中小板上市公司股价影响因素研究

发布时间：2018-01-12 16:02

本文关键词：中小板上市公司股价影响因素研究　出处：《哈尔滨工程大学》2012年硕士论文　论文类型：学位论文

【摘要】：中小板市场自2004年推出至今，八年来无论是在上市公司家数、筹资总额还是市价总值等方面都得到了充分的发展。而中小板上市公司的股价也表现出诸多不同于主板市场的特点，股价的这些特点是由其公司特点所决定的还是其股价的有效性存在问题，这是我们所关心的。本文首先对中小板上市公司及其股价的特点进行了概括分析；然后在此基础上提炼出中小板上市公司股价的影响因素，并对其进行理论分析，确定的影响因素包括上市公司的盈利能力、成长能力、资本结构、股权结构、公司规模和信息披露质量六个方面；接着对这些因素指标进行主成分分析并建立回归模型，选取2008-2010年的数据对93家中小板上市公司进行实证分析，实证分析结果表明：与中小板上市公司股价相关性较强的指标依次是盈利能力因子、成长能力因子、资本结构因子、机构投资者持股比例和总资产规模，中小板上市公司股价与第一大股东持股比例具有微弱的正相关关系，与信息披露质量不具有显著相关关系，，三年来中小板上市公司股价与资本结构因子和总资产规模的负相关性有所减弱，与盈利能力因子、成长能力因子和机构投资者持股比例的正相关性有所增强；最后根据上述的分析对提高我国中小板上市公司股价的有效性提出对策建议。
[Abstract]:Since 2004, the small and medium board market has been launched since then, in the past eight years, whether in the number of listed companies. The total amount of financing or the total market value has been fully developed, and the share price of the small and medium board listed companies also shows many characteristics different from the main board market. We are concerned whether these characteristics of stock price are determined by the characteristics of the company or whether there are problems with the validity of the stock price. In this paper, the characteristics of small and medium board listed companies and their stock prices are analyzed. Then on the basis of the extraction of the small and medium board listed company stock price influencing factors and theoretical analysis, determine the factors including the profitability of listed companies, growth capacity, capital structure, equity structure. Company size and information disclosure quality; Then the main component analysis of these factors and the establishment of a regression model, selected from 2008 to 2010 data to 93 small and medium-sized board listed companies for empirical analysis. The empirical results show that: the indicators of strong correlation with the stock price of small and medium-sized listed companies are profitability factor, growth ability factor, capital structure factor, institutional investor shareholding ratio and total asset size. There is a weak positive correlation between the share price of small and medium-sized listed companies and the proportion of the largest shareholders, but no significant correlation with the quality of information disclosure. In the past three years, the negative correlation between stock price and capital structure factor and total asset size has been weakened, and the positive correlation with profitability factor, growth ability factor and institutional investor holding ratio has been strengthened. Finally, according to the above analysis, countermeasures and suggestions are put forward to improve the stock price effectiveness of Chinese small and medium board listed companies.
【学位授予单位】：哈尔滨工程大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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