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首页> 外文学位 >Cash flow and security valuation: An empirical analysis of financial statement accounting earning models on security returns of Japanese Keiretsu firms.
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Cash flow and security valuation: An empirical analysis of financial statement accounting earning models on security returns of Japanese Keiretsu firms.

机译：现金流量和证券估值：对日本Keiretsu公司证券收益的财务报表会计盈利模型的实证分析。

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摘要

The Japanese equity market is the second largest in the world. In today's global economy, virtually all fund managers worldwide have holdings in Japanese capital markets. Even with Japan's premier status in global capital markets and prominence in international financial affairs, little empirical research exists which links security returns of Japanese firms with fundamental accounting variables. Moreover, extant research fails to address the impact of culture on firm performance.; This research extends empirical literature on three fronts: (1) economic impact of the Keiretsu, (2) association between fundamental accounting variables and security returns and (3) cultural influence upon accounting. This was done by using data on 100 Japanese firms listed on the Tokyo Stock Exchange. The research evaluated whether fundamental accounting variables of firms that are part of Japanese groups (keiretsu) significantly influence the firms security returns. It is hypothesized that various financial accounting variables (i.e. cash flow, book to market etc.) significantly influence Japanese keiretsu firms' security returns. Results were examined in the context of Japanese culture. The empirical results from this analysis reject the null hypothesis that keiretsu affiliation significantly affects a firm's return. The study further suggests that the degree, to which accounting variables influence security valuation, varies little, based upon a firm's affiliation with Japanese groups.
机译：日本股票市场是世界第二大股票市场。在当今的全球经济中，全球几乎所有基金管理人都在日本资本市场持有股票。即使日本在全球资本市场上处于首要地位，并且在国际金融事务中占有突出地位，也很少有将日本公司的证券收益与基本会计变量联系起来的实证研究。而且，现有的研究未能解决文化对企业绩效的影响。这项研究在三个方面扩展了经验文献：（1）Keiretsu的经济影响;（2）基本会计变量与证券收益之间的关联;（3）对会计的文化影响。这是通过使用在东京证券交易所上市的100家日本公司的数据完成的。该研究评估了属于日本集团（keiretsu）的公司的基本会计变量是否对公司的证券收益产生重大影响。假设各种财务会计变量（即现金流量，账面市价等）对日本keiretsu公司的证券收益有重大影响。在日本文化背景下检查了结果。该分析的经验结果拒绝了零散假设，即keiretsu隶属关系会严重影响企业的回报。这项研究进一步表明，会计变量影响证券估值的程度根据企业与日本集团的隶属关系变化不大。

著录项

  • 作者

    Childs-Leatherbury, Linda C.;

  • 作者单位

    The Union Institute.;

  • 授予单位 The Union Institute.;
  • 学科 Business Administration Accounting.; Economics Commerce-Business.
  • 学位 Ph.D.
  • 年度 2002
  • 页码 76 p.
  • 总页数 76
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财务管理、经济核算;贸易经济;
  • 关键词

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