دانلود مقاله ترجمه شده اریبی در حسابداری و ارزش مربوط بودن اطلاعات حسابداری – مجله الزویر

فهرست مطالب:

چکیده
۱مقدمه
۲ ادبیات تحقیق و فرضیه ها
۲ ۱اهمیت ارزش
۲ ۲اهمیت ارزش درآمد های حسابداری و ارزش سرمایه
۳ ۲ ضریب پاسخ درآمد
۴ ۲ ضریب پاسخ درآمد و ارزش ضریب پاسخ سرمایه خالص
۵ ۲ ارزیابی اهمیت ارزش در بازار ناکارامد
۶ ۲ فرضیه
۱ ۶ ۲ ضریب واکنش درآمد و ارزش ضریب پاسخ درآمد
۲ ۶ ۲ تاثیر اریبی در حسابداری برای اهمیت ارزش درآمد های حسابداری و ارزش سهام
۳ روش
۱ ۳ متغیرهای پژوهشی و تعریف عملیاتی
۱ ۱ ۳ متغیر وابسته
۲ ۱ ۳ متغیرهای مستقل
۱ ۲ ۱ ۳ متغیرهای توجیهی
۲ ۲ ۱ ۳ متغیرهای شاهد
۲ ۳ روش های آنالیز
۱ ۲ ۳ آزمون فرضیه ۱
۲ ۲ ۳ آزمون فرضیه ۲
۴ نتایج
۱ ۴ جمع آوری داده
۲ ۴ نتایج تست فرضیه
۵ نتیجه گیری

بخشی از ترجمه:

هدف این مطالعه بررسی ارزش درآمد های حسابداری و ارزش سرمایه خالص در توجیه قیمت بورس و سهام است. این مطالعه نشان می دهد که آیا اریبی در حسابداری بر ضرایب مختلف درآمد و ارزش ضرایب سرمایه خالص تاثیر می گذارد یا نه؟ این مطالعه نشان می دهد که درآمد های حسابداری و ارزش سرمایه همبستگی مثبت با قیمت اوراق دارد. درآمد های حسابداری و ارزش سرمایه برای توجیه تغییرات قیمت سهام مفید است. نتایج همچنین نشان می دهد که ضریب پاسخ درآمد ها در شرکت هایی که دارای حسابداری محافظه کارانه یا لیبرال هستند مفید است.

۱ مقدمه

گزارشات مالی منتشر شده توسط یک شرکت یا نهاد بایستی به طور واقعی وضعیت شرکت را طوری که به سود عموم باشد تشریح کنند. اطلاعاتی که در خصوص اتخاذ تصمیم گیری مفید باشد بایستی اهمیت ارزش داشته باشند. یکی از شاخص های مناسبت و اهمیت اطلاعات حسابداری، واکنش سرمایه گذار در زمان اعلام اطلاعاتی است که می توان آنها مشاهده کرد. تاکید این پژوهش بر بررسی ضرایب مربوط به درآمد های حسابداری و اطلاعات مربوط به ارزش سرمایه است. ای ضرایب، ارزش بازاری سرماه و نیز قیمت اوراق را در پاسخ به اطلاعات مربوط به درآمد های حسابداری و ارزش سرمایه اندازه گیری می کند.
مطالعاتی که به بررسی ضریب پاشخ درآمدها(ERC) می پردازند نشان می دهند که ERC دارای مقطع عرضی متغیری می باشد. این تغییرات را می توا توسط چندین فاکتور نظیر ریسک، رشد، ثبات درآمد، و نرخ بهره توجیه کرد(برای مثال کولینز و کوتاری ۱۹۸۹،ایستون و میجوسکی ۱۹۸۹). مطالعات مربوط به تغییرات ضریب ارزش سرمایه به تست مجموع ضریب درآمد ها و ضریب ارزش می پردازند( بارت و همکاران ۱۹۹۸،برگستهالر و دیچف ۱۹۹۷، او و سپ ۲۰۰۲). این مطالعه سعی دارد تا به بررسی تاثیر اریبی در حسابداری بر ضریب پاسخ درآمدها و ضریب پاسخ ارزش سرمایه بپردازد.

بخشی از مقاله انگلیسی:

