股权再融资信息和会计信息对股价影响的实证分析

发布时间：2018-04-15 08:30

  本文选题：股价变动 + 股权再融资信息　； 参考：《广西师范大学》2013年硕士论文

【摘要】：随着金融制度的日益完善,金融知识的逐渐普及,股票随着资本市场的发展走进了人们的生活,沪市和深市投资者开户数合计超过2亿,股市价格的波动直接影响着人们的资产财富,进而影响整个国民经济,因此股价波动的因素一直是金融经济学关注的焦点和热点。造成股市波动的主要因素是市场中的信息,由于公司在市场经济和资本市场中扮演十分重要的角色,所以公司信息成为了投资者重点关注的信息,其中的公司会计信息和公司股权再融资信息也吸引了学术研究者的关注。本文尝试将会计信息与融资信息相结合,研究会计信息与股权再融资信息共同作用下的股价变动,从而判断投资者面对配股,增发信息的时候,是否会参考公司的会计状况做出投资决策。 本文运用了回归分析法,以沪市主板2007年到2012年发布配股和增发公告的上市公司为研究对象,分别从季报中挖掘上市公司的财务数据,从配股和增发公告中挖掘股权再融资信息,与股价的变动建立多元线性回归模型,分析不同的变量对股价变动的影响；此外,还采用统计检验方法对研究变量进行了检验。 从上市公司配股信息、会计信息与股价变化的研究中发现：大盘收益对股价变化的作用是正向的；配股比例与股价变化负相关。投资者在知道配股信息后,主要根据当时是否对股市有信心和“配股说明书”中的配股比例来做投资决策,并没有充分考虑配股公司的盈利能力(每股收益)、成长能力(净资产增长率)和现金流量(每股现金流量净额)。从上市公司增发信息、会计信息与股价变化的研究中发现：大盘走势对股价变化的影响是正向的；每股现金流量净额与股价变化负相关。说明投资者在得知上市公司增发股票的信息后,考虑了当时的市场热情和上市公司的现金流量(每股现金流量净额)来进行投资决策。同时,每股现金流量净额与股价变化负向关系也体现了当现金储备较多的上市增发股票时,投资者会对其融资的目的产生怀疑,产生一定的抵触情绪。针对上述结论,本文从加强监管,引导投资者理性投资,上市公司内部管理方面提出了相关建议。
[Abstract]:With the increasingly perfect financial system and the gradual popularization of financial knowledge, stocks have entered people's lives with the development of the capital market. The total number of accounts opened by investors in Shanghai and Shenzhen stock markets exceeds 200 million.The fluctuation of stock price directly affects people's asset wealth and then the whole national economy, so the factor of stock price fluctuation has always been the focus and hot spot of financial economics.The main factor causing stock market fluctuations is information in the market. Because companies play a very important role in the market economy and capital markets, corporate information has become the focus of attention of investors.Corporate accounting information and corporate equity refinancing information also attracted the attention of academic researchers.This paper attempts to combine accounting information with financing information to study the stock price changes under the joint action of accounting information and equity refinancing information.Whether or not to refer to the company's accounting position to make investment decisions.In this paper, regression analysis is used to analyze the financial data of listed companies from 2007 to 2012, which are published by Shanghai main Board from 2007 to 2012.This paper excavates the information of equity refinancing from the announcement of rights issue and issuance, establishes a multivariate linear regression model with the change of stock price, and analyzes the influence of different variables on the change of stock price. In addition, the statistical test method is used to test the research variables.From the research of the information of rights issue, accounting information and stock price change of listed companies, it is found that the effect of large market income on stock price change is positive, and the proportion of allotment shares is negatively correlated with the change of stock price.After knowing the information about the rights issue, investors mainly make investment decisions based on whether they have confidence in the stock market at that time and the proportion of the rights issue in the "prospectus."The profitability (earnings per share), growth (net asset growth) and cash flow (net cash flow per share) of the rights issue companies are not fully considered.It is found from the research of the additional issuance information, accounting information and stock price change of listed companies that the influence of the market trend on the stock price change is positive, and the net cash flow per share is negatively correlated with the stock price change.The results show that after the investors are informed of the information of the additional shares issued by the listed companies, they take into account the current market enthusiasm and the cash flow (net cash flow per share) of the listed companies to make investment decisions.At the same time, the negative relationship between the net cash flow per share and the change of the stock price also shows that when the listed and issued stocks have more cash reserves, the investors will have doubts about the purpose of their financing, and a certain amount of resistance.In view of the above conclusions, this paper puts forward some relevant suggestions from the aspects of strengthening supervision, guiding investors to invest rationally, and internal management of listed companies.
【学位授予单位】：广西师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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