本文關(guān)鍵詞：金融上市公司投資價值與股票市場表現(xiàn)的相關(guān)性研究　出處：《長江大學》2014年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 金融上市公司 投資價值 股票市場表現(xiàn) 因子分析法 相關(guān)性

【摘要】：我國證券市場從1990年成立以來,迄今已走過了20個年頭。作為連接上市公司和投資者的樞紐,證券市場在推動我國市場經(jīng)濟的發(fā)展和成熟方面做出了重要貢獻。但是,作為一個新興的快速發(fā)展市場,證券市場目前還存在很多不足,股票市場表現(xiàn)脫離了上市公司運行的基本層面,投資者在資本市場上大多依靠價格波動所形成的價差來獲取資本利得,這就給了市場操縱者利用大量資金操縱股票價格以獲取利益的機會,股市淪為莊家斂財?shù)墓ぞ?嚴重損害了中小投資者的利益。而造成這些現(xiàn)象的根本原因在于我國證券市場的管理不夠規(guī)范,還未形成一套有效的資本市場管理機制,這是目前我國資本市場最嚴重也是亟待解決的問題。 金融行業(yè)是巨額資金的集散中心,牽涉面廣,聯(lián)動性強,在國民經(jīng)濟中處于牽一發(fā)而動全身的地位,因此各國政府都十分重視金融行業(yè)的發(fā)展。改革開放以來,我國開始對金融行業(yè)進行體制改革,如今,已經(jīng)形成了一個以專業(yè)銀行為主體,中央銀行為核心,各種銀行和非銀行金融機構(gòu)并存的現(xiàn)代金融體系。由于金融業(yè)的在國民經(jīng)濟中的重要地位,以及國家政策的大力支持,它已成為股民心中最具投資價值的行業(yè)之一。 而金融上市公司作為金融行業(yè)的領(lǐng)頭羊,在經(jīng)營管理上應(yīng)該充分發(fā)揮示范與輻射效應(yīng),因此為了更好地分析我國證券市場的有效性問題,本文選擇金融上市公司作為研究對象,通過對金融上市公司投資價值與股票市場表現(xiàn)關(guān)系的研究,尋求金融上市公司股票價格偏離投資價值的原因,從而規(guī)范金融上市公司的經(jīng)營管理,促進金融市場積極健康發(fā)展。從投資者角度來說,中國的證券市場經(jīng)歷了二十多年的發(fā)展,雖然取得了一定的進步,但是市場投機行為仍然明顯。一個成熟的投資者購買股票時的決策依據(jù)應(yīng)該是上市公司的投資價值,而不是抱著賭博的心態(tài)進行“低買高賣”,通過研究上市公司的投資價值和股票市場表現(xiàn)的相關(guān)性可以幫助投資者發(fā)現(xiàn)我國證券市場存在的問題,從而減少其投機行為,進行理性投資。 本文以市場經(jīng)濟的價值規(guī)律為理論基礎(chǔ),采用實證分析的研究方法,以我國A股42家金融上市公司為研究對象,通過分析2008-2012年五年的相關(guān)數(shù)據(jù)來研究上市公司的投資價值以及上市公司投資價值與其股票市場表現(xiàn)之間的相關(guān)性,進而說明我國證券市場的有效性問題,以期為投資者進行股票投資提供依據(jù)。全文分為五個部分： 第一部分是緒論,從我國證券市場的發(fā)展歷程、現(xiàn)狀、存在的問題,以及金融上市公司的特點等方面,分析了本文選題的背景及意義,總結(jié)了國內(nèi)外學者在企業(yè)價值評估及企業(yè)投資價值與股票市場表現(xiàn)之間的關(guān)系等方面做出的貢獻,確定了論文的研究內(nèi)容、研究方法及整體框架。 第二部分是對上市公司投資價值和股票價格基礎(chǔ)理論的梳理,分析了影響上市公司投資價值的因素,重點總結(jié)了投資價值評估的方法以及對上市公司投資價值進行評估的重要意義,通過對相關(guān)理論的梳理為論文的展開奠定堅實的理論基礎(chǔ)。 第三部分是論文的研究重點之一,選取滬深證券交易所上市的42家金融上市公司作為研究對象,搜集了其2008-2012年五年的能夠反映上市公司投資價值的數(shù)據(jù),建立了綜合考慮上市公司盈利能力、營運能力、成長能力、償債能力的投資價值評價指標體系,并運用因子分析法計算出各上市公司投資價值的綜合得分及排名,據(jù)此可以直觀的看出投資價值較大的上市公司。 第四部分是在第三部分基礎(chǔ)上的深入,為了說明金融上市公司投資價值與股票市場表現(xiàn)之間的相關(guān)性,將計算出的上市公司投資價值的綜合得分值作為投資價值指標；將能夠反映上市公司股票市場表現(xiàn)的指標分為市場行情指標(包括年均價、年成交額、年收益率、年振幅、年漲跌幅、年換手率等)和市場風險指標(包括年化波動率、beta值等),通過建立這兩類指標的相關(guān)分析模型,運用pearson相關(guān)系數(shù)探討二者之間的相關(guān)性,得出投資價值與股票市場表現(xiàn)之間的相關(guān)關(guān)系。 第五部分是對全文的總結(jié),給出了論文研究的三條結(jié)論,第一,我國金融上市公司股票市場表現(xiàn)嚴重偏離其投資價值；第二,我國證券市場有效性缺失的現(xiàn)象并未出現(xiàn)持續(xù)改善的趨勢；第三,對上市公司投資價值的分析可以采用因子分析法等綜合評價方法。針對我國證券市場有效性缺失的原因提出了改進措施：第一,政府應(yīng)該充分發(fā)揮領(lǐng)導(dǎo)作用,積極引導(dǎo)證券市場健康發(fā)展；第二,完善市場機制,健全上市公司信息披露制度,第三,提高上市公司的經(jīng)營管理水平。
[Abstract]:Since its establishment in 1990 , China ' s securities market has passed 20 years . As a hub for connecting listed companies and investors , the securities market has made important contributions in promoting the development and maturity of the market economy . However , as a new and rapid development market , the stock market has been separated from the basic level of the operation of the listed company . The fundamental reason for these phenomena lies in that the management of the stock market is not standardized and the effective capital market management mechanism is not formed , which is the most serious problem in China ' s capital market . Since the reform and opening - up , our country has already formed a modern financial system with its main body and central bank as its core , various banks and non - bank financial institutions . Since the financial industry has become an important position in the national economy and the strong support of the national policy , it has become one of the most valuable industries in the people . As the leader of the financial industry , financial listed companies should give full play to the demonstration and radiation effect in the management and management , so as to analyze the relationship between the investment value of the financial listed companies and the performance of the