本文選題：股價變動 + 股權(quán)再融資信息�。� 參考：《廣西師范大學》2013年碩士論文

【摘要】：隨著金融制度的日益完善,金融知識的逐漸普及,股票隨著資本市場的發(fā)展走進了人們的生活,滬市和深市投資者開戶數(shù)合計超過2億,股市價格的波動直接影響著人們的資產(chǎn)財富,進而影響整個國民經(jīng)濟,因此股價波動的因素一直是金融經(jīng)濟學關(guān)注的焦點和熱點。造成股市波動的主要因素是市場中的信息,由于公司在市場經(jīng)濟和資本市場中扮演十分重要的角色,所以公司信息成為了投資者重點關(guān)注的信息,其中的公司會計信息和公司股權(quán)再融資信息也吸引了學術(shù)研究者的關(guān)注。本文嘗試將會計信息與融資信息相結(jié)合,研究會計信息與股權(quán)再融資信息共同作用下的股價變動,從而判斷投資者面對配股,增發(fā)信息的時候,是否會參考公司的會計狀況做出投資決策。 本文運用了回歸分析法,以滬市主板2007年到2012年發(fā)布配股和增發(fā)公告的上市公司為研究對象,分別從季報中挖掘上市公司的財務數(shù)據(jù),從配股和增發(fā)公告中挖掘股權(quán)再融資信息,與股價的變動建立多元線性回歸模型,分析不同的變量對股價變動的影響；此外,還采用統(tǒng)計檢驗方法對研究變量進行了檢驗。 從上市公司配股信息、會計信息與股價變化的研究中發(fā)現(xiàn)：大盤收益對股價變化的作用是正向的；配股比例與股價變化負相關(guān)。投資者在知道配股信息后,主要根據(jù)當時是否對股市有信心和“配股說明書”中的配股比例來做投資決策,并沒有充分考慮配股公司的盈利能力(每股收益)、成長能力(凈資產(chǎn)增長率)和現(xiàn)金流量(每股現(xiàn)金流量凈額)。從上市公司增發(fā)信息、會計信息與股價變化的研究中發(fā)現(xiàn)：大盤走勢對股價變化的影響是正向的；每股現(xiàn)金流量凈額與股價變化負相關(guān)。說明投資者在得知上市公司增發(fā)股票的信息后,考慮了當時的市場熱情和上市公司的現(xiàn)金流量(每股現(xiàn)金流量凈額)來進行投資決策。同時,每股現(xiàn)金流量凈額與股價變化負向關(guān)系也體現(xiàn)了當現(xiàn)金儲備較多的上市增發(fā)股票時,投資者會對其融資的目的產(chǎn)生懷疑,產(chǎn)生一定的抵觸情緒。針對上述結(jié)論,本文從加強監(jiān)管,引導投資者理性投資,上市公司內(nèi)部管理方面提出了相關(guān)建議。
[Abstract]:With the increasingly perfect financial system and the gradual popularization of financial knowledge, stocks have entered people's lives with the development of the capital market. The total number of accounts opened by investors in Shanghai and Shenzhen stock markets exceeds 200 million.The fluctuation of stock price directly affects people's asset wealth and then the whole national economy, so the factor of stock price fluctuation has always been the focus and hot spot of financial economics.The main factor causing stock market fluctuations is information in the market. Because companies play a very important role in the market economy and capital markets, corporate information has become the focus of attention of investors.Corporate accounting information and corporate equity refinancing information also attracted the attention of academic researchers.This paper attempts to combine accounting information with financing information to study the stock price changes under the joint action of accounting information and equity refinancing information.Whether or not to refer to the company's accounting position to make investment decisions.In this paper, regression analysis is used to analyze the financial data of listed companies from 2007 to 2012, which are published by Shanghai main Board from 2007 to 2012.This paper excavates the information of equity refinancing from the announcement of rights issue and issuance, establishes a multivariate linear regression model with the change of stock price, and analyzes the influence of different variables on the change of stock price. In addition, the statistical test method is used to test the research variables.From the research of the information of rights issue, accounting information and stock price change of listed companies, it is found that the effect of large market income on stock price change is positive, and the proportion of allotment shares is negatively correlated with the change of stock price.After knowing the information about the rights issue, investors mainly make investment decisions based on whether they have confidence in the stock market at that time and the proportion of the rights issue in the "prospectus."The profitability (earnings per share), growth (net asset growth) and cash flow (net cash flow per share) of the rights issue companies are not fully considered.It is found from the research of the additional issuance information, accounting information and stock price change of listed companies that the influence of the market trend on the stock price change is positive, and the net cash flow per share is negatively correlated with the stock price change.The results show that after the investors are informed of the information of the additional shares issued by the listed companies, they take into account the current market enthusiasm and the cash flow (net cash flow per share) of the listed companies to make investment decisions.At the same time, the negative relationship between the net cash flow per share and the change of the stock price also shows that when the listed and issued stocks have more cash reserves, the investors will have doubts about the purpose of their financing, and a certain amount of resistance.In view of the above conclusions, this paper puts forward some relevant suggestions from the aspects of strengthening supervision, guiding investors to invest rationally, and internal management of listed companies.
【學位授予單位】：廣西師范大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51

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本文編號：1753351