A Stable Study Of The Residual Income Valuation Model Under Securities Investment Projects

Residual income valuation theory is that enterprise accounting profit, carrying on net accounting information such as the measure of stock intrinsic value play an important influential role. Based on Ohlson and Feltham (1995). The residual income valuation model proposed, using Shanghai a-share listed companies,1999 to 2009,7708 home samples of enterprise accounting data, inspection China capital market environment stock prices and accounting information, and the correlation of residual income valuations in order to investigate the stability, the purpose is to enrich model of existing empirical research, the theoretical basis for investors to analyze the intrinsic value of the stock provide useful empirical evidence.The conclusion and contribution of this dissertation mainly lies in the following aspects:(1) to verify the Chinese capital market environment stock prices and accounting information of relevancy. Study finds that the size, distribution proportion, fund shareholding and stock price have value relevance, and over time and continue with incremental explanation. Shares of proportion and stock prices, and fund negatively related with stock prices share ratio is correlated; Net assets and residual income and stock prices significantly positive correlation, model in the overall explanation trends to increase. Among them, the net assets of the highest correlation strength from market factors, a relatively stable performance; And the residual income and stock price fluctuates greatly, this may correlation with residual income continued poor stability relevant. In addition, new accounting standards into the fair value measurement enhance the residual income and stock price correlation; (2) examines the listed companies of different industries to the stock price of the accounting information explanation. Research results show that manufacturing companies listed on the stock price of the accounting information with a strong explanation, and manufacturing companies residual income increase explain coefficient is higher; (3) to examine the Chinese capital market environment the stability of residual income valuation model. Research results show that China's capital market environment accounting information and stock prices are not stable and the correlation showed strong phases, and the influence of the accounting policy by excess surplus, as the residual income for market development phase the sensitivity is higher. In addition, the study found that the residual income estimation model, the whole of stock price rise in total trend explaining capacity, especially in the 2007 years later, residual income and net assets of stock price explanation capabilities are improved greatly and stable residual income valuation model that in China securities market in increasing the practicability.