我国上市公司财务信息对股票价格影响的研究

发布时间：2018-06-17 16:47

本文选题：剩余收益估价模型 + 股票价格　；参考：《南京师范大学》2012年硕士论文

【摘要】：早在1968年西方学术界就证明了会计收益和股票价格之间存在相关的联系,此后就出现了大量有关这一方面的研究文献。国外的研究结果表明,会计信息的确向证券市场传递了新信息,亦即会计信息在证券市场上是有用的。我国股市仍然属于新兴市场,其体系及主体的成熟度尚浅,从一个角度讲它正在摸索中前进,另一个角度来说它也有其自身的特殊性。在这种特殊环境下,我国证券市场上的公开财务信息与股票价格的相关程度如何?哪些财务指标会影响股票价格?不同的财务信息如何影响投资者的投资决策?这些都是需要我们解决的问题。本文首先对国内、国外的相关实证研究进行了回顾,然后对会计信息和股价相关性的理论基础进行了梳理,并且经过对比分析得出,对于中国上市公司的各项会计信息对股价影响程度的评价可以选择剩余收益定价模型,这一模型经过了国内外学者的多次验证,得出了很好的分析结果。最后基于剩余收益定价模型对我国上市公司财务信息对股价的影响进行实证检验,并对不同时点的数据相关性的回归结果进行了比较和分析。结果显示我国上市公司的财务指标与股价有一定的相关性,并且随着时间的推移,相关性不断增加。由于中国证券市场有其自身的特点,因此在指标的选择等方面应进行适当的修正。从本文实证分析结果来看,反映公司盈利能力的每股收益指标、反映公司现金流量的每股经营现金流量指标对公司股价的解释力度相对较高,反映公司成长能力的指标对公司的股价也具有一定的解释能力。
[Abstract]:As early as 1968, the western academic circles proved that there was a correlation between the accounting income and the stock price, and since then there have been a lot of research papers on this aspect. The results of foreign studies show that accounting information does transmit new information to the securities market, that is, accounting information is useful in the securities market. The stock market of our country still belongs to the emerging market, the maturity of its system and main body is still shallow, from one angle it is groping forward, the other point of view it also has its own particularity. In this special environment, what is the correlation between the public financial information and the stock price in China's securities market? What financial indicators affect stock prices? How does different financial information affect investors' investment decisions? These are all problems that we need to solve. This paper first reviews the relevant empirical studies at home and abroad, then combs the theoretical basis of the correlation between accounting information and stock price, and through comparative analysis, For the evaluation of the influence of accounting information on the stock price of listed companies in China, the residual income pricing model can be selected. This model has been verified many times by domestic and foreign scholars, and the analysis results are very good. Finally, based on the residual income pricing model, this paper makes an empirical test on the impact of financial information on the stock price of listed companies in China, and compares and analyzes the regression results of data correlation at different points. The results show that there is a certain correlation between the financial index and stock price of listed companies in China, and with the passage of time, the correlation continues to increase. Since China's securities market has its own characteristics, the selection of indicators and other aspects should be properly revised. From the empirical analysis results, the EPS index, which reflects the profitability of the company, and the operating cash flow per share index, which reflects the cash flow of the company, has a relatively high explanation for the share price of the company. The index reflecting the growth ability of the company also has a certain explanatory power to explain the stock price of the company.
【学位授予单位】：南京师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275;F224

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