, that is, The so-called cross-listed. As Asian and international financial center, Hong Kong has matured, and a high degree of international capital markets, and therefore a large number of mainland companies listed in Hong Kong Fun to. Due to the late start of China's capital market, the lower the degree of information disclosure requirements for listed companies, accounting system development stage characteristics, compared to Western capital markets, the level of disclosure of corporate information and investor protection requirements higher. Cross-listed companies as a result of the need to comply with the requirements of the two sets of accounting standards at home and abroad, and regulations, while facing the dual supervision, we believe that this will greatly increase the level of disclosure of corporate accounting information, this paper compared the of AH shares with A shares value relevance of accounting information, and believe in the value of the former than the latter correlation. This article uses the FO model, after the correction to examine what correlation of earnings per share and net assets per share and stock price, and if they are relevant, then the explanation for the price they will be like; due to our accounting system development stage characteristics, it is necessary to examine as time goes on, the accounting value of the correlation between the two sets of samples from the what kind of change. Secondly, as amended FO model condensed balance sheet and income statement information, simplified model is also missing some information, so we refer to previous studies make the appropriate changes to the basic model. Through empirical research, we draw the following conclusions: (1) the basic model, the value of AH shares than A shares; (2) the addition of cash flow, the incremental explanatory power than the A-share cash flow AH shares We also found that AH shares investors with function lock; (3) in the manufacturing sector, accounting information value of AH shares than A shares, again confirms the first phase of the study; transportation and warehousing industry due to AH Most of the large state-owned enterprises, accounting information value than the A shares, has once again proven AH shares investors functional lock; small differences (4) AH shares for the profit and loss of corporate accounting information value than A shares ; (5) A share-scale incremental explanatory power than the AH shares; (6) A-share investors pay more attention to the essence of corporate profits.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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