本文選題：收益平滑 + 盈余質(zhì)量��； 參考：《南京大學》2012年碩士論文

【摘要】：收益平滑,一般是指企業(yè)運用會計的應計項目抵減現(xiàn)金流量的波動性,使得對外報告的會計盈余更為平穩(wěn)。作為盈余管理的一種重要形式,人們對收益平滑的經(jīng)濟后果存在著激烈的爭論。 在經(jīng)驗證據(jù)方面,關于收益平滑對公司價值的影響也沒有一致結(jié)論。一些研究認為資本市場對公司的估價倚賴于長期平穩(wěn)的獲利能力,收益平滑能夠使公司獲得較高的市場回報；而另外一些研究則認為收益平滑模糊了公司真實盈余的波動,降低盈余信息的透明程度,使投資者對盈余信息的信任度下降,從而誤導投資者使其對公司價值做出錯誤的定價。 基于此,本文以中國A股市場的上市公司為樣本,通過實證研究的方法,將收益平滑與盈余質(zhì)量相結(jié)合,研究兩個單一因素及其組合對公司價值的影響。本文的主要結(jié)論如下： 第一,如果只考慮單一因素,收益平滑與公司價值顯著負相關,盈余質(zhì)量則與公司價值顯著正相關；第二,如果將收益平滑和盈余質(zhì)量結(jié)合起來研究對公司價值的影響,發(fā)現(xiàn)收益平滑對公司價值仍有負面影響；盈余質(zhì)量與公司價值仍然正相關；此外,盈余質(zhì)量對收益平滑與公司價值之間的關系具有正向調(diào)節(jié)作用,即與收益不平滑且盈余質(zhì)量低的公司相比,收益平滑且盈余質(zhì)量高的公司能夠獲得額外的市場價值增值。 本文是在前人研究基礎上的拓展,首次利用中國證券市場的數(shù)據(jù),將收益平滑和盈余質(zhì)量結(jié)合起來研究對公司價值的影響。本文研究結(jié)論一方面有助于我們深入了解收益平滑和盈余質(zhì)量在公司價值中所扮演的角色,另一方面有助于我們了解我國資本市場對會計盈余信息的反應特征,了解我國資本市場的效率以及投資者的成熟程度,從而改進資本市場的資源配置。
[Abstract]:Income smoothing generally refers to the use of accounting accruals to offset the volatility of cash flow, which makes the external accounting earnings more stable. As an important form of earnings management, there is a heated debate about the economic consequences of income smoothing. In terms of empirical evidence, there is no consistent conclusion about the impact of income smoothing on the value of the company. Some studies suggest that capital market valuation depends on a firm's long-term and stable profitability, and that earnings smoothing can lead to higher market returns. Others argue that earnings smoothing obscures the volatility of a firm's real earnings. By reducing the transparency of earnings information, investors' trust in earnings information will be reduced, and investors will be misled to make the wrong pricing of the company's value. Based on this, this paper takes the listed companies in the A share market of China as a sample, through the method of empirical research, combines earnings smoothing with earnings quality to study the influence of two single factors and their combination on the company value. The main conclusions of this paper are as follows: first, if only a single factor is considered, income smoothing is significantly negatively correlated with corporate value, earnings quality is significantly positively correlated with corporate value; second, If we combine earnings smoothing and earnings quality together, we find that earnings smoothing still has a negative impact on corporate value; earnings quality and corporate value are still positively related; in addition, Earnings quality plays a positive role in regulating the relationship between earnings smoothing and corporate value, that is, compared with firms with low earnings quality and non-smooth earnings, companies with smooth earnings and high earnings quality can gain additional market value appreciation. This paper is an extension based on previous studies. It is the first time to use the data of Chinese stock market to study the influence of earnings smoothing and earnings quality on corporate value. On the one hand, the conclusion of this paper is helpful for us to understand the role of earnings smoothing and earnings quality in corporate value, on the other hand, it is helpful for us to understand the characteristics of the response of our capital market to accounting earnings information. Understand the efficiency of China's capital market and the maturity of investors, so as to improve the resource allocation of the capital market.
【學位授予單位】：南京大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51;F224

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