上市公司企业价值的实证研究——以山东省为例会计学专业论文.docxVIP

i i 摘 要 上市公司是支撑地区经济发展和带动经济结构调整优化的支柱，而山东省上市公 司偏少，价值相对较低，因此研究我省上市公司的企业价值，明确省内上市公司与发 达省份上市公司价值的差异，对于提高我省上市公司质量，提高上市公司价值就显得 及其必要。 本文首先采用剩余收益模型对被解释变量即山东省上市公司企业价值进行估算。 其次对山东省上市公司企业价值影响因素进行了实证分析。最后将山东省和“北上广” 的上市公司进行了比较，在比较了上市公司数量、市值、行业分布后，又从企业价值 影响因素——盈利能力、偿债能力、营运能力、发展能力做了对比，分析了山东省上 市公司价值相对较低的原因，进而提出了改进策略。 通过研究发现，剩余收益模型山东省上市公司企业价值的评估具有可操作性和 合理性。盈利能力对山东省上市公司企业价值的影响为显著正相关。营运能力 2009 年和 2010 年对企业价值的影响为正，2011 年为负。偿债能力对企业价值的影响各年 不一。发展能力对企业价值的影响只有 2010 年为显著正相关。地理因素对企业价值 的影响为正相关，但是未能通过显著性检验。山东省上市公司在数量、总市值、行业 分布企业价值的影响因素上都与“北上广”的上市公司存在一定差距。 关键词： 剩余收益模型 企业价值评估 财务分析 ii ii Abstract Listed company is the pillars of supporting the regions economic development and driving economic structure adjustment and optimization, while the number of listed companies in Shandong Province is too few, and the value is relatively low, so it appears necessary to research the enterprise value of listed companies, and make the differences of the listed companies between our province and other developed province to improve the quality and increase the value of listed companies in our province. Firstly, the article estimated the dependent variable, namely the enterprise value of listed companies in Shandong province by using the residual income model. Then we made empirical analysis on influencing factors of the enterprise value of listed companies. Finally, compared listed companies in Shandong Province and Bei Jing, Shang Hai ,Guang Zhou Province, after comparing the quantity, market capitalization, industry distribution, then from the influence factors of enterprise value - profitability, solvency, operation ability, development ability to do the contrast, and analyzed the reasons for the relatively low value of listed companies in Shandong Province, then proposed improvement strategies. Through the study we found that it was actionable and rational to assess the value of listed companies in Shandong Province by using the residual income model. The profitability of the enterprise value of the listed comp