会计信息与企业价值判断——基于农业类上市企业经验数据  

Accounting Information and Enterprise Value Judgment——Based on the Empirical Data of Listed Agricultural Enterprises

作　　者：钟倩 王火根[1] 肖小玮[1] ZHONG Qian;WANG Huo-gen;XIAO Xiao-wei(School of Economics and Management,Jiangxi Agricultural University,Nanchang 330045)

机构地区：[1]江西农业大学经济管理学院

出　　处：《财务与金融》2022年第5期8-12,21,共6页Accounting and Finance

基　　金：国家自然科学基金项目“基于生态循环视角的种养结合模式:绩效测度、协同机制及政策扶持”(71963018)。

摘　　要：在资本市场弱势有效的情况下,会计信息是企业价值判断和盈利预测的关键信息。已有研究缺少对行业特色明显的农业类上市企业的理论阐释和实证证据,基于此,本文以2010-2019年农林牧渔行业上市企业的财务数据为研究对象,采用多元回归方法检验盈利性、成长性、现金流与企业价值判断的关系。研究发现:(1)高盈利性、高成长性和高现金流水平的企业更受短期投资者青睐;(2)农业类企业的成长性普遍偏低,但市场却看好农业类企业的成长能力;(3)经营性现金流与企业价值判断呈现一定的相关性。本文结论可以为投资者理性投资以及企业经营决策提供有益参考。In the case of weak and effective capital market, accounting information is the key information of enterprise value judgment and profit forecast. Existing studies lack theoretical interpretation and empirical evidence for listed agricultural enterprises with obvious industry characteristics. Based on this, this paper takes the financial data of listed enterprises in agriculture, forestry, husbandry and fishery industries from 2010 to 2019 as the research object, and adopts multiple regression method to test the relationship between profitability, growth, cash flow and enterprise value judgment. The results show that:(1)Enterprises with high profitability, high growth and high cash flow level are more favored by short-term investors;(2) The growth of agricultural enterprises is generally low, but the market is optimistic about the growth ability of agricultural enterprises;(3) There is a certain correlation between operating cash flow and enterprise value judgment. The conclusion of this paper can provide useful reference for investors to make rational investment and enterprise management decision.

关 键 词：会计信息 企业价值 农林牧渔行业 盈利预测 

分 类 号：F230[经济管理—会计学]