线性信息动态视野下剩余收益估值模型的实证研究

项目名称： 线性信息动态视野下剩余收益估值模型的实证研究

项目编号： No.70802006

项目类型： 青年科学基金项目

立项/批准年度： 2009

项目学科： 轻工业、手工业

项目作者： 程小可

作者单位： 北京交通大学

项目金额： 17万元

中文摘要： 线性信息动态视野下的剩余收益估值模型是权益定价理论发展的重要阶段，它将权益价值与公开披露的财务报表信息直接联系起来；这不仅增进了投资者对公司价值决定机制的直观理解，而且拓展了实证会计学者的研究视野。据此，本项目致力于研究线性信息动态过程下的剩余收益估值模型对于转型期中国资本市场的适用性问题，本项目具体研究了如下五方面内容：（1）线性信息动态视野下的剩余收益估值模型与权益定价；（2）剩余收益与其他会计信息的价值相关性的实证分析；（3）相关信息变量对剩余收益估值研究的影响；（4）剩余收益估值模型的稳定性与有效性；（5）新企业会计准则对剩余收益估值研究的影响。依托本项目，我们出版了1部专著，发表21篇论文（包含3篇EI论文和10篇CSSCI论文），培养17名研究生，获得2项奖励。本项目的研究意义在于：（1）引入线性信息动态分析框架，开拓了学术研究视野，丰富了已有的经验证据；（2）发掘影响股价的会计与非会计因素，为投资者判断公司权益价值提供了新的分析工具；（3）实证研究结论为政府部门制定相关法规提供了相关政策性建议。

中文关键词： 剩余收益；权益估值；股价；实证研究；线性信息动态过程

英文摘要： The Residual Income Valuation Model based on the Linear Information Dynamics is an important stage of the Equity Valuation Theory, which directly relates equity valuation with financial statement information, enhances investors' intuitive understanding of the mechanism of firm value determination, and expands the scope of empirical accounting research. In the project, we focus on examining the applicability of Residual Income Valuation Model based on the Linear Information Dynamics in Chinese capital markets during the transitional period, and our project consists of the following five parts: （1） the Residual Income Valuation Model based on the Linear Information Dynamics and Equity Valuation; （2）empirical analyses of the value relevance of residual incomes and other accounting information; （3）the impact of related information on the research of residual income valuation; （4）the stability and validity of the Residual Income Valuation Model; （5）the impact of the new set of accounting standards in China on the research of residual income valuation. Being supported by this project, we have written one monograph, and issued 21 papers(3 papers of EI and 10 papers of CSSCI). During the whole period of this project, we had 17 postgraduate students participating in it and were rewarded 2 prizes for excellent performance.Our project is meaningful in the following aspects: firstly, we introduce the analysis framework of Linear Information Dynamics, which expands the scope of research and enriches the empirical evidence of current research; secondly, we examine both the accounting factors and non-accounting factors that impact stock prices, providing new angles for investors to evaluate firm values; thirdly, our empirical results will provide meaningful suggestions for policy makers and regulators.

英文关键词： Residual Income;Equity Valuation;Stock Price;Empirical Study;Linear Information Dynamics