本文關(guān)鍵詞：中小板上市公司股價(jià)影響因素研究　出處：《哈爾濱工程大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 中小板市場(chǎng) 股價(jià)影響因素 主成分分析 回歸模型

【摘要】：中小板市場(chǎng)自2004年推出至今，八年來(lái)無(wú)論是在上市公司家數(shù)、籌資總額還是市價(jià)總值等方面都得到了充分的發(fā)展。而中小板上市公司的股價(jià)也表現(xiàn)出諸多不同于主板市場(chǎng)的特點(diǎn)，股價(jià)的這些特點(diǎn)是由其公司特點(diǎn)所決定的還是其股價(jià)的有效性存在問(wèn)題，這是我們所關(guān)心的。 本文首先對(duì)中小板上市公司及其股價(jià)的特點(diǎn)進(jìn)行了概括分析；然后在此基礎(chǔ)上提煉出中小板上市公司股價(jià)的影響因素，并對(duì)其進(jìn)行理論分析，確定的影響因素包括上市公司的盈利能力、成長(zhǎng)能力、資本結(jié)構(gòu)、股權(quán)結(jié)構(gòu)、公司規(guī)模和信息披露質(zhì)量六個(gè)方面；接著對(duì)這些因素指標(biāo)進(jìn)行主成分分析并建立回歸模型，選取2008-2010年的數(shù)據(jù)對(duì)93家中小板上市公司進(jìn)行實(shí)證分析，實(shí)證分析結(jié)果表明：與中小板上市公司股價(jià)相關(guān)性較強(qiáng)的指標(biāo)依次是盈利能力因子、成長(zhǎng)能力因子、資本結(jié)構(gòu)因子、機(jī)構(gòu)投資者持股比例和總資產(chǎn)規(guī)模，中小板上市公司股價(jià)與第一大股東持股比例具有微弱的正相關(guān)關(guān)系，與信息披露質(zhì)量不具有顯著相關(guān)關(guān)系，，三年來(lái)中小板上市公司股價(jià)與資本結(jié)構(gòu)因子和總資產(chǎn)規(guī)模的負(fù)相關(guān)性有所減弱，與盈利能力因子、成長(zhǎng)能力因子和機(jī)構(gòu)投資者持股比例的正相關(guān)性有所增強(qiáng)；最后根據(jù)上述的分析對(duì)提高我國(guó)中小板上市公司股價(jià)的有效性提出對(duì)策建議。
[Abstract]:Since 2004, the small and medium board market has been launched since then, in the past eight years, whether in the number of listed companies. The total amount of financing or the total market value has been fully developed, and the share price of the small and medium board listed companies also shows many characteristics different from the main board market. We are concerned whether these characteristics of stock price are determined by the characteristics of the company or whether there are problems with the validity of the stock price. In this paper, the characteristics of small and medium board listed companies and their stock prices are analyzed. Then on the basis of the extraction of the small and medium board listed company stock price influencing factors and theoretical analysis, determine the factors including the profitability of listed companies, growth capacity, capital structure, equity structure. Company size and information disclosure quality; Then the main component analysis of these factors and the establishment of a regression model, selected from 2008 to 2010 data to 93 small and medium-sized board listed companies for empirical analysis. The empirical results show that: the indicators of strong correlation with the stock price of small and medium-sized listed companies are profitability factor, growth ability factor, capital structure factor, institutional investor shareholding ratio and total asset size. There is a weak positive correlation between the share price of small and medium-sized listed companies and the proportion of the largest shareholders, but no significant correlation with the quality of information disclosure. In the past three years, the negative correlation between stock price and capital structure factor and total asset size has been weakened, and the positive correlation with profitability factor, growth ability factor and institutional investor holding ratio has been strengthened. Finally, according to the above analysis, countermeasures and suggestions are put forward to improve the stock price effectiveness of Chinese small and medium board listed companies.
【學(xué)位授予單位】：哈爾濱工程大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

【相似文獻(xiàn)】

相關(guān)期刊論文 前10條

1 錢(qián)麗s

本文編號(hào)：1414939