| With the development of our economy, more and more investors begin to enter the stock market. They need to use accounting information to determine the investment decisions, and enterprise managers must also use accounting information to measure the development of enterprises. So the research of accounting information usefulness problem is imminent. In recent years, Chinese scholars began to study accounting information usefulness; most of them are use foreign research method to study the relationship between stock prices and accounting information. They mostly concentrated in the accounting surplus seldom dabbled in other areas. Accounting surplus is the result of being under the accrual basis. It has a certain lag; surplus indicators of quality may be poor. Therefore, on the one hand, some scholars gradually focused on cash basis under the basis of cash flow indicators, to study the usefulness of information content. On the other hand, they realize accounting surplus information exist the possibility of being manipulated. Accountant starts modifying the previous on accounting profit, earnings per share, etc, gradually to the comprehensive evaluation; economic added value arises at the historic moment. Because our country in the period of reform and opening up, domestic economic environment has a big gap compared with foreign developed countries. Abroad is on the basis of half strong type of effective market to have researches, China is in a weak type of effective market. The gap will affect the correlation between stock prices and accounting information, and affect investors’investment decisions. Various types of indicators to measure the accounting information usefulness, but which indicators can be more conducive to investment decisions, there has yet to draw a conclusion. So this article wants through to the accounting earnings, cash flow and economic value-added index information content of the research, provide some thinking for find out the most suitable business decision-making accounting indicators.This article is based on the analysis of the relevant theory, by summarizing literatures at home and abroad, put forward research hypothesis. It use descriptive statistics, correlation test and regression analysis method to analysis2009-2011, the Shenzhen stock exchange listed company’s financial data. And get the research conclusion. Then according to the results put forward targeted policy recommendations. In particular, it divided into five chapters as follows:The first chapter is the introduction. It mainly expounds four questions:One is the research background and purpose of this article; second, this paper’s research ideas and structure arrangement; the three is the method in this paper; four is the innovation of this article.The second chapter is theoretical basis and literature review. Theoretical basis mainly includes two aspects:The first part is to explain the definition of information content. The second part is about the basic theory of information content. This article mainly expounds the three kinds of theories. The first of the theory is the decision-making useful concept. It believes that the accounting goal is to provide accounting information user economic decision-making useful information on it. It is suitable for the separation of ownership and management rights. So this article will be in the framework of decision-making useful concept, to analysis accounting earnings, cash flow and the information content of the added value of economic. The second is the efficient market hypothesis and the capital asset pricing model. They are the two cornerstones of modern empirical accounting research. In this paper, all the empirical assumptions will be based on the effectiveness of China’s securities market and the capital asset pricing model. Finally is the mechanism of action of the accounting information theory, including information, measurement. Their ultimate goals are to improve the decision usefulness of accounting information. This paper is divided into three categories to shed light on the literature review, including accounting surplus information content of the research, the information content of cash flow, comparative study of accounting earnings and cash flow information content. This chapter is foreshadowing for the following empirical analysis.The third chapter is the research design and research hypothesis. It mainly put forward the research design, research hypothesis, selection variables, sample selection, the research model. The main content of this part is based on the above theoretical analysis and literature review to get6assumptions. Usefulness of accounting information problem research mostly focused on accounting earnings information. So the first hypothesis of this paper is the listed company of accounting surplus has information content. Because the accounting surplus has great manipulability, accounting surplus information that will lead to different companies have no comparability. Some scholars gradually began to study accounting information content in cash flow problems, conveniently put forward hypothesis2:The cash flow of listed companies has information content. Predecessors’research results show that the accounting earnings and cash flow have information content, so whether there is a difference between them? So the third hypothesis:there have differences between information content of accounting earnings and cash flow. Compared with the traditional accounting surplus, if economic added value is able to convey certain information as accounting information content? Hypothesis4:listed companies’EVA has information content. So far, there are a lot of literature examine the economic added value, earnings per share and so on, the two who more closely relationship with stock market returns. But it has been no unified research conclusion. Hypothesis5:there is a difference of EVA and accounting surplus information content; Hypothesis6:EVA and cash flow information content there is a difference.The fourth chapter is empirical research. Mainly through descriptive statistics, correlation analysis and the method of building regression model to verify the hypothesis. Empirical results show that six hypotheses have been effectively validated.The fifth chapter is the conclusion and suggestion. First is domestic listed companies accounting surplus can affect the stock price changes, the profit enterprises in the largest message content, and loss of enterprise basic cannot explain the stock price change; The second is the domestic listed companies cash flow can affect stock price changes. Although the impact is limited, but the MJC, MTC, MCC can affect stock price changes. MJC and MCC affects the stock price changes, MTC reverse affect stock price changes. Compared with the cash flow, accounting surplus on the decision-making behavior of investors stronger explanatory power. The third is the economic value added and the stock price per share certain correlation between. Economic value added per share transfer certain decision-making information to investors. EVAPS to investors of listed companies with positive transfer decision-making information is stronger, and EVAPS negative companies basically don’t have information content. The fourth is the economic value added information content higher than the accounting surplus. Fifth, economic added value has greater information content than the cash flow. Policy Suggestions of this article is a reference foreign gaps, complement each other, give a more specific accounting standards specification.Some scholars have studied the economic value added value relevance problem. But the data on economic value added is the author calculated by hand. There is no unified caliber adjustment about method and calculation formula. It might be abnormal results. In this paper, the data is calculated in the specialized agencies. Article first compares the cash flow and the economic value added information content. Study found that the economic added value than the cash flow with greater information content.Since time is limited, this paper ignores the industry factors may impact of research on information content. The research makes indexes to classify as profit and loss, did not consider the quality of accounting information problem. Article selects only an accounting surplus index. This article only selected the MJC, MTC and MCC; different cash flow indicators may bring different results; because EVA evaluation method has just started. It has small range nation. Only two years of data is likely to lead to some abnormal values or appear abnormal situation. |
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