本文關(guān)鍵詞：上市公司凈利潤、凈資產(chǎn)、現(xiàn)金流與股票價(jià)格相關(guān)性研究　出處：《天津大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 股票價(jià)格 每股收益 每股凈資產(chǎn) 每股經(jīng)營現(xiàn)金流量 每股自由現(xiàn)金流量 相關(guān)性

【摘要】：隨著證券市場的發(fā)展和實(shí)證會(huì)計(jì)理論的形成,越來越多的中外學(xué)者采用實(shí)證的方法研究會(huì)計(jì)信息在證券市場中起到的作用。其中以會(huì)計(jì)盈余、凈資產(chǎn)、現(xiàn)金流量與股票價(jià)格的相關(guān)性研究最多。本文在對(duì)國內(nèi)外相關(guān)文獻(xiàn)進(jìn)行歸納總結(jié)、論述理論基礎(chǔ)后,以我國滬深兩市A股上市公司為研究對(duì)象,分別從資產(chǎn)負(fù)債表中選取凈資產(chǎn)、利潤表中選取凈利潤、現(xiàn)金流量表中的經(jīng)營現(xiàn)金流量和自由現(xiàn)金流量作為代表性指標(biāo)。以F-O模型及其擴(kuò)展模型為基礎(chǔ),利用pearson相關(guān)系數(shù)和多元線性回歸模型分析了這四個(gè)指標(biāo)對(duì)股票價(jià)格的預(yù)測能力及其各自的穩(wěn)定性。本文從國泰安CSMAR上獲取上市公司財(cái)務(wù)數(shù)據(jù),運(yùn)用SPSS進(jìn)行處理,得出以下結(jié)論:每股收益、每股凈資產(chǎn)、每股經(jīng)營現(xiàn)金流量、每股自由現(xiàn)金流量與股票價(jià)格呈正相關(guān),且每股收益與股票價(jià)格相關(guān)性最強(qiáng),每股經(jīng)營現(xiàn)金流量對(duì)股票價(jià)格的影響逐年增強(qiáng);每股收益和每股凈資產(chǎn)對(duì)股票價(jià)格具有相互的增量價(jià)值,且前者大于后者;在披露了每股收益和每股凈資產(chǎn)后,披露每股經(jīng)營現(xiàn)金流量有助于增強(qiáng)對(duì)股票價(jià)格的解釋力度,每股企業(yè)自由現(xiàn)金流量對(duì)股票價(jià)格無增量解釋價(jià)值;每股收益、每股凈資產(chǎn)、每股經(jīng)營現(xiàn)金流量具有持續(xù)穩(wěn)定性,其中每股凈資產(chǎn)穩(wěn)定性最高,每股企業(yè)自由現(xiàn)金流量穩(wěn)定性極差。通過本文的研究,確定了與股票價(jià)格具有相關(guān)性的財(cái)務(wù)指標(biāo),檢驗(yàn)了財(cái)務(wù)指標(biāo)的穩(wěn)定性,從而更有效的指導(dǎo)投資者分析上市公司績效,進(jìn)行經(jīng)濟(jì)決策。
[Abstract]:With the development of securities market and the formation of empirical accounting theory, more and more Chinese and foreign scholars use empirical methods to study the role of accounting information in the securities market. The correlation between cash flow and stock price is the most. This paper summarizes the relevant literature at home and abroad, discusses the theoretical basis, and takes the A-share listed companies of Shanghai and Shenzhen stock markets as the research object. Select net assets from balance sheet, net profit in income statement, operating cash flow and free cash flow in cash flow statement as representative index. Based on F-O model and its extended model. Using pearson correlation coefficient and multivariate linear regression model, this paper analyzes the forecasting ability of these four indexes to stock price and their respective stability. This paper obtains the financial number of listed companies from Cathay Pacific CSMAR. According to. Using SPSS to process, the following conclusions are drawn: earnings per share, net assets per share, operating cash flow per share, free cash flow per share is positively correlated with the stock price. The correlation between earnings per share and stock price is the strongest, and the influence of operating cash flow on stock price is increasing year by year. Earnings per share and net assets per share have mutual incremental value to the stock price, and the former is larger than the latter; After the disclosure of earnings per share and net assets per share, the disclosure of operating cash flow per share helps to enhance the interpretation of the stock price, and the free cash flow per share has no incremental explanatory value to the stock price; Earnings per share, net assets per share, operating cash flow per share has continuous stability, among which the stability of net assets per share is the highest, and the stability of free cash flow per share is very poor. This paper determines the financial index which is related to the stock price, tests the stability of the financial index, and guides the investors more effectively to analyze the performance of listed companies and to make economic decisions.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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