The Split Share Structure Reform Before And After The Study Of Basic Accounting Information In Equity Valuation

The practical application of Stock Value Assessment Theory is the focus of securities business. In the development of securities business, the marketing derives various assessment models from the different assessment theory according to the diverse investment background and system arrangement, and forms manifold value assessment systems.The value regression process that securities business had experienced for five years and the startup of Share Splitting Reform symbolize the new development stage of securities business. In this process of sweeping the obstacle for complete-circulation, the synthesized factors including the changes of the macro-economic environment and the system background finally lead to the differentiation or the transformation of the standard of the marketing investment. By analyzing the function of the accounting information and expatiating the theory of the connection of the accounting information and assessment, which is on the basis of the relative information and computation, this thesis compares and analyses the relation and distinguish between the different theories of the stock value assessment. The thesis also studies the application problems coming from the basic accounting information that is using in stock value assessment before and after the Share Splitting Reform, based on Feltham and Ohlson's Residual Income Valuation Theory.All is divided into two parts. The first part analyses and discusses the stock value assessment theory. And the second part is the empirical study of the application of the basic accounting information using in stock value assessment behind and after the Share Splitting Reform.Chapter 1 is an introduction of this thesis, and analyzes the background and significance of the study. It also expatiate synthetically the development of the basic accounting information and the stock value assessment theory and their application in the practice.Chapter 2 and 3 is the theory analysis. They analyze and discuss a few stock value assessment theories which are common used, such as the Dividend Discount Assessment Theory, the Cash Flow Discount Assessment Theory and the Residual Income Discount Assessment Theory. The reason why the Dividend Discount Assessment Theory is separated from the Cash Flow Discount Assessment Theory is that it has a comparatively long history and there has been many diversified view on it. Moreover, dividends related to the essence of stock, capital structure and other important theoretical problems are involved in assessment. Compared with the dispute from the Dividend Discount Assessment Theory, the dispute from the Cash Flow Discount Assessment Theory seems less, and it focuses on the definition of cash flow and the choose standard in practice. The Residual Income Discount model is the most important point in this part and also the theory basic of empirical study, so i will introduce it in the other chapters which will involve the development of Residual Income theory, and the evolvement and deduction of the Feltham and Ohlson's Residual Income Valuation Theory.Chapter 4 is the first part of empirical study. We study the information in the 2001-2005 financial annual report by using the Residual Income Model in order to analyze the basic accounting information's serviceability of the investment strategies before and after the Share Splitting Reform.Chapter 5 involves practical study and empirical study. Firstly, there are two key points must be solved in the practice of Feltham and Ohlson's model, which are the forecast of residual income and the analysis of capital increment. Then we do the empirical study of the Feltham and Ohlson's Residual Income Valuation model using the conclusion above including the assessment of 2002-2006 stock theoretical value, the departure of the stock value and the theoretical value, and the analysis of stock value pertinence, in order to explore the application situation of the basic accounting information used in assessment before and after the Share Splitting Reform.Chapter 6 is the conclusion. It summarizes the empirical study'result in chapter 4 and 5 , points out that there are two value assessment systems in the securities business during the period of the Share Splitting Reform, one is the assessment system based on the outstanding achievement increasing, and the other is the assessment system combines the outstanding achievement increasing and the capital value. The marketing will strengthen the second one in the situation of complete-circulation.The main contribution of the thesis is as follows:1.this thesis renews the perspective of research based on the traditional assessment theories and combines the macro-background of Share Splitting Reform;2.This thesis makes a further study of the key points that must be solved in the application of the Feltham and Ohlson's model in our nation and offers the reference in the practice;3.the empirical study offers the gist in the investment strategy in post share splitting period and also offers a function of being a guidance.