会计盈余、现金流量、净资产与股票价格的相关性——基于中小板市场2005～2011年的经验数据

对2005～2011年深交所中小企业板上市公司披露的主要财务信息与其股票价格的相关性研究表明,会计盈余指标对股票价格的影响不显著,每股净资产指标对股票价格解释能力很强,每股经营活动净流量指标对股票价格有显著的解释能力。     

十年五粮液市值之变

2002年确定的"重点拓展中高价位产品"的战略路线,使得五粮液的盈利能力历经10年得到大幅提升。如果你看到下面一组财务数据,可能会感到有所吃惊。净利润率10.75%,净资产收益率11.56%,每股收益0.54元,每股净资产4.69元。净利润率36.5%,净资产收益率36.82%,每股收益2.6元,每股净资产8.2元。     

股权结构的因子与每股净资产的关系

随机地抽取2008年上海证券交易所的100家上市公司作为样本,对100家上市公司的十大股东持股比例作因子分析,提取了两个线性无关的因子1和因子2.同时得到了100家上市公司的两个因子得分值.把这两个因子得分值从大到小排列,分成因子大的类和因子小的类.100家上市公司的每股净资产从大到小排列,得到了每股净资产大的类和每股净资产收益小的类.以每股净资产的类作为因变量,两个因子的类作为自变量,建立对数线性模型.得到了每股净资产与因子1有显著的交互作用.最后对三个变量做单因素多变量的协方差分析.因子1和因子2和二者的交互作用对每股净资产的影响是不显著的.     

山东省创业板上市公司企业价值评估研究

本文利用山东省创业板上市公司的业绩快报中所披露的信息,通过利用市盈率模型、市净率模型和市销率模型中每股收益、每股净资产和每股收入与每股市价的关系建立了企业价值评估体系模型,利用相关回归分析方法确定了模型,并对其进行了检验。     

影响股票价格的财务指标研究

本文以O-F股票计价模型为基础,以A股上市公司为样本,针对影响股票价格的财务指标进行了实证研究。研究表明:财务报表报出短期内每股息税前利润、每股净资产与股票价格显著正相关;每股留存收益、公司规模与股票价格显著负相关。     

要闻回放

工行．中行，建行、华夏银行2009年净利润均获两位数增长。 2009年年报显示，中国工商银行实现净利润1294亿元．同比增长16．3％；实现每股收益0．39元，同比增长18．2％。中国银行实现净利润853．49亿元，同比增长31．16％；实现每股收益0．32元，每股净资产2．03元，实现全面摊薄净资产收益率16．44％。     

股权分置改革中法人股价值评估方法初探

一、前言上市公司法人股的评估一直是资产评估实务中的难点之一。根据笔者收集的资料,评估机构在这种情况下通常采用的评估方法包括:每股净资产法、每股净资产倍数法、市盈率倍数法、红利贴现法等。其中,每股净资产法基本上是以上市公司每股净资产价值作为法人股的评估值,其合理性存在一定的问题。而每股净资产倍数法一般是通过收集上市公司或同类上市公司法人股市场交易的案例,测算交易价格与每股净资产之间的数量关系,从而得出法人股的评估价值。这一方法具有较高的可操作性,因此,在实务中应用较多。但存在着案例收集困难、交易条件比较难…     

东方精工 中高端瓦楞纸箱印刷设备龙头

季报点评：东方精工（002611）10月18日晚间公布第三季度季报,2011年1-9月公司实现营业收入2.70亿元,同比增长31.96%,归属于上市公司股东的净利润5215.14万元,同比增长70.13%;每股收益0.49元,每股净资产5.05元,加权平均净资产收益率23.30%,     

我国制造业上市公司每股股利影响因素实证研究

股利政策是公司治理的一个重要方面,股利支付率的高低会给投资者的投资决策带来重大影响。文本以2014年中国A股制造业上市公司作为样本,研究了企业每股收益、净资产收益率、公司规模、股权集中度、资本结构、公司成长性对于每股股利的影响。通过实证检验得出以下结论,每股收益对于每股股利有显著的正向影响,权益报酬、公司规模、资本结构对于每股股利具有显著的负向影响。     

上市公司综合质量的预警

对2008年所有在上海证券交易所的上市公司按照总市值、营业收入和净利润排名,后100名的上市公司作为一类.随机地抽取100名上市公司作为一类.用向前逐步筛选法在13个综合质量指标中选取了每股收益,每股净资产,流动比率和总资产周转率作为自变量,两类公司作为分类园变量,建立了综合质量的概率预警模型.当概率值大于0.5时是综合质量是需要预警的上市公司,反之是不需要预警的上市公司.模型的准确率是79.9%.     

