煤炭行业上市公司财务信息对股票价格的影响研究
|
摘要
介绍了研究煤炭行业上市公司财务信息与股价关系的必要性,分析煤炭行业上市公司股价的影响因素。采用SPSS软件,运用因子分析法和多元线性回归模型进行实证研究,发现盈利能力因子与股票价格显著相关,成长能力因子在2017年表现出对股票价格显著相关,而偿债能力、营运能力因子却没有表现出与股价的显著线性相关性。结论表明:我国投资者在对煤炭行业上市公司进行投资时,关心更多的是公司的盈利能力和成长能力,而较少关注上市公司的偿债能力及营运能力,也说明煤炭行业在信息披露方面存在一定的缺陷。并对上市公司如何提高自身经营绩效、投资者如何运用公司财务信息做成正确投资决策、监管机构如何加强对上市公司的监管提出相应建议。
This paper introduced the necessity