公司盈余对股票价格影响的研究

发布时间：2018-01-11 22:29

本文关键词：公司盈余对股票价格影响的研究　出处：《新疆财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：上市公司的财务信息是否与股票价格之间存在关系，这种关系有多大，，对于投资者意义重大，因为投资者根据上市公司财务信息尤其是公司盈余做出是否买卖股票的决定。本文根据上市公司从2001年1月到2013年6月发布的财务报表，通过对季度数据进行处理，得到样本，分别研究了前期的公司盈余和同期的公司盈余与股票价格之间的相关性。本文运用经济计量方法，进行实证研究，在运用截面数据进行相关性回归分析的同时，比较不同时点数据相关性回归分析的结果，分析上市公司盈余与股票价格的相关性大小与变化趋势以及上市公司盈余对股票价格的影响力的大小与变化趋势。本文的研究结果表明，虽然理论上公司盈余与股票价格应该是显著相关的，但是实际上在中国股市并非如此。尽管在中国股市，上市公司盈余与其公司股票价格之间存在一定的相关性，但是其相关性并不显著。本文将运用经验研究，案例分析等方法试图从中国股市自身找出原因，并提出相关政策建议。政府行为、庄家操纵股价行为、投资者结构、上市公司自身的缺陷导致我国股市盈余指标对股票价格的影响力较弱。为了增加公司盈余信息的可信度和公司盈余信息对股票价格的影响程度，进而提高股市的有效性，本文提出规范政府行为、打击庄家操纵股价、完善股市投资者结构、规范上市公司的行为等改进措施。
[Abstract]:Whether there is a relationship between financial information and stock price of listed companies, and how big this relationship is, is of great significance to investors. Because investors make a decision whether to buy or sell stocks according to the financial information of listed companies, especially the company earnings. This paper based on the financial statements issued by listed companies from January 2001 to June 2013. By processing the quarterly data, we get the sample, and study the correlation between the earnings and the stock price. In this paper, econometric method, empirical research, using cross-section data correlation regression analysis, at the same time, to compare the results of data correlation regression at different points. This paper analyzes the correlation between earnings and stock price of listed companies and the trend of change, as well as the influence of earnings of listed companies on stock prices. The results of this paper show that although the theory of corporate earnings and stock prices should be significantly correlated, in fact, this is not the case in China stock market, although in China stock market. There is a certain correlation between the earnings of listed companies and their stock prices, but the correlation is not significant. This paper will use empirical research, case study and other methods to try to find out the reasons from the Chinese stock market itself. And put forward relevant policy recommendations. Government behavior, manipulation of stock prices by makers, investor structure. In order to increase the credibility of earnings information and the degree of influence of earnings information on stock prices, China's stock market earnings index has a weak influence on the stock price. In order to improve the effectiveness of the stock market, this paper puts forward some improvement measures, such as standardizing the government behavior, cracking down on the bookmakers manipulating the stock price, perfecting the stock market investor structure and standardizing the behavior of the listed companies.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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