Impacto de las Normas de Información Financiera en la relevancia de la información financiera en México

In this study, it is shown that the value relevance of the financial information, measured by the coefficient of determination (R²), has improved as consequence of the changes in the financial reporting standards. It is applied the Ohlson model (1995) with accounting variables (earning per share and book value) and the stock market price of Mexican stock market companies, during the period from 1992 to 2010. The econometric results are obtained applying an Ordinary Least Squared Regression Analysis and a Panel Data Analysis. The sample is divided in two periods, before and after the foundation of CINIF, and the Chow test is applied to confirm the existence of a structural change. The book value variable is consistently significant in both periods. The Ohlson model is also applied to sub-samples which distinguish the firm for its size, for belonging to the Food and beverages industry and for its classification as Tangible and Intangible firms.     

限售股权定价的实证检验

我国上市公司的非流通股权实质为限售股权,股权分置改革改变了限售期的不确定性.通过对2004～2006年5月间326笔我国上市公司限售股权转让信息的研究发现:限售股股东向流通股股东支付对价是有理论和实证依据的,股权分置改革有利于国有资产保值增值.公司净资产、控制权收益以及公司流通股比例与限售股定价正相关.流动性约束与限售股定价负相关.受让方为非国有性质时,限售股转让相对价较低.股权转让方式、公司盈利能力等财务指标对限售股定价有一定影响.     

The outperformance of family firms: the role of variance in earnings per share and analyst forecast dispersion on the Swiss market

Recent studies provide empirical evidence that family firms are outperforming their non-family counterparts in terms of stock market performance. For the Swiss stock market we find that family firms indeed outperform their non-family counterparts after controlling for firm size and beta. In addition, our data shows that family firms display more stable earnings per share in contrast to their non-family counterparts. Furthermore we find that the variance of earnings per share positively affects analyst forecast dispersion. According to anomaly literature, lower analyst forecast dispersion has been found to induce higher excess return, which our data supports for the Swiss stock market. By linking variance of earnings per share, analyst forecast dispersion and stock performance we provide an insightful explanation for the excess stock market returns of family firms. In addition, our text extends the theory of dispersion effect with an additional empirical element, the variance of earnings per share.      

The Explanatory Power of Canadian Accounting Measures of Earnings Dilution*

This paper examines the properties of the accounting measures of dilution under pre‐2001 Canadian GAAP. Fully diluted earnings per share (EPS) presents investors with a per‐share figure that attempts to capture the maximum potential dilution that would occur if all dilutive convertible securities were converted and all dilutive stock options and rights exercised. We examine how the difference between basic and fully diluted EPS, which we refer to as the dilutive adjustment, affects the ability of EPS to predict one‐period‐ahead EPS. Moreover, we address the issue of the explanatory power of changes in the dilutive adjustment for unexpected stock returns over the year and at the earnings announcement date. Surprisingly, in contrast with the traditional accounting view that increases in the dilutive adjustment present the investor with bad news due to potential dilution of the future earnings stream, the dilutive adjustment is positively related to next period's earnings and increases in the dilutive adjustment are positively correlated with contemporaneous long‐window stock returns. These results can be attributed to the relation between the dilutive adjustment and the earnings process combined with a partial resolution of the uncertainty attached to growth firms. We find no evidence that investors use information from the disclosure of fully diluted EPS at the earnings announcement date. These results are consistent with increases in the dilutive adjustment capturing the partial realization of a firm's growth potential that more than outweighs the potential dilution attached to the convertible securities; however, this information appears to be already embedded in price prior to the disclosure of fully diluted EPS.     

The sensitivity of the credit default swap market to financial analysts’ forecast revisions

We examine the impact of analysts’ earnings per share (EPS) and cash flow per share (CPS) forecast revisions on the market for credit default swaps. We find that while the issuance of both EPS and CPS forecast revisions are inversely associated with changes in credit default swap (CDS) spreads, cash flow forecast revisions have a larger effect. We demonstrate that the relationship between CPS forecast revisions and CDS spreads tends to be stronger in cases of financial distress. We provide evidence that cash flow forecasts dominate earnings forecasts in some situations and that participants in the CDS market discriminate between analysts' forecast revisions and recommendation changes.     

