本文關(guān)鍵詞：我國中小企業(yè)板上市公司會計信息與股價相關(guān)性研究　出處：《南京大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 會計信息 股價 中小企業(yè)板 O-F模型

【摘要】：國內(nèi)外研究表明,上市公司披露的會計信息已成為股價分析的重要依據(jù)。關(guān)于上市公司會計信息與股價的相關(guān)性研究,不僅可以驗證股票市場的效率,同時能夠為公司投資者的決策制定提供理論依據(jù)。本文對中小企業(yè)板上市公司會計信息價值相關(guān)性的研究同樣可以驗證中小企業(yè)板市場的效率,對中小企業(yè)投資者的決策有一定的借鑒意義。 本文首先介紹了會計信息與股價相關(guān)性研究的理論基礎(chǔ),分析不同的研究模型,引入O-F模型,以2008年-2010年195家上市公司為樣本進行實證分析,來研究我國中小企業(yè)板上市公司會計信息價值相關(guān)性,同時對樣本公司進行了分行業(yè)研究。筆者還結(jié)合中小企業(yè)板上市公司的特點對O-F模型進行拓展,在此基礎(chǔ)上研究中小企業(yè)板上市公司會計信息與股價的相關(guān)性。 本文的主要結(jié)論包括：(1)2008年,每股收益、每股凈資產(chǎn)與股價呈顯著正相關(guān)關(guān)系。2009年和2010年,每股收益、每股凈資產(chǎn)與股價沒有顯著的相關(guān)性,而且兩者對股價的解釋能力也很小。(2)制造業(yè)會計信息與股價的相關(guān)性要高于其他行業(yè)。(3)通過O-F模型的拓展模型研究得出,凈利潤增長率、資產(chǎn)負債率與股價有一定的相關(guān)性,但顯著性不高。 上述結(jié)論總體上表明,我國中小企業(yè)板上市公司會計信息與股價的相關(guān)性不明顯,即中小企業(yè)板市場還不是有效的。
[Abstract]:The domestic and foreign research shows that the accounting information disclosure of listed companies has become an important basis for analysis of the stock price. Research on the relationship of accounting information and stock price of listed companies, can not only verify the efficiency of the stock market, and can provide a theoretical basis for investor's decision making. This paper research on the efficiency of small and medium sized enterprises board the value relevance of accounting information in listed companies we can demonstrate the SME board market, has a certain significance for the small and medium-sized investors decision-making.
This paper first introduces the theoretical basis of the correlation between accounting information and stock price, analysis of different models, the introduction of the O-F model, in 2008 -2010 of 195 listed companies as the sample of empirical analysis, to study China's SME board listed companies accounting information value relevance, while the Sample Firms of the characteristics of the industry research. According to the SME board listed companies on the O-F model is extended to the relevance of accounting information and stock price of listed companies on the SME board on the basis of this.
The main conclusions of this paper include: (1) 2008, earnings per share, net assets per share and stock price has a significant positive correlation between.2009 and 2010, earnings per share, no significant correlation between the net assets per share and stock price, and both of the explanatory power of stock prices is very small. (2) correlation between manufacturing accounting information and stock price much higher than other industries. (3) the O-F model development model of net profit growth rate, there is a certain correlation between asset liability ratio and stock price, but is not very significant.
The above conclusion shows that the correlation between the accounting information and the stock price of the listed companies of small and medium enterprises is not obvious, that is, the SME board market is not effective.

【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

【引證文獻】

相關(guān)碩士學(xué)位論文 前1條

1 邵金霞;綜合收益的價值相關(guān)性研究[D];山東財經(jīng)大學(xué);2013年

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本文編號：1361982