A股上市公司应收账款信息含量及市场效应实证(65页DOC).docx

……………………………………………………………最新资料推荐…………………………………………………硕士学位论文深沪A股上市公司应收账款信息含量及市场效应实证研究申请人：缑毛生学科（专业）：会计学指导教师: 王海民教授2007年5月最新精品资料整理推荐，更新于二〇二〇年十二月二十七日2020年12月27日星期日19:16:06Empirical Research on Listed Companies’ Accounts Receivable Information Connotation and Market Effect of A Stock Market in Hu and ShenThesis Submitted toXi’an Jiaotong UniversityIn partial fulfillment of the requirementfor the degree ofMaster of Management ScienceByGou Maosheng(Accounting)Supervisor: Prof. Wang HaiminMay 2007论文题目：深沪A股上市公司应收账款信息含量及市场效应实证研究学科（专业）：会计学申请人：缑毛生指导教师：王海民教授摘 要近年来，特别是2006年以来，我国的证券市场非常活跃，大量的资金都涌入股票市场，上市公司财务信息的披露就显得尤为重要。

应收账款作为公司财务信息中的重要组成部分，不仅可以提高当期销售收入，有利于市场占领；而且也增加财务管理成本，放大经营风险然而，随着一些上市公司盲目地追求财务利润的增长，应收账款占营业收入的比重有增长加快的趋势，面对巨额应收账款给公司未来业绩带来的不确定性，如何正确解读上市公司应收账款的信息含量，不仅有助于增强企业的短期偿债能力和运营能力，更有助于投资者降低投资风险从而获取更高的收益因此，对于应收账款的界定、核算等信息含量的分析，无论对于经营者还是对于投资者来说，都具有十分着重要的意义本文针对以上问题进行研究，取得的主要成果如下：1.本文在分析我国上市公司当前财务信息披露客观实际的前提下，选取部分上市公司的相关数据，充分利用相关的统计理论及模型对其进行分析、比较，以期能够更加科学、系统、全面地阐述目前我国上市公司应收账款的信息含量2.本文在综合国内外学者研究结论的基础上，以有效市场假说和信息不对称理论为分析前提，通过对销售动力说和盈余质量说的借鉴，系统而全面地梳理了理论界对应收账款信息含量的研究成果3.本文提出研究假设：我国上市公司应收账款对于公司未来业绩起负面影响，即符合盈余品质假说在分析过程中选取了528 家制造业样本公司，运用应收账款预期式等模型，通过未预期应收账款与未来销售收入、未来毛利率和未来税前净利负相关来验证研究假设。

并且得到证实4.进一步提出假设：未预期应收账款与股票超额收益负相关通过市场调整模型和OLS回归分析模型来验证未预期应收账款与股票超额收益的相关性，以验证上市公司应收账款的市场效应5.针对上市公司的实证研究结论，提出了我国上市公司应收账款的信息含量给资本市场、上市公司和投资者所带来的启迪关 键 词：上市公司；应收账款；信息含量；实证研究论文类型：应用基础Title: Empirical Research on Listed Companies’ Accounts Receivable Information Connotation and Market Effect of A Stock Market in Hu and ShenSpeciality: AccountingApplicant: Gou MaoshengSupervisor: Prof. Wang HaiminABSTRACTIn recent years, especially since 2006, with the securities market of China becoming active and lots of capital swarming into the stock market, the disclosure of listed companies’ financial status appears to be particularly important. Accounts receivable, as the important parts of the companies’ finance status, not only can increase their current sales revenue and help to share the market, but also can increase the financial management costs and enlarge operation risks. However, with some listed companies pursuing the growth of financial profit blindly, the ratio between receivable and turnover revenue has a trend of growing accelerated. Facing the uncertainty of the companies’ future performance brought by huge accounts receivable, how to interpret the accounts receivable information connotation of the listed companies correctly will not only help to enhance their solvency in short term and operation capacity, but also help the investors to reduce the investment risk so as to gain the higher yield. Therefore, it has a critical impact and significance to the operation managers of the company and the investors of the securities market through analyzing the definition, accounting and other information connotation of accounts receivable. Pointed to the above problems, this paper makes the research and gains the achievements as follows:1. Under the premise of analyzing the objective situation about disclosing the current financial status of the listed companies, this paper selects the relevant data of some listed companies, analyses and compares them by making full use of the statistical theory and the model in exception to illustrate the accounts receivable information connotation of the China’s current listed companies more scientifically, systematically and comprehensively. 2. On the basis of integrating the achievements of other scholars at home and abroad, this paper regards the two basic propositions--- efficient market hypothesis and information asymmetry----as the prerequisite for theoretical analysis and summarizes the research on accounts receivable information connotation in theory systematically and comprehensively through learning from The Sales Momentum Explanation and The Earning Quality Explanation. 3. This paper put forwards the study hypotheses: China’s accounts receivable of listed companies has a negative impact on their future performance, which is identity with The Earning Quality Explanation. Through selecting 528 manufacturing company samples in the process of analyzing, using the model of accounts receivable expected, this papers examines and verifies the study hypotheses by negative correlation between accounts receivable and future sales revenues, the future gross rate and the future net rate before tax. 4. Further, this paper put forwards the hypotheses: there is a negative correlation between non-expected accounts receivable and stock surplus earnings. This papers verifies the correlation between non-expect accounts receivable and stock surplus earnings through market adjustment model and OLS regress analysis model so as to verify the market effect of listed companies’ accounts receivable.5. According to the empirical findings of the listed compani。