会计信息影响股票价格的路径：理论、模型和实证研究

发布时间：2018-05-11 12:58

本文选题：会计信息 + 会计信息传播　；参考：《华北电力大学(北京)》2017年硕士论文

【摘要】：会计信息是资本市场信息的主要来源,是影响投资者投资决策以及股票价格的重要因素。会计信息透漏出企业的盈利情况以及企业价值,股票价格对应投资者对企业价值的期望值。会计信息是指通过资产负债表、利润表、现金流量表以及附注等形式表现出来的,揭露公司或者企事业单位一段时期的财务状况和经营成果的信息。会计信息是投资者制定投资策略的主要参考依据。本文通过对会计信息影响股票价格的路径研究,分析了以市盈率为会计信息代理变量的信息传播对股票价格的影响路径,为会计信息的研究提供了一种新模式——即会计信息影响的路径研究,证明了会计信息在中国股票市场中的作用,从而为投资者在投资时使用财务数据提供理论依据。本文构建了影响路径的多元线性回归模型,并选取样本会计数据以及解释变量,通过模型参数估计及检验得出实证结果即在弱势有效市场模式下,新公布的会计信息传播会引起股票价格波动。本文创新主要首先体现在分析了三种不同传播方式影响股票价格的机理,并进一步地分析了股票价格对三种不同传播方式的反应及其特征。其次,本文提出了会计信息影响股票价格的路径,并通过构造两个虚拟变量—会计信息泄露与官方公布信息,来研究会计信息影响股票价格的路径。最终得出股票价格与会计信息“解读”与“反馈”—成交量和会计信息传播方式(口口传播、传统媒体传播、网络传播)—公众关注度显著相关的结论。
[Abstract]:Accounting information is the main source of capital market information and an important factor influencing investors' investment decision and stock price. Accounting information reveals the profit of the enterprise and the value of the enterprise, and the stock price corresponds to the expected value of the investor to the enterprise value. Accounting information refers to the form of balance sheet, profit statement, cash flow statement and notes, which reveal the financial status and operating results of the company or enterprise for a period of time. Accounting information is the main reference basis for investors to make investment strategy. Through the research on the path of accounting information influencing stock price, this paper analyzes the influence path of information transmission on stock price, which takes the price-earnings ratio as the accounting information proxy variable. This paper provides a new mode for the study of accounting information, that is, the path study of the influence of accounting information, and proves the role of accounting information in Chinese stock market, thus providing a theoretical basis for investors to use financial data when investing. This paper constructs a multivariate linear regression model that affects the path and selects sample accounting data and explanatory variables. The empirical results are obtained by estimating and testing the model parameters, that is, under the weak efficient market model. The dissemination of newly released accounting information will cause stock price fluctuations. The innovation of this paper is mainly reflected in the analysis of the mechanism of three different modes of communication affecting the stock price, and the further analysis of the reaction and characteristics of the stock price to the three different modes of communication. Secondly, this paper puts forward the path of accounting information influencing stock price, and studies the path of accounting information influencing stock price by constructing two virtual variables-accounting information leakage and official disclosure information. Finally, the paper draws the conclusion that stock price and accounting information are "interpreted" and "feedback"-transaction volume and accounting information communication modes (mouth communication, traditional media communication, network communication) are significantly related to public attention.
【学位授予单位】：华北电力大学(北京)
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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