The objective of this study is to examine the value relevance of accounting earnings and book value of equity in explaining stock price. The study investigated whether bias in accounting influence earnings response coefficient and book value of equity coefficients. The study shows that accounting earnings and book value of equity are positively associated with stock price. Accounting earnings and book value of equity are useful to explain stock price changes. The results also shows that earnings response coefficient is smaller in the firms that have both conservative accounting or liberal accounting. Keywords: earnings response coefficients, book value response coefficients, and bias in accounting. 1. Introduction Financial statements that are published by an entity must actually disclose the condition of the entity, so that give benefit to public. Information that is useful for decision making should have value relevance. One of the indicator that an accounting information is relevant is there is a reaction of investor at the time of announcement of information that can be observed from the existence of move The focus of this research is the examination of the coefficients related to accounting earnings and equity book value information. This coefficients measure share price or equity market value response to an information which implied in accounting earnings and equity book value. Studies which examine earnings response coefficient (ERC) find that ERC vary by cross-section. The variation can be explained by some factors like risk, growth, earnings persistence, and interest rate (for example Collins and Kothari, 1989; Easton and Zmijewski, 1989). Studies concerning variation of equity book value coefficient also have started to get attention which is generally done with testing the combination of earnings coefficient and book value coefficient (Barth et al, 1998; Burgstahler and Dichev, 1997; and Ou and Sepe, 2002). This research tries to find whether bias in accounting influence earnings response coefficient and equity book value response coefficient. 2. Literature Review and Hypothesis 2.1. The Value Relevance In literature, an accounting numbers is said to have a value relevant if it has a predicted relationship with market value of equity (Amir et al, 1993; Beaver, 1998). For researchers, the purpose of testing the value relevance is expanding knowledge of the relevance and reliability of accounting numbers that are reflected in equity values. The value relevance is the empirical operationalization of the relevance and reliability criteria. An accounting numbers will be relevant, have significant relationship with stock price, if the accounting numbers reflect the information that relevant to investors in valuing a firm and are reliably measured to be reflected in stock prices (Barth et al, 2001) . Statistical association between accounting data and stock market value is used by Lev and Zarowin (1999) to assess the usefulness of financial information for investors. This association reflect the action of investors, while the other measure such as questionnaires or interviews, simply reflect investors opinions and beliefs. 2.2. The Value Relevance of Accounting Earnings and Book Value of Equity Various study have proved that accounting earnings relate to share price (Ball and Brown, 1968; Beaver, 1968; Beaver et al, 1979; Kormendi and Lipe, 1987; Lipe 1986; Collins and Kothari, 1989). Some studies also indicate that asset and liabilities relate to share price (Landsman, 1986; Amir, 1993; Francis and Schipper, 1999). The examination of value relevance of the combined of accounting earnings and book value of equity that is conducted by some researchers is motivated by result of the study of Ohlson (1995) and Feltham and Ohlson (1995, 1996). Ohlson’s study (1995) is used as theoretical base of the relation of book value of equity and earnings and share price. This study is relied on the following linear regression (price-levels): Pjt = D0 +D1Bjt + D2Ejt + Hjt where Pjt is share market price of firm j at time t, Bjt is book value of equity of firm j at time t and Ejt is earnings of firm j at time t. Ohlson (1995) have given understanding framework to interpret above mentioned regression coefficient estimation (α۰, α۱, α۲). The examples of research which is affected by both study which use combined of earnings and book value are Barth et al. (1998), Burgstahler and Dichev (1997), Collins et al. (1997), Collins et al. (1999), Francis and Schipper (1999), Ely and Waymire (1999) and Ali and Hwang (2000). The finding of these studies indicate that book value and earnings represent factor which significantly influences share price. Zahroh Naimah / Procedia Economics and Finance 2 ( 2012 ) 145 – ۱۵۶ ۱۴۷ ۲٫۳٫ Earnings Response Coefficient The researches that trying to identify and explain differences of market response to earnings information is called the research of earnings response coefficient (ERC). ERC represent coefficient measures abnormal response of security returns to unexpected accounting earnings of firms that issue security. Some results indicate that ERC vary by cross-sectional and intertemporal (Collins and Kothari, 1989; Easton and Zmijewski, 1989; Lipe, 1990; Dhaliwal et al, 1991; Lev and Thiagarajan, 1993; Dhaliwal and Reynolds, 1994; Billings, 1999). 2.4. Earnings Response Coefficient and Book Value of Equity Response Coefficient The development of next research direct to the examination that book value of equity also represent relevant factor in valuation (for example Ohlson, 1995; Feltham and Ohlson, 1995). Simple earning capitalization model is less adequately assessed. For loss companies, simple earning capitalization model will cause negative price-earning relation (Hayn, 1995). Including book value of equity into valuation model, will eliminate those negative relation (Collins et al., 1999). Some researchers that grouping observation become subsampel find that accounting number coefficient vary between subsamples (Francis and Schipper, 1999; Nwaeze, 1998; Basu, 1997). Research results also find certain condition which cause book value of equity becomes factor that more relevant than earnings or on the contrary, such monetary health (Barth et al, 1998) and firm profitability (Burgstahler and Dichev, 1997). 2.5. Assessment of Value Relevance in an Inefficient Market Examination of value relevance in this research is conducted by relating accounting variable which consists of accounting earnings and book value of equity and share price. This method relied on the assumption that market operate efficiently. The effect of market inefficiency in processing information to coefficient estimation in value relevance regression tested analytically by Aboody et al. ( 2002) by making corrective procedure of potential bias because of the inefficiency. Two assumptions constitute the adjustment. First, existence of market inefficiency resolution which is reflected in future price change. Second, conditional expected returns are determined by risk. The procedure is adapting the market returns of market share for risk of price change in the future. This procedure will result the value relevance coefficient estimation that able to catch the reaction of market in this time and also which delay. 2.6. Hypothesis 2.6.1. Earnings Response Coefficient and Book Value of Equity Response Coefficient Earlier studies (for example Ball and Brown 1968, Beaver 1968, Foster 1975 and Beaver et al. 1979), proved that accounting earnings relate to share price. The research findings support hypothesis that accounting earnings provide information and useful in valuation of securities. Otherwise, the role of book value cannot be disregarded because of book value also represents relevant factor in explaining equity value. Earnings and book value represent two measures that summarizing financial statement. Book value represents balance sheet measure or net asset that yielding earning, while earnings represent income statement measure that summarizing returns of those assets. Some researches indicate that market give appreciation to book 148 Zahroh Naimah / Procedia Economics and Finance 2 ( 2012 ) 145 – ۱۵۶ value and earnings (for example Kothari and Zimmerman, 1995; Ohlson, 1995; Feltham and Ohlson, 1995). Burgstahler and Dichev (1997) have a notion that accounting system can provide information which is completing each other about book value and earnings. Book value resulting from balance sheet gives information about net value of firm resources. In addition, earnings resulting from income statement reflects result of the firm effort in powering its current resources. Simple earning capitalization model which do not rely on book value of equity as independent variable will yield earning coefficient which is bias negative for loss firm and bias positive for the firm obtaining profit (Collins et al, 1999). Book value of equity can eliminate bias resulted earning coefficient from simple earning capitalization model.

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