stock market , the paper selects the financial listed company as the research object , so as to regulate the operation and management of the financial listed company and promote the healthy development of the financial market . Based on the value law of market economy , this paper studies the investment value of listed companies and the correlation between the investment value of listed companies and their stock market performance by analyzing the relevant data from 2008 to 2012 . The first part is the introduction , from the development course of our security market , the present situation , the existing problems , and the characteristics of the financial listed company , this paper analyzes the background and significance of this paper , summarizes the research content , the research method and the whole frame of the thesis . The second part is to sort out the investment value of listed companies and the basic theory of stock price , analyze the factors that affect the investment value of listed companies , focus on the methods of investment value evaluation and the important significance of the evaluation of the investment value of listed companies . The third part is one of the research focuses of the thesis , and the 42 financial listed companies listed on the Shanghai - Shenzhen Stock Exchange are selected as the research objects , and the data that can reflect the investment value of listed companies in 2008 - 2012 is collected , and the comprehensive score and ranking of the investment value of the listed companies are calculated by using the factor analysis method , so that the listed companies with larger investment value can be seen intuitively . The fourth part is on the basis of the third part , in order to illustrate the correlation between the investment value of the financial listed company and the performance of the stock market , the comprehensive score of the investment value of the listed company is regarded as the investment value index , and the index which can reflect the performance of the stock market of the listed company is divided into the market price index ( including annual average price , annual turnover , annual yield , annual amplitude , annual fluctuation rate , annual turnover rate , etc . ) and market risk index ( including annual fluctuation rate , beta value , etc . ) , and the correlation between the two types of indexes is discussed by using the correlation analysis model of the two types of indexes , and the correlation between the investment value and the performance of the stock market is obtained . The fifth part is the summary of the whole text , and gives three conclusions of the paper . First , the stock market performance of China ' s financial listed company deviates from its investment value seriously ; secondly , the analysis of the investment value of the listed company can adopt the comprehensive evaluation method such as factor analysis method . First , the government should give full play to the leadership role , actively guide the healthy development of the securities market ; secondly , perfect the market mechanism , perfect the information disclosure system of the listed company , and thirdly , improve the management level of the listed company .

【學位授予單位】：長江大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F830.42;F832.51;F276.6

【參考文獻】

相關(guān)期刊論文 前6條

1 陳漢明;李翔;;建筑企業(yè)價值評估方法研究[J];生產(chǎn)力研究;2012年10期

2 張玉行;楊紅;;Black-Scholes及其優(yōu)化模型在企業(yè)價值評估中的分析研究[J];生產(chǎn)力研究;2012年11期

3 武銳;;中國上市公司財務(wù)信息與股票價格相關(guān)性研究——對國際金融危機前后數(shù)據(jù)的檢驗[J];山東社會科學;2012年08期

4 張春明;;基于EVA的企業(yè)價值評估[J];亞太經(jīng)濟;2007年02期

5 肖翔;權(quán)忠光;;企業(yè)價值評估指標體系的構(gòu)建[J];中國軟科學;2004年10期

6 楊彥愷;;論我國證券市場的有效性[J];中國證券期貨;2013年05期

，

本文編號：1388772