上市公司会计信息与股票价格相关性研究

发布时间：2018-05-15 10:36

本文选题：会计信息 + 股票价格　；参考：《辽宁大学》2012年硕士论文

【摘要】：股票价格瞬息万变，股票价格的形成是多种因素共同作用的结果，而在众多影响因素中，企业对外公布的财务报告所包含的会计信息对投资者决策的影响尤其显著。广大投资者关注的重点是上市公司财务报告中所包含的会计信息，其所传递的信息是从事投资所需的最基本信息，而财务指标则浓缩了财务报告中的大部分会计信息，正因为如此人们对财务指标与股票价格的相关性研究越来越重视，，对会计信息与股票价格之间是否相关及其相关程度如何进行量化分析和验证有助于投资者完善投资决策。会计信息，作为证券市场信息主要来源，在股票价格的形成，投资者投资决策中发挥着重要作用。我国证券市场的会计信息是否与股票价格相关，是否具有价值相关性？首先需要确定会计信息与股票价格的是否具有相关关系，在奥尔森的剩余收益模型基础上，进一步引入较全面反映公司总体财务状况的财务指标体系，进行相关分析，使用SPSS统计软件，对沪市的800余家非金融类上市公司2008年至2010年的财务数据与股票价格的相关性进行实证研究，检验上市公司提供的会计信息是否与股票价格相关；如果相关，对各会计指标与股票价格的相关性程度，进行量化、比较，揭示出其存在的统计规律性特征，证明了会计信息在我国股票市场中确实发挥了重要的作用，从而为投资者在投资时使用财务报表数据提供了理论依据和决策工具，力求为我国信息披露制度的完善提供一些启示。
[Abstract]:The stock price is changing rapidly and the formation of the stock price is the result of the joint action of many factors. Among the many influencing factors, the accounting information contained in the financial report published by the enterprise has a significant impact on the investor's decision. The majority of investors focus on the accounting information contained in the financial reports of listed companies. The information it conveys is the most basic information needed to engage in investment, and the financial indicators concentrate most of the accounting information in the financial reports. Because of this, people pay more and more attention to the correlation between financial index and stock price. The quantitative analysis and verification of the correlation between accounting information and stock price is helpful for investors to improve their investment decision. As the main source of stock market information, accounting information plays an important role in the formation of stock price and investor's investment decision. Is the accounting information of China's securities market related to the stock price, and is it of value relevance? First of all, we need to determine whether accounting information has a correlation with the stock price. On the basis of Olson's residual income model, we further introduce a financial index system that comprehensively reflects the overall financial situation of the company, and carry out the relevant analysis. Using SPSS statistical software, the correlation between financial data and stock price of more than 800 non-financial listed companies in Shanghai stock market from 2008 to 2010 is studied, to test whether accounting information provided by listed companies is related to stock price; if so, This paper quantifies and compares the correlation between accounting indexes and stock prices, reveals the statistical characteristics of their existence, and proves that accounting information has played an important role in China's stock market. Therefore, it provides a theoretical basis and a decision tool for investors to use financial statement data when investing, and tries to provide some enlightenment for the perfection of information disclosure system in China.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F233;F224

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