중국기업의 회계이익과 순자산의 가치관련성

Abstract

A prominent feature of the stock market is the price fluctuations. There are many factors that influence the stock price, and the financial indicator of the listed companies is the most important one. Many scholars at home and abroad conducted a lot of empirical researches on the relationship between the listed company financial data and the stock price, which are instructive in the actual securities investment. China's stock market has developed over 20 years, and has been developing steadily. China's accounting standards and financial reporting system require listed companies to disclose financial and non-financial data in the various aspects of the accounting reports. Using the residual income model, this study investigates the effects of accounting income and net asset on firm value of the Chinese listed companies from 2009 to 2013. The residual income model was also expanded to investigate the effects of scale, debt ratio and CFO on firm value. This study can provide some more informations to build more of the effectiveness of the securities market, to provide investors with investment-related decisions and value judgments, and to make recommendations to further improve the effectiveness of securities markets.

Key Word : Accounting Income, BPS, Net Asset, EPS, Chinese Companies, Value Relevance.