会计基本面信息与股价的相关性研究

发布时间：2018-05-11 15:29

本文选题：会计基本面信息 + 股票价格　；参考：《广东财经大学》2017年硕士论文

【摘要】：通过分析影响股价的财务数据来进行价值投资,成为股民的共识。因此研究会计基本面信息与股价的联系具有重要的意义。本文选取了5个具有代表性的基本面指标,即每股收益、每股净资产、每股经营现金流、销售净利率和资产负债率,选取了8个行业,即能源行业、钢铁行业、汽车行业、家电行业、食品行业、房地产行业、通信设备行业和电力行业,分行业分析基本面信息与股价的相关性,结论表明不同行业具有不同的特点。本文的创新之处在于分行业研究,可帮助股民根据行业进行选股,提出相应的投资建议。本文共分为六个部分,第一部分绪论介绍了本文的研究背景与意义、研究思路与创新,对本文的基本概念做了界定,为后面的研究奠定基础。第二部分研究综述介绍了与本文研究有关的国内外研究文献,从股价影响因素、会计基本面指标、会计信息价值相关性三个方面进行了介绍。第三部分介绍了股价的影响因素。第四部分介绍了常用财务分析指标和本文选择这5个会计基本面指标的原因。第五部分选择八个行业的会计基本面指标与股价的相关性进行实证分析。第六部分,研究结论与建议,结论认为我国上市公司财务指标与股价存在确定相关性,建议投资者充分利用基本面指标进行价值投资。本文的主要贡献在于,不同行业的企业其会计基本面指标对股价有不同影响,因此。在进行投资决策时,要依据企业所在行业,有区别地来使用基本面指标。
[Abstract]:By analyzing the financial data that affect the stock price to carry on the value investment, it becomes the consensus of the shareholders. Therefore, it is of great significance to study the relationship between accounting fundamental information and stock price. This paper selects five representative fundamental indicators, namely, earnings per share, net assets per share, operating cash flow per share, net interest rate of sales and asset-liability ratio, and eight industries, namely, energy industry, steel industry, automobile industry, etc. Home appliance industry, food industry, real estate industry, communication equipment industry and electric power industry, analysis of the correlation between fundamental information and stock price by industry, the conclusion shows that different industries have different characteristics. The innovation of this paper lies in the research of different industries, which can help shareholders to select stocks according to the industry and put forward corresponding investment suggestions. This paper is divided into six parts. The first part introduces the research background and significance, research ideas and innovation, defines the basic concepts of this paper, and lays a foundation for the later research. The second part introduces the domestic and foreign research literature related to this research, from three aspects: the influence factors of stock price, the accounting basic index, and the correlation of accounting information value. The third part introduces the influence factors of stock price. The fourth part introduces the common financial analysis indicators and the reasons why this paper selects the five accounting fundamentals. In the fifth part, the correlation between accounting fundamentals and stock price in eight industries is analyzed empirically. In the sixth part, the conclusions and recommendations of the study are that there is a definite correlation between the financial index and the stock price of listed companies in China, and it is suggested that investors should make full use of the fundamental index to carry out the value investment. The main contribution of this paper is that the accounting fundamentals of enterprises in different industries have different effects on stock prices. When making investment decision, we should use the fundamental index differently according to the industry in which the enterprise is located.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

【参考文献】