中國 證券去來所에서의 會計情報 價値關聯性
Chinese Stock Market and Value Relevance of Accounting Data
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초록
The implementation of Shanghai-Hong Kong Stock Connect(扈港通) and Shenzhen-Hong Kong Stock Connect(深港通) helps China to globalize its capital market. More individuals are expected to make an investment in Chinese companies. But appropriate understanding on the China capital market is needed before direct investment. This paper has taken the empirical test of value relevance of Chinese firms listed on Hongkong, Shanghai and Shenzhen stock market using the book value of net assets and earnings per share to verify the level of explanation of stock price. The results says Chinese firms’ net income information is more value relevant than the book value of net assets comparing with Korean companies. In other words, the Chinese firms’ net assets has no incremental explanation power of stock prices while the net income has. And the total explanation power of net income and net assets is abnormally low suggesting the possibilities of omitted variables in the regression equation. This results requires additional research on Chinese firms’ attributes which affects the stock price.
Abstract
The implementation of Shanghai-Hong Kong Stock Connect(扈港通) and Shenzhen-Hong Kong Stock Connect(深港通) helps China to globalize its capital market. More individuals are expected to make an investment in Chinese companies. But appropriate understanding on the China capital market is needed before direct investment. This paper has taken the empirical test of value relevance of Chinese firms listed on Hongkong, Shanghai and Shenzhen stock market using the book value of net assets and earnings per share to verify the level of explanation of stock price. The results says Chinese firms’ net income information is more value relevant than the book value of net assets comparing with Korean companies. In other words, the Chinese firms’ net assets has no incremental explanation power of stock prices while the net income has. And the total explanation power of net income and net assets is abnormally low suggesting the possibilities of omitted variables in the regression equation. This results requires additional research on Chinese firms’ attributes which affects the stock price.
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