巴基斯坦资本市场价值与公司绩效的相关性研究

发布时间：2018-04-23 15:41

本文选题：巴基斯坦 + 资本　；参考：《合肥工业大学》2013年博士论文

【摘要】：在企业发展的历史长河中,发生了很多的企业欺诈和丑闻事件,甚至到了危及全球经济的程度。这种情况的发生促使资本市场发展出了各种机制来控制企业,以使所有利益相关者的利益都能够最大化。这些机制归属于公司治理的范畴。公司治理的基本出发点就是增强薄弱的治理实践,在公司内部实施问责的制度和文化。由于上市公司公开发布的信息对资本市场的运转有着极其重要的作用,所以只有保证信息的质量和透明度,资本市场才能够健康的运转。只有基于完全透明但不损害公司竞争优势的信息,数据的使用者才能够赋予报告公司股权一定的价值。这些价值是由与公司有关的所有因素决定的,这些因素包括财务状况、资本结构、经营业绩、前景以及符合其运作市场的社会和法律规范。对大多数新兴的资本市场而言,大多数情况下,它的所有权都集中在管理者、银行以及其他金融机构和(或者)家族企业的某个家庭手中。这种结构在多数情况下对保护小投资者是不利的。为了保证市场的公平性,维护市场的可持续增长和发展,需要让小投资者了解到关于公司的有效和可靠的信息。这样才能保证他们的经济决策是建立在事实和数据而不是猜测的基础上。过去的十年间,巴基斯坦资本市场获得了巨大发展,在国内外市场上都饱受瞩目。但是,正如其他新兴市场一样,它也存在着公司财务欺诈、财务丑闻的状况,特别是经历了2008年的市场崩溃之后,更加突显出它的结构缺陷。市场缺陷对成百上千的小投资者造成了毁灭性的后果,使得他们失去了毕生积蓄。虽然对巴基斯坦资本市场进行细致研究是非常必要的,但目前关于这方面的研究甚少。本文试图通过细致分析巴基斯坦上市公司公开的财务信息,来决定其市场地位和质量。本文通过获取、分析巴基斯坦资本市场中业绩最佳股票的年度报表来判断公司报告的运营情况和市场价值间的关系。该分析有助于理解巴基斯坦现行的公司报告方式和公司治理方式。本文试图通过确定并建立公开财务信息与公司市场价值间的联系,以此证实公开信息的披露水平和透明度。此外,本文还通过分析年度财务报表来确定经通货膨胀调整的投资资本回报和上市公司的盈利能力的经济价值。为研究需要,所用数据取自2005至2010年度表现最佳的上市公司的公开年度报表。即样本来自巴基斯坦最大的股票交易市场——卡拉奇股票交易所的KSE100指数成分股,该指数涵盖了巴基斯坦超过90%的股票市值。本文共选用了前83家上市公司的年度报表进行分析。文章计算了体现不同基本面表现的财务比率指标,以满足分析模型的要求。通过以市场价值为因变量对资产周转率、负债率、每股收益、市盈率、资产收益率和流动比例等变量作回归,进而确定各类公开会计信息的重要程度。同时通过以样本公司公开的每股收益为因变量对它们各期的经济回报作回归分析来核实信息的质量。本文中的所有研究方法使用线性回归分析。研究结果表明,通过计算Tobin's Q比率,发现巴基斯坦上市公司已公开的基本面运营业绩与市场价值的关联程度非常小。为了研究这些公司的经营业绩状况,本文使用了不同的度量指标,包括资产周转率、负债率、每股收益、市盈率、资产收益率和流动比例。这些指标均是通过上市公司已公开的年度报表提供的信息手动计算得到的。在所获取指标发生的时间段内,单独的公司绩效衡量,例如利润率、投资回报、金融资产组合、流动性等对公司市场价值并没有突出影响。在考察期内这些指标变化的协同性基本可以忽略,多数情况下与预期不一致。这个结论与现有文献的结论相反,文献认为公司经营效益与公司的股票市场价值具有非常显著的联系(伯纳德1994,布朗1968)。本研究认为,巴基斯坦市场依然缺乏好的公司治理机制,披露的信息不能够有效传导至公司的市场价值中。由于巴基斯坦资本市场中的公司公开的财务信息缺乏详尽度和透明度,效率低下,导致经营效益与公司市场价值之间的关联性很低,因此会误导投资人做出投资决策,。这种偏离市场规范的现象可能是由如下原因导致的,例如日益庞大的家族企业、国有企业以及脆弱的法律执行机制。还需要今后对此进一步研究和细致深入的分析。为了进一步研究和论证本文研究结果,以及检验公开财务信息的有效性,本文通过样本公司的年度报表中的每股收益(EPS)和相应的经济利润(Economic Margin "EM")等指标来分析其盈利能力。研究观测表明这两项指标不存在显著关联性,其中,经济利润值是公司运营和盈利能力的经济价值,反映了公司经过利率和通胀调整后的投资资本获取现金的能力。分析结果支持了本研究假设,即公司发布的财务运营信息并不能反映公司的实际运作状况,从而误导市场投资方向,使得投机力量盛行,从而导致投资者做出错误的投资决策。结果就是公司的经营效益无法在其市场价值中得到相应的体现。影响公司治理的因素还包括当地法律制度漏洞、法律执行力度、组织结构和程序、严重的贪污腐败、脆弱的经济基础设施、制约产业发展的能源短缺以及法律不力、社会秩序混乱导致的政治环境不稳定,这些都可能导致市场上投机行为盛行。因此需要更好的监管机制来确保上市公司信息披露的完整度和透明度,以此增强股票市场的有效性和运行效率,保障全体投资者的利益。
[Abstract]:In the history of the development of enterprises, there have been a lot of corporate fraud and scandals, and even the extent to which the global economy is endangered. This situation has prompted the capital market to develop various mechanisms to control the enterprise so as to maximize the interests of all stakeholders. These mechanisms belong to the category of corporate governance. The basic starting point of corporate governance is to enhance weak governance practices and implement accountability systems and culture within the company.
As the information publicly released by listed companies plays an extremely important role in the operation of the capital market, the capital market can operate healthily only by ensuring the quality and transparency of the information. Only based on the information that is completely transparent but does not damage the competitive advantage of the company, the users of the data can give the reporting company a certain equity. Value. These values are determined by all the factors related to the company, including the financial situation, the capital structure, the operating performance, the prospects, and the social and legal norms that meet the operating market.
For most of the emerging capital markets, in most cases, its ownership is concentrated in the hands of managers, banks and other financial institutions and (or) family businesses in the hands of a family. In most cases, it is unfavourable to protecting small investors. In order to preserve the equity of the market, maintain the sustainable growth of the market and to protect the market. Development requires small investors to understand the effective and reliable information about the company in order to ensure that their economic decisions are based on facts and data, not guesswork.
In the past ten years, the capital market of Pakistan has been greatly developed and has attracted great attention in both domestic and foreign markets. However, as in other emerging markets, it also has financial fraud and financial scandals, especially after the collapse of the market in 2008. Thousands of small investors have caused devastating consequences and lost their life savings. Although careful research on the capital market of Pakistan is very necessary, there is little research on this aspect at present. This paper tries to determine its market status and quality by careful analysis of the public financial information of the listed companies in Pakistan. By obtaining the annual report of the best performance stock in the Pakistan capital market to determine the relationship between the operating situation and the market value of the company's report. This analysis helps to understand the current corporate reporting and corporate governance in Pakistan.
