Using the data of the abstracts of asset valuation reports disclosed during 2001 and 2002 by the listed companies of Shanghai Stock Exchange,this paper investigates the relationship between the tunneling motivation of...Using the data of the abstracts of asset valuation reports disclosed during 2001 and 2002 by the listed companies of Shanghai Stock Exchange,this paper investigates the relationship between the tunneling motivation of large shareholder and the bias of asset valuation.Our result shows that,when the listed companies receive the asset to be valuated,the value increase rate of asset valuation is significantly higher in the transaction with large shareholder than it in the transaction with other parties,implying that the tunneling behavior of large shareholder through manipulating the asset valuation is prevalent.展开更多
This paper establishes a experiential model about stock price of Chinese listed company by using Feltham Ohlson stock option theory and model, and examines how listed company accounting statement data of China stock m...This paper establishes a experiential model about stock price of Chinese listed company by using Feltham Ohlson stock option theory and model, and examines how listed company accounting statement data of China stock market from 1993 to 2001 affect listed company stock price. It also studies the influence of company growth, capital structure,company core assets profitability and the scale of floating stock on stock price. The result demonstrates that accounting earnings, net assets, the growth of company profitability, company core assets profitability,company scale and the scale of floating stock not only relate with stock price, but also can explain stock price. But capital structure can not explain stock price well.展开更多
文摘Using the data of the abstracts of asset valuation reports disclosed during 2001 and 2002 by the listed companies of Shanghai Stock Exchange,this paper investigates the relationship between the tunneling motivation of large shareholder and the bias of asset valuation.Our result shows that,when the listed companies receive the asset to be valuated,the value increase rate of asset valuation is significantly higher in the transaction with large shareholder than it in the transaction with other parties,implying that the tunneling behavior of large shareholder through manipulating the asset valuation is prevalent.
文摘This paper establishes a experiential model about stock price of Chinese listed company by using Feltham Ohlson stock option theory and model, and examines how listed company accounting statement data of China stock market from 1993 to 2001 affect listed company stock price. It also studies the influence of company growth, capital structure,company core assets profitability and the scale of floating stock on stock price. The result demonstrates that accounting earnings, net assets, the growth of company profitability, company core assets profitability,company scale and the scale of floating stock not only relate with stock price, but also can explain stock price. But capital structure can not explain stock price well.
