Influence Of Accounting Conservatism On The Enterprise Value Evaluation Of Listing Corporation

With the development of enterprises and stakeholders are increasingly concerned aboutthe value of enterprise management, enterprise value evaluation theory and practice researchhas obtained the fast development, also is the modern enterprise value management’s focus,Enterprise value assessment is one of the most important factors which are reasonable choiceof accounting information. Accounting information and accounting conservatism is to confirmthe reasonable requirements of enterprise, which leads to influence of accountingconservatism on assessment of the enterprise value.Influence of accounting conservatism study involves the following aspects of corporatevalue evaluation: On the one hand, based on the contract theory, agency theory, signaltransmission theory and different enterprise value assessment model to analysis the influenceof accounting conservatism on the value assessment of enterprises from the aspects of theory,contract theory that accounting conservatism can reduce friction increase based on contract,contract value and increase the value of enterprises agency theory; accounting conservatismhelps to reduce the agency cost based on, to increase the enterprise value; signaling theorythat accounting conservatism increases and market returns based on reliable information, andreduces the risk of enterprise value evaluation, improve the enterprise value; according to thevalue of cost method, market method and return method, different enterprise evaluationmethod can be obtained accounting conservatism helps to reduce the enterprise valueassessment of risk, increase the enterprise value assessment results. On the other hand,conservatism results in enterprise value evaluation theory based on empirical research, putforward hypothesis, according to different enterprise value assessment model selected theenterprise value index and according to the enterprise financing, investment, operation andother activities in all aspects of selected accounting conservatism index, respectively, withoutconsidering the empirical analysis of control variables and control variables were twobetween them, without considering the control variables, on the basis of correlation analysisand linear regression analysis of different index of corporate value and accountingconservatism among the indexes, the accounting conservatism more strong, enterprise value is bigger; the increase in net profit rate as the control variable, when the net profit growth rate ispositive, accounting conservatism and enterprises the value of correlation is stronger; in thestock price and the net interest rates as control variables, obtains the enterprise valueassessment of risk is small, accounting conservatism index and enterprise value correlationbetween indicators more strong, also from the side that enterprise value assessmentinformation and more robust, the evaluation results smaller risk.Based on the results of theoretical analysis and empirical research, assessment ofrelevant financial advice accounting conservatism based on enterprise value, and pointed outthat accounting conservatism in consideration of function, selection of residual income modelto evaluate the enterprise value is a kind of reasonable and effective evaluation method, and,the residual income model is consistent with the accounting information, the valuemanagement thought, is a kind of with an evaluation method of modern management.