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A Study on the Effect of Financial Information on the Firm Value in the Chinese Stock Market
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중국 주식시장에서 재무정보가 기업가치에 미치는 영향에 대한 연구

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Type
Academic journal
Author
Kang, Gye Doo (남서울대학교) Lee, Young Hwan (동국대학교)
Journal
The Research Institute of Social Science THE JOURNAL OF SOCIAL SCIENCE Vol.21 No.3 KCI Accredited Journals
Published
2014.12
Pages
7 - 37 (31page)

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A Study on the Effect of Financial Information on the Firm Value in the Chinese Stock Market
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Abstract· Keywords

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In this paper, we tried to analyze the effect of financial information on the firm value in the Chinese stock market by means of the residual income model proposed by James Ohlson in 1995. After gathering penal data about the firms in three different industries, namely automobile, steel and textile industries, we performed the empirical test about the effect of diverse financial information on the determination of the firm value in different industries.
According to our analysis, it turned out to be the case that financial information is reflected in the determination of the firm value to a certain degree, albeit different between industries, in the Chinese stock market. In particular, the relative magnitude of the effect of diverse financial information on the firm value is confirmed to differ with respect to the outstanding stock reform effectuated from 2008. To be precise, the firm value appears to be more influenced by the residual income per share than by the net asset per share especially in the automobile industry after the outstanding stock reform.
However, it is the limitation of this paper that we didn"t analyze the effect of other factors besides financial information on the firm value in the Chinese stock market. Since the Chinese stock market has many idiosyncratic features that are hard to find in the Western stock markets, it is more desirable to take various institutional factors into account in analyzing the relation between the firm value and financial information. This remains as the topic for the further research.
#기업가치 #재무정보 #Ohlson모형 #초과이익 #유통주 #Firm Value #Financial Information #Ohlson Model #Residual Income #Circulatingstock

Contents

【요약】
Ⅰ. 서론
Ⅱ. 선행연구 검토
Ⅲ. 연구방법 및 모형
Ⅳ. 실증분석
Ⅴ. 요약 및 결론
참고문헌
【Abstract】
<부 록>

References (28)

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1. [학술지(정기간행물)] - 강주화 / 2012 / 중국 주식시장의 제도개혁이 시장효율성에 미친 영향 / 동북아경제연구 24 (2) : 221 ~ 248 google schola 2. [단행본] - 구기보 / 2011 / 중국금융론 / 삼영사 google schola 3. [단행본] - 김권중 / 2005 / 재무제표분석과 가치평가 / 산문출판 google schola 4. [학술지(정기간행물)] - 김이배 / 2006 / 중소기업의 영업권상각에 관한 연구 / 중소기업연구 28 (3) : 3 ~ 25 google schola 5. [단행본] - 남준우 / 2004 / 계량경제학 이론과 e-views excel활용 / 경문사 google schola

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