金融资产和非金融资产相关比较

Key Words: Financial assets Firm Value Risk Principle of Conservatism
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北京工商大学硕士学位论文
目录
第一部分
导论…………………………………………………………………………………1
一、研究的目的和意义……………………………………………………………………1 二、研究方法…………………………………………………………………………………………2
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金融资产和非金融资产的价值相关性比较—基于我国上市公司经验数据研究
non-financial assets different. The difference of accounting methods makes value relevance of the two kinds of assets different. Behind the difference, the principle of conservatism is functioned. The fifth part chooses sample data of listed companies and researches the difference of value relevance between financial and non-financial assets. At last, the author points out shortcomings of this article and direction to future research.
TITLE: Comparison of Value Relevance Between Financial
Assets and Non-Financial Assets —A Research Based on the Empirical Data of Listed Companies
学 科：
管理学
The research testifies value relevance between financial assets and non-financial assets are different obviously in China. This finding is very important to the development of accounting theory and the management of financial assets.
本文结构安排如下。第一部分说明本文的研究目的、方法和意义。第二部分将介绍并 指出本文研究的理论基础，力求阐明金融资产的含义，并着重介绍在我国目前的会计准则 规定情况下金融资产所能包括的会计科目和内容，并对以往作者的研究成果作出总结。这 一部分还将提出一个本文研究的理论框架，阐明金融资产及非金融资产与企业价值之间的 逻辑关系。还要阐明金融资产的定义，这个定义也被国际会计准则所运用。第三部分将介 绍本研究的理论基础，由此可以推导出本文拟采用的模型。在企业价值的模型中，由原来 的现金流量折现模型一直到本文所采用的模型的出现，中间出现了许多的估价模型，这些 估价模型各有千秋，所采用的估价方法各不相同。本文打算从企业价值的模型入手，分析 企业价值的影响因素，并重点阐明企业的资产与企业价值之间的关系。同时，金融资产有 着不同于与非金融资产特点，正是这种特点才使得金融资产和非金融资产的会计核算的方 法产生了差异，会计核算方法的差异导致了两类资产的价值相关性不同。同时，在这一差
The framework is as following. Chapter one shows the purpose、method and meaning of the research. Chapter two illuminates the theory foundation, trying to set forth the definition of financial assets, reviewing the account and content that is classified as financial assets according to Chinese accounting standard, and summarize the results of prior researchers. The definition of financial assets is also clarified in this part, which is used by IASB. The third part introduces theoretical basis in this article, based on which a model used in this article is put forward. This part also puts forwards a framework of this article in the theoretical research, and clarifies the logical relation between financial and non-financial assets with enterprise value. In the development of enterprise-valuating model, from former cash-flow-discount model to the model used in this article, many models were put forward during this period. These models have respective characteristics. Based on the enterprise-valuating model, this article analyzes the factors affecting enterprise value, and primarily discusses the relation between enterprise assets and enterprise value. Followed is the forth part. Financial assets have the characteristic different from non-financial assets, which make accounting methods between the financial and
第二部分将介绍并指出本文研究的理论基础力求阐明金融资产的含义并着重介绍在我国目前的会计准则规定情况下金融资产所能包括的会计科目和内容并对以往作者的研究成果作出总结
内部编号：：
北京工商大学
硕士研究生学位论文
论文题目：金融资产和非金融资产的价值相关比较 ——基于我国上市公司经验数据研究
一步研究的方向。
研究表明，我国企业的金融资产和非金融资产的价值相关性显著不同。这对于会计理
论建设和金融资产的管理具有参考意义。
关键词： 金融资产 企业价值
风险
谨慎性原则
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北京工商大学硕士学位论文
Abstract
Assets are physical foundation of enterprises’ operation, and the value of a enterprise is the capability of its assets which bring cash flow in the future. There are many methods in classifying the assets. In the paper, we choose one of them. The assets of an enterprise are classified to financial assets and non-financial assets. In the mean time, we can see that the risks, which both kinds of the assets face, are different. Because different kinds of assets have different risk, its earning power and discount rates is different. The transaction in financial market is active. The development of capital market and financial market further enhances the transparency of price. The uptrend increases along with the further development of market economy. Meanwhile the value of the enterprise is relative to the value of the assets that the enterprise possesses. The relation is shown in the methods of evaluating an enterprise. The value relevance of the assets with different risks is different, so the relevance between financial assets and the value of an enterprise is different from which between non-financial assets and the value of the enterprise. Not everyone knows the status and function of financial assets in the value management of the enterprise. Therefore, from the aspect of the theory and operation, we must know the important effect that the assets facing different risks put to the value of the enterprise.
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金融资产和非金融资产的价值相关性比较—基于我国上市公司经验数据研究
异的背后，还有会计上谨慎性会计原则的推波助澜。第五部分在第四部分的基础上，选取
了上市公司的样本数据，用实证的方法来研究我国企业的金融资产和非金融资产与企业价
值相关性的不同。最后，我们将对本文的研究作一总结，并顺便指出本文的不足之处和进
专 业：
会计学
学生姓名：
朱浩云
指导教师：李殿富（职称）
（职称）
教授
日期：2005 年 5 月
北京工商大学硕士学位论文
摘要
资产是企业生产经营的物质基础，企业的价值就是企业的资产在未来产生现金流量的 能力。资产有很多种分类方法，可以将企业的资产分为金融资产和非金融资产两种。同时， 应该看到，企业的资产在市场中所面对的风险是不同的，不同风险的资产它的收益能力是 不同的，同时用于折现不同风险现金流量的折现率也会有差异。金融资产的市场交易活跃， 资本市场和金融市场的发展又进一步增加了金融资产的价格透明度，而且这种趋势会随着 市场经济的进一步发展而增强。同时企业价值与其所拥有的资产的价值是有联系的，这一 点可以从通常对企业价值的评价方法中看出来。不同风险的资产它的价值相关性是不同 的，因而金融资产和非金融资产与企业价值的相关性会有所不同。对于金融资产在企业价 值管理中的地位和作用，并不是每个人都清楚的。因此必须要从理论和实际相结合的角度， 从企业价值的高度来阐明不同风险的资产会对企业价值产生的重要作用。