This article tries to confirm the relationship between the public financial information and the market value of the company in order to confirm the disclosure level and transparency of the public information. In addition, this paper also analyzes the annual financial statements to determine the economic value of the return on the investment capital adjusted by inflation and the profitability of the listed companies. The data were taken from the public annual report of the best listed company in 2005 to 2010. The sample came from the KSE100 index component of the Karachi stock exchange, the largest stock exchange in Pakistan, which covered more than 90% of the stock market value of Pakistan. This article selected the annual reports of the top 83 listed companies. In order to meet the requirements of the analysis model, the paper calculates the financial ratios of different basic aspects to meet the requirements of the analysis model. Through the regression of variables such as asset turnover, debt rate, earnings per share, price earnings ratio, asset return rate and flow ratio, the importance of all kinds of public accounting information is determined. The quality of information is verified by a regression analysis of the economic returns of their respective periods by the earnings per share published by the Sample Firms as a dependent variable. All the research methods in this paper use linear regression analysis.
The results show that, by calculating the Tobin's Q ratio, it is found that the relationship between the operating performance of Pakistan listed companies and the market value is very small. In order to study the operating performance of these companies, this paper uses different metrics, including asset turnover, debt ratio, earnings per share, price earnings ratio, and asset collection. These indexes are calculated manually by the information provided by the listed company's published annual reports. In the time period of the acquisition, the individual company performance measurement, such as profit rate, investment return, financial asset portfolio, liquidity and so on, has no significant impact on the company's market value. In contrast to the conclusions of the existing literature, the literature believes that the performance of the company has a very significant relationship with the stock market value of the company (Bernard 1994, Brown 1968). This study believes that the Pakistan market still lacks good. Corporate governance mechanism, the disclosure of information can not be effectively transmitted to the market value of the company. Due to the lack of detailed and transparent financial information in the capital market of Pakistan, the low efficiency and low correlation between the operating efficiency and the market value of the company, it will mislead the investors to make investment decisions. The phenomenon that deviates from the market regulation may be caused by the following reasons, such as the growing family business, the state-owned enterprises and the fragile legal enforcement mechanism. Further research and in-depth analysis are needed in the future.
In order to further study and demonstrate the results of this study, and to test the effectiveness of public financial information, this paper analyzes its profitability through the annual earnings per share (EPS) and the corresponding economic profit (Economic Margin "EM") in the Sample Firms's annual reports. The value of economic profit is the economic value of the company's operation and profitability, reflecting the ability of the company to obtain cash after the adjustment of interest rate and inflation. The result of the analysis supports the hypothesis that the financial operation information issued by the company does not reflect the actual operation of the company, thus misleading the direction of the market investment and making the investment in the market. The power of the machine is prevalent, which leads investors to make wrong investment decisions. The result is that the company's operating efficiency can not be reflected in its market value.
The factors that affect corporate governance include loopholes in the local legal system, legal enforcement, organizational structure and procedures, serious corruption, fragile economic infrastructure, energy shortage in the industrial development and law, and the instability of the political environment caused by the confusion of social order, which may lead to speculation in the market. Therefore, a better regulatory mechanism is needed to ensure the integrity and transparency of information disclosure of listed companies, so as to enhance the efficiency and efficiency of the stock market and protect the interests of all investors.

【学位授予单位】：合肥工业大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F833.53;F279.353

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