递延所得税与股票定价——基于剩余收益估值模型的经验证据  

Deferred Income Tax and Stock Price： Empirical Evidence based on Residual Income Valuation Model

作　　者：郑立东[1] 程小可[1] 夏焱焱[1] 

机构地区：[1]北京交通大学经济管理学院

出　　处：《中大管理研究》2012年第4期95-113,共19页China Management Studies

基　　金：国家自然科学基金项目(编号:70802006)、(编号:71272055);北京交通大学基本科研业务费(编号:KBJB12030536)的阶段性成果

摘　　要：基于剩余收益估值模型。文章探讨了递延所得税的价值相关性。研究发现：（1）递延所得税净资产对公司价值具有显著解释力；（2）每股递延所得税净资产比扣除递延所得税净资产后的每股净资产的价值相关性更高；（3）递延所得税资产比递延所得税负债的价值相关性更高；（4）基于消除规模效应的模型以及加入控制变量后，每股递延所得税资产以及每股递延所得税负债均能显著解释价值增长率。Based on residual income relevance of the deferred valuation model, income tax items this paper mainly explores the value We find that： （1） The net deferred income tax asset has significant explanatory power for firm value. （2） The value relevance of net deferred income tax asset per share is higher than that of net asset per share that deducts net deferred income tax asset. （3） Deferred income tax asset has higher value relevance than that of deferred income tax liability. （4） In addition. based on the model specification that mitigates the scale effiects, we find that deferred income tax asset per share and deferred income tax liability per share still have significant explanatory power for the growth of firm value, and the related empirical results remain the same when some controlling variables enter into above regressions.

关 键 词：递延所得税资产 递延所得税负债 价值相关性 

分 类 号：F832.51[经济管理—金融学] F812.42F224