公司财务对股票价格影响的实证研究——基于沪市718家上市公司的面板数据模型分析
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摘要
选取沪市718家A股上市公司为研究样本,采用面板数据模型实证分析公司财务对股票价格的影响。研究结果发现:盈利能力对股票价格的影响最显著。其中每股收益对股票价格的影响最大,现金流量对股票价格的影响也较大,仅次于盈利能力。短期偿债能力对股票价格具有一定的影响,而长期偿债能力对股票价格没有产生影响。营运能力和发展能力对股票价格的影响非常小,可以忽略不计。研究结论不仅说明股票价格包含公司财务信息,同时也说明中国投资者主要关注公司的盈利能力、现金流量以及短期偿债能力,但忽略了公司的长期偿债能力以及营运和发展能力。
This paper selects 718 listed companies in Shanghai stock exchanges as the examples and uses the panel data model to analyze the influence of corporate finance on stock prices.The results indicate that profitability has the most significant effect on stock prices,among which per- share earnings has the greatest impact on stock prices,followed by the impact of cash flows.Besides,short- term debt solvency has certain influences on stock prices,while the long- term debt solvency has no impact on stock prices. The influence of operation ability and the expanding capability almost have no influences on stock prices,which can be ignored. Research results not only indicate that stock prices reflect corporate financial information,but also show that Chinese stock investors put their concerns mainly on the profitability,cash flow,and the short- term debt solvency of companies,ignoring the long- term solvency,operation ability and expanding capability.
This paper selects 718 listed companies in Shanghai stock exchanges as the examples and uses the panel data model to analyze the influence of corporate finance on stock prices.The results indicate that profitability has the most significant effect on stock prices,among which per- share earnings has the greatest impact on stock prices,followed by the impact of cash flows.Besides,short- term debt solvency has certain influences on stock prices,while the long- term debt solvency has no impact on stock prices. The influence of operation ability and the expanding capability almost have no influences on stock prices,which can be ignored. Research results not only indicate that stock prices reflect corporate financial information,but also show that Chinese stock investors put their concerns mainly on the profitability,cash flow,and the short- term debt solvency of companies,ignoring the long- term solvency,operation ability and expanding capability.
引文
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[10]王汉生,张翰宇,何天英,郭露茜.上市公司财务参数与其股价波动性关系探究[J].证券市场导报,2010,(2):74-77.
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[13]贾文,蔡菲莹,郭蒙阳.公司财务分析视野中的零售商业股定价实证研究[J].经济问题,2014,(4):156-158.
[14]应可慧,董林蔚,胡鑫红.我国上市公司财务重述对股价影响的实证分析[J].财经论丛,2015,(3):66-73.
[2]Bernard V L and Stober T L.The Nature and Amount of Information in Cash Flows and Accruals[J].The Accounting Review,1994,(10):624-652.
[3]Ohlson J A.Earnings,Book Values and Dividends in Equity Valuation,Contemporary Accounting Research[J].1995,11(2):661-687.
[4]Sloan R G.Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings[J].The Accounting Review.1996,71(3):289-315.
[5]Habib A,Value Relevance of Alternative Accounting Performance Measures:Australian Evidence[J].Accounting Research Journal,2010,(23):190-212.
[6]Nicholas A,George A,Sofia E and John S.Accounting Information,the Cost of Capital and Excess Stock Returns[M]//The Role of Earnings Quality:Evidence from Panel Data.International Business Research.2012,5(2):4218-4222.
[7]Renato C,Alex A and Alessandro R B.The Value Relevance of Accounting Information in the Italian and UK Stock Markets[J].Problems and Perspectives in Management.2014,12(4):512-519.
[8]王玉春.财务能力与股票价格关系的实证研究[J].经济管理,2006,(4):38-47.
[9]郑瑞玺.我国上市公司财务绩效对股价影响的实证研究[J].求索,2009,(8):39-41.
[10]王汉生,张翰宇,何天英,郭露茜.上市公司财务参数与其股价波动性关系探究[J].证券市场导报,2010,(2):74-77.
[11]武锐.中国上市公司财务信息与股票价格相关性研究[J].山东社会科学,2012,(8):167-171.
[12]刘桔林.上市公司主要财务指标与股票价格相关性实证研究[J].学术论坛,2014,(2):67-79.
[13]贾文,蔡菲莹,郭蒙阳.公司财务分析视野中的零售商业股定价实证研究[J].经济问题,2014,(4):156-158.
[14]应可慧,董林蔚,胡鑫红.我国上市公司财务重述对股价影响的实证分析[J].财经论丛,2015,(3):66-73.