导　　师： 罗绍德

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 会计信息的信息含量问题一直是人们关注的焦点。而在众多的会计信息中,会计盈余信息被市场认为是财务报告中最富有信息含量的核心信息;随着“现金为王”的理论的发展,现金流量也逐渐被人重视。我国民营上市公司作为一支独特的力量发展非常迅速,与此相适应的是投资者、债权人等利益相关者对民营上市公司的会计信息的注重。民营上市公司所报告的会计盈余和现金流量的信息含量研究就显得尤其重要了,它们是否具有信息含量?不同类型的民营公司的会计盈余和现金流量的信息含量又是否会不一样呢?在考虑会计盈余信息含量的同时,考虑现金流量表中经营活动的现金流量是否能给投资者传递更强的增量信息呢? 本文的研究基于以上几大问题而展开,选取了沪深股市2005年至2007年的上市民营公司作为研究样本,通过线性回归检验得出以下结论:1.民营上市公司会计盈余和现金流量具有信息含量;2.会计盈余和现金流量的信息含量在创始家族上市公司和非创始家族上市公司中不同;3.不同观察时窗会影响会计盈余和现金流量的信息含量;4.在民营上市公司中,财务报告公布之前现金流量不具有增量信息,但是财务报告公布之后现金流量能为会计盈余带来增量信息。 The quality of information content of financial information has always been focused on by people,among which retained earnings is regarded by the market as the most informational core information in the financial reporting.However,with the development of theory regarding 'cash is king',information about cash flow also attracts people's eyes gradually.In our country,private listed companies being a special group have developed very quickly,with the consequence that investors,creditors and other stakeholders pay attention to their financial information.Study on the information content of retained earnings and cash flow in the financial reporting of private listed companies becomes more important,and are they of information content? Whether information content of retained earnings and cash flow of different type of private listed company is different? Will taking account of information content both of retained earnings and cash flow from operation activities deliveries more incremental information to investors? This paper study the questions mentioned above,selecting private listed companies which are listed in Shanghai and Shenzhen security market between 2005 and 2007 as sample,and the following conclusions are reached by Linear regression test:1.retained earnings and cash flow information of private listed companies are of information content;2.The information content of retained earning and cash flow of family founded companies is different from non-family founded companies;3.The information content of retained earning and cash flow is different in different observation time;4.In the private listed companies,the cash flow doesn't have incremental information before the announcement of financial reporting,but do have after the announcement of financial reporting.

关 键 词： 信息含量 民营上市公司 事件研究方法 超额收益率

领　　域： [经济管理] [经济管理] [经济管理] [经济管理] [经济管理]