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MBA论文_中小板电器类上市公司财务指标与股价相关性研究

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摘 要
股票价格指股票在证券市场上买卖的价格,外部因素能够对股票价格产生影响,
如国家财政政策等,另外市场内部因素也可以对股票价格产生影响,比如市场监管
力度以及公司财务信息透明度情况等。在对股票能够产生影响的诸多因素中,股民
可以通过上式公司在信息披露准则的规范下披露出相应的财务信息,从而获得所需
信息,此种渠道简单有效,所以,从投资者角度出发,分析研究股票价格与上市公
司披露出的财务信息之间呈现出的相关性显得尤为重要。在财务信息中,财务指标
发挥出重要作用,它可以体现出上市公司的经营成果和财务状况,所以论文选取中
小板电器类上市的财务指标和股票价格,分别作为自变量和因变量,通过回归分析
来了解中小板上市公司披露的一些主要的财务指标与股价之间的关系。在论文中,
在数据分析过程中,通过 spss 统计软件完成相应操作,建立模型进行实证研究,在
回归方程当中放置可以反映下述内容的财务指标:发展能力、营运能力和盈利能力,
通过把股票价格作为因变量,体现这些内容的财务指标属于自变量,通过线性回归
分析可知,不考虑营运能力,对于中小板上市公司,其股价和财务信息具有显著相
关性,并且盈利能力具有最强的相关性,所以投资者不仅要时刻关注盈利能力,而
且还要对企业有所了解,关注其风险能力,并且其他一些指标和股价之间也都存在
相关性,通过以上结论,希望对投资者做出投资以及股市的发展都有所帮助,从而
为投资者理性投资,对重要财务指标进行分析,提供有力的数据信息,促使投资者
在投资过程中制定出更加科学的规划,提出有效性建议。对在中小板上市的上市公
司,加强对财务信息的重视,合理规范披露内容,促使披露环节符合相关规定,信
息更加精准可靠,如此中小板上市公司才可以更好更快的发展。除此之外,壮大机
构走资者也非常重要,避免小股东受到大股东的侵害,大多数投资者投资知识并不
是特别专业,往往投资具有“羊群效应”,盲目投资。所以,发展壮大机构投资者显
得尤为重要,提高投资者的专业素质。通过具有一定规模的机构投资者完成理财,
分工合理,发挥自身长处。并且对于建立健全我国相关制度规范提出合理的建议,
不断促进股票市场有效运行并进行资源合理配置

关键词 中小板;主要财务指标;股票价格;相关性分析;电器Ⅱ
Abstract
Stock price refers to the stock at the prices of securities traded in the market, not
only affected by the changes in the external factors such as the national macroeconomic
environment, fiscal policy, the influence of the market supply and demand, etc, but
also by the company's financial information, such as the company's financial information
transparency, people's expectations of the stock market, and the market supervision,
etc. Among these factors,the majority of people can grasp the direct contact and effective
mainly disclosed financial information of listed companies, so the research and analysis
of the financial information of listed companies the correlation between stock price and is
necessary for investors. The financial indicators is directly and effectively reflect the
company's financial results and operating of the financial information, so this paper
choose the small and medium-sized board listed financial indicators as independent
variable, the stock price as the dependent variable, by using SPSS statistical software to
analyze data, and establish a model of empirical research, in regression analysis,
mainly reflecting the profit ability, operating ability, growth ability and cash flow
ability, capital stock expansion ability of financial indicators are placed in the regression
equation, dividing the stock price as the dependent variable,, through linear regression
analysis, the following conclusion: except operation ability, small and medium-sized
boards of listed companies there is significant correlation, financial information and
share price, in which the strongest correlation is between profitability and stock price,
the correlation between solvency and shares are also increased year by year, that’s to
say, investors in the investment not only focus on the profitability of the enterprise,
but also continue to consider the risk of enterprise ability, of course ,the price has
certain correlation with the value of other indexes. Through the above conclusion, we
hope the research to help investors to make investment and the development of the stock
market . for the investors to rational investment, analysis of key financial indicators,
and helping investors make a more accurate and reasonable investment plan, it can put
forward effective Suggestions. It is alse helpful to strengthen the attention to financial
information , improve the real financial information disclosure of the sense of
responsibility, ensure that the rue and correct.disclosure of financial information for
small and medium-sized board listed listed companies. In addition, it is necessary for
actively cultivate institutional investors to prevent big shareholders infringe on theIII
interests of small shareholders. Most investors are not particularly professional investment
knowledge, investment has the flock effect and blind investment. So it is necessary to
vigorously develop institutional investors, and improve the professional quality of
investors. Let those professional institutional investors on behalf of the financial
management, rational division of labor, raise its long. At the same time, to the
standardized management of financial information disclosure of listed companies in China
it also provide effective Suggestions, regulators should establish and perfect the
information disclosure system, constantly promote the efficient operation of the stock
market and rational allocation of resources
Key words Small and medium-sized board; The main financial indicators;Stock
prices; The correlations l analysisⅣV
目 录
摘 要 ··I
Abstract··II
第 1章 绪 论 ·· 1
1.1 问题的提出· 1
1.2 研究内容和方法· 2
1.2.1 研究内容 · 2
1.2.2 研究方法 · 3
1.3 研究意义· 3
第 2 章 文献综述及相关理论· 5
2.1 文献综述· 5
2.1.1 国外研究现状 · 5
2.1.2 国内研究现状 · 7
2.2 财务信息与股价相关性的概述 · 9
2.2.1 信息观 10
2.2.2 计价模型观11
2.2.3 计量观11
2.2.4 研究方法的比较及选择 12
2.3 本章小结14
第 3章 研究设计·17
3.1 研究假设17
3.2 变量设计19
3.2.1 自变量的选取 19
3.2.2 因变量的选取 19
3.3 数据来源与样本选择20
3.3.1 数据来源 20
3.3.2 样本选择 20
3.4 本章小结21
第 4 章 研究结果及分析23
4.1 相关性分析23
4.2年样本数据的相关性分析比较 ·25Ⅵ
4.3 结论26
4.4 本章小结27
第 5 章 对策与建议29
5.1 对投资者的建议29
5.2 对上市公司的建议29
5.3 积极培养机构投资者30
5.4 对监管者的政策建议30
5.4 本章小结31
第 6 章 结论错误!未定义书签

参考文献35
攻读硕士学位期间所发表的论文39
个人简历411
第 1 章 绪 论
1.1 问题的提出
21 世纪,社会不断日新月异,经济不断突飞猛进。在这快速发展的经济中,证
券市场,是一种重要的社会融资渠道,其在我国的金融系统当中当然是不可小觑的

上海证券交易所和深圳证券交易系统分别在 1990 年 12 月和 1991 年 7 月建立,标
志我国的证券市场步入正轨。我国股票市场已经具有 20 多年的历史,随着市场管理
水平不断提高,资源配置功能不断优化,保障了股市的合理健康的发展。沪深两市
刚开市的时候上市股票只有 5 只,而开户数也不足 40 万户。而发展到年底,
沪深两市上市股票数量已经增长到 2556 只,股票账户开户总数为 2.38 亿户,总市值
突破了 60 亿万元大关,增速不可谓不迅猛。当前阶段,证券市场不但是国民经济体
系当中的关键构成部分,同时还是企业进行资金融通,合理配置资源的重要途径,
也是我国居民与机构投资的一个重要平台

但是总体来看,尽管在最近几十年时间里我国股票市场发展成果显著,然而相
比欧美等发达国家,我国依然有待改进,且主体的成熟度不高,依然是新兴市场。
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