يهدف هذا البحث إلى اختبار العلاقة بين المعلومات المحاسبية المنشورة في التقارير المالية الأولية و أسعار أسهم الشركات المدرجة في سوق دمشق للأوراق المالية، و ذلك من أجل تقييم منفعة تلك المعلومات بالنسبة للمستثمرين في السوق. باستخدام نموذج انحدار السعر و الذي يقوم على ربط سعر السهم بكل من القيمة الدفترية للسهم و ربحية السهم خلال الفترة الواقعة بين عامي 2009 و 2012، أظهرت نتائج الدراسة (1) أن المعلومات المحاسبية الواردة في التقارير المالية الأولية هي معلومات ذات منفعة بالنسبة للمستثمر (2) أن لربحية السهم تأثيراً أكبر على سعر السهم بالمقارنة مع القيمة الدفترية له (3) بالمقارنة مع التقارير المالية النهائية، كانت التقارير المالية الأولية أكثر منفعة من حيث المعلومات الواردة في قائمة المركز المالي، بينما كانت أقل منفعة من حيث معلومات قائمة الدخل.
The objective of this study is to examine the relationship between accounting information and stock prices of listed companies on Damascus Stock Exchange in order to assess the usefulness of accounting information for investor’s decisions. Price Regression Model has been used to measure the explanatory power of book value and earnings in relation to variations in stock prices during the period from 2009 to 2012. The findings show that (1) preliminary financial reports provide useful accounting information for investors (2) earnings per share has a stronger impact on stock prices than book value (3) in comparison with final financial reports, balance sheet accounting information were more useful; whereas, income statement information were less useful.
References used
ANDRIANTOMO, A.; YUDIANTI, N. .The Value Relevance of Accounting Information at Indonesia Stock Exchange. The 2013 IBEA, International Conference on Business, Economics, and Accounting 20 – 23 March 2013, Bangkok – Thailand, Working Paper
AMIR, E.; HARRIS, T.; VENUTI, E. A Comparison of the Value-Relevance of U.S. versus Non-U.S. GAAP Accounting Measures Using Form 20-F Reconciliations. Journal of Accounting Research, Vol. 31 Supplement 1993, 230-264
GHAYOUMI, A.; NAYERI, M.; ANSARI, M.; RAEESI, T. Value-Relevance of Accounting Information: Evidence from Iranian Emerging Stock Exchange. World Academy of Science, Engineering and Technology, Vol. 78, 2011, 124-129
GLEZAKOS, M.; MYLONAKIS, J.; KAFOUROS,C. The Impact of Accounting Information on Stock Prices: Evidence from the Athens Stock Exchange. International Journal of Economics and Finance Vol. 4, No. 2; 2012, 56-68
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