ความสามารถในการอธิบายราคาหลักทรัพย์ของมูลค่าตามบัญชีและกำไรสุทธิของบริษัทที่จดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

Abstract

The objective of this independent study was to investigate the value relevance of the book value and net income of listed companies in The Stock Exchange of Thailand, after the mandatory adoption of accounting standards in 2011. Data were collected from a Data Stream database and The Securities and Exchange Commission website. Book value and net income data were collected from 2008 to 2012, and stock prices were collected from 2009 to 2013 with a total of 1,583 samples. The data was analyzed using multiple regression analysis to explore the relationship between dependent variables and independent variables. The results were based on the adjusted R-squared and the incremental R-squared. The results showed that all variables, book value and net income positively related to stock price. This study also demonstrated that the incremental value relevance of book value and net income had increased for the sample period. Moreover, the results also showed that subsequent to the mandatory adoption of accounting standards in 2011, the value relevance of book value and net income increasingly explained stock price. Net income was shown to explain stock price better than book value, both before and after the mandatory adoption of accounting standards in 2011.