تختبر هذه الدراسة ملاءمة قيمة المعلومات المحاسبية المتمثلة بالأرباح و القيم الدفترية للشركات المدرجة في سوق دمشق للأوراق المالية. تعتمد الدراسة على نموذج العائد المطور من قبل Easton & Harris (1991)، و على نموذج السعر المطور من قبل Ohlson (1995) باستخدام بيانات القوائم المالية السنوية خلال الفترة الممتدة من 2009-2012. تظهر نتائج الدراسة بأن الأرباح المحاسبية ملائمة القيمة لتفسير التغيرات في عوائد الأسهم و بأن متغير التغير في الأرباح يرتبط إيجابياً و بشكل معنوي مع عوائد الأسهم، أما متغير مستوى الأرباح لا يرتبط معنوياً مع العائد المتراكم. و وفق نموذج السعر فإن ربحية كل سهم و قيمته الدفترية ترتبطان إيجابياً و بشكل معنوي مع سعر السهم، لذلك فإن قائمة الدخل و الميزانية العمومية تعكسان معلومات ملائمة القيمة للمستثمرين في سوق دمشق للأوراق المالية، و تتمثل هذه المعلومات بالأرباح و القيم الدفترية، إلا أن متغير مستوى الأرباح في نموذج العائد لا يفسر التغيرات في العائد المتراكم.
This study examines the relevance-value of accounting information represented by
earnings and book values for firms listed on Damascus Stock Exchange. This study is
based on the Return Model developed by Easton & Harris (1991), and on the Price Model
developed by Ohlson (1995).The researcher uses the annual data of the financial
statements from 2009 to 2012. The results of this study show that accounting earnings are
value-relevant to explaining the changes in stock returns, and that the change-variable in
earnings correlates positively and significantly with cumulative return, but earnings level
variable does not related significantly to cumulative returns. Based on the price model, the
earnings of each share and its book-value relate positively and significantly to share-price.
Therefore, income statements and balance sheets reflect value-relevant information for
investors at Damascus Stock Exchange. This information is represented by accounting
earnings and book values, but the variable of earnings level does not explain the changes in
cumulative returns.
References used
ALFARAIH, M. & ALANEZI, F. The Usefulness of Earnings and Book Value for Equity Valuation to Kuwait Stock Exchange Participants. International Business & Economics Research Journal. Vol. 10, No, 1, 2011, 73-89
ALALI, A, F. & FOOTE, S, P. The Value Relevance of International Financial Reporting Standards: Empirical Evidence in an Emerging Market. The International Journal of Accounting. Vol. 47, No. 1, 2012, 85-108
ANANDARAJAN, A. & HASAN, I. Value Relevance of Earnings: Evidence from Middle Eastern and North African Countries. Advances in Accounting, incorporating Advances in International Accounting. Vol. 26, No. 2 , 2010, 270- 279
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