我国中小企业板上市公司会计信息与股价相关性研究

发布时间：2017-12-31 23:32

本文关键词：我国中小企业板上市公司会计信息与股价相关性研究　出处：《南京大学》2012年硕士论文　论文类型：学位论文

【摘要】：国内外研究表明,上市公司披露的会计信息已成为股价分析的重要依据。关于上市公司会计信息与股价的相关性研究,不仅可以验证股票市场的效率,同时能够为公司投资者的决策制定提供理论依据。本文对中小企业板上市公司会计信息价值相关性的研究同样可以验证中小企业板市场的效率,对中小企业投资者的决策有一定的借鉴意义。本文首先介绍了会计信息与股价相关性研究的理论基础,分析不同的研究模型,引入O-F模型,以2008年-2010年195家上市公司为样本进行实证分析,来研究我国中小企业板上市公司会计信息价值相关性,同时对样本公司进行了分行业研究。笔者还结合中小企业板上市公司的特点对O-F模型进行拓展,在此基础上研究中小企业板上市公司会计信息与股价的相关性。本文的主要结论包括：(1)2008年,每股收益、每股净资产与股价呈显著正相关关系。2009年和2010年,每股收益、每股净资产与股价没有显著的相关性,而且两者对股价的解释能力也很小。(2)制造业会计信息与股价的相关性要高于其他行业。(3)通过O-F模型的拓展模型研究得出,净利润增长率、资产负债率与股价有一定的相关性,但显著性不高。上述结论总体上表明,我国中小企业板上市公司会计信息与股价的相关性不明显,即中小企业板市场还不是有效的。
[Abstract]:The domestic and foreign research shows that the accounting information disclosure of listed companies has become an important basis for analysis of the stock price. Research on the relationship of accounting information and stock price of listed companies, can not only verify the efficiency of the stock market, and can provide a theoretical basis for investor's decision making. This paper research on the efficiency of small and medium sized enterprises board the value relevance of accounting information in listed companies we can demonstrate the SME board market, has a certain significance for the small and medium-sized investors decision-making.
This paper first introduces the theoretical basis of the correlation between accounting information and stock price, analysis of different models, the introduction of the O-F model, in 2008 -2010 of 195 listed companies as the sample of empirical analysis, to study China's SME board listed companies accounting information value relevance, while the Sample Firms of the characteristics of the industry research. According to the SME board listed companies on the O-F model is extended to the relevance of accounting information and stock price of listed companies on the SME board on the basis of this.
The main conclusions of this paper include: (1) 2008, earnings per share, net assets per share and stock price has a significant positive correlation between.2009 and 2010, earnings per share, no significant correlation between the net assets per share and stock price, and both of the explanatory power of stock prices is very small. (2) correlation between manufacturing accounting information and stock price much higher than other industries. (3) the O-F model development model of net profit growth rate, there is a certain correlation between asset liability ratio and stock price, but is not very significant.
The above conclusion shows that the correlation between the accounting information and the stock price of the listed companies of small and medium enterprises is not obvious, that is, the SME board market is not effective.

【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【引证文献】