Recognition versus Disclosure of Stock Option Compensation: An Analysis of Judgements and Decisions of Nonprofessional Investors*/CONSTATER OU PRÉSENTER PAR VOIE DE NOTE LA RÉMUNÉRATION SOUS FORME D'OPTIONS D'ACHAT D'ACTIONS: UNE ANALYSE DES JUGEMENTS ET DES DÉCISIONS DES INVESTISSEURS NON PROFESSIONNELS

Given the importance of stock options in the aggregate compensation of chief executive officers and other firm employees in the 1990s and early 2000s, the International Accounting Standards Board issued an International Financial Reporting Standard on stock‐based payments on February 19, 2004, requiring that all share‐based payment transactions be recognized at fair value in entities' financial statements. The Canadian Institute of Chartered Accountants' Accounting Standards Board had already agreed to this principle and amended section 3870 of the CICA Handbook (stock‐based compensation) for financial periods beginning on or after January 1, 2004, making Canada the first major jurisdiction to require all public companies to expense employee stock‐based compensation awards. The revised section eliminated the possibility of disclosing pro forma net income and earnings per share only by way of a note. This research, conducted as a between‐subjects experiment with executive MBA students as nonprofessional investors, examines whether changes in the way stock option compensation is reported (recognition as an expense in the income statement or note disclosure of pro forma net income and earnings per share) affect financial statement users' judgements and investment decisions. Our results indicate that, consistent with the functional fixation hypothesis, the reporting method does indeed significantly influence subjects' judgement of the expected stock price direction, but has no material influence on their investment decisions.     

Long-Term Synthetic Puts

We present the possibility of replicating the performance of a long-term put, which is not available in the financial markets, by a set of other traded financial assets. First, a benchmark portfolio is formed out of one share of stock and one put on the stock with a certain exercise price and a long time until maturity. The general form of a portfolio, consisting of shares of stock, bonds, and options on the stock, is discussed, which is expected to perform like the benchmark portfolio. Then a class of these synthetic puts is examined to determine which type of synthetic put may dominate the others.     

A perfect storm in the financial market

This study provides a model explaining how small changes in asset prices may disrupt an entire financial market. Based on the capital asset pricing model (CAPM), our model implies that during a market crash, asset price changes affect the relative distribution of the CAPM betas of individual assets and force all tradable assets to co-move. Using US stock market data, our empirical results are consistent with the model’s predictions. Overall, the study aids understanding of the price patterns of assets during substantial market downturns, such as financial crises.     

名义价格幻觉——基于证券分析师目标价格预测的经验证据

本文利用证券分析师发布的股票目标价格预测,为名义价格幻觉提供了能够直接反映心理预期的经验证据。研究发现,证券分析师对低价股未来收益的心理预期显著高于高价股,该行为偏误在规模小、上市时间短、股票波动性大、财务透明度低和无形资产占比高等估值难度更大的股票中表现得更加明显。我们还利用股票送转,对证券分析师是否受到名义价格幻觉的影响做进一步验证,发现由送转引起的与基本面无关的名义价格下降显著提升了证券分析师对股票未来回报的心理预期。进一步研究表明,上述发现并不是因为证券分析师准确预见了低价股和高价股未来有不同的投资机会,也不是为了最大化其供职证券公司的利益而有意迎合投资者。     

The impact of the new Accounting Standards for Business Enterprises (ASBE) on financial results of mainland Chinese listed companies

Effective 1st January 2007, 38 new Accounting Standards for Business Enterprises (ASBE) had become applicable to listed companies in mainland China. Research based on these latest standards will help us understand the current accounting harmonisation process in China. Previous studies, though rather scarce, had compared financial statements of companies simultaneously being listed on the mainland and Hong Kong. However, the very recent impact of the new ASBE has not been taken into account. Therefore, the present study focuses on domestic Chinese companies after implementation of the new ASBE. The financial figures of each item reported under the old Chinese Accounting Rules and Regulations and the new ASBE were collected in pairs and were analysed. Except for the test results on total assets and shareholders' equity, the other results revealed no significant differences between the paired figures of net assets per share, operating revenue, profit before tax, net profit, net profit after extraordinary gains and losses, basic earnings per share, net cash flow from operating activities and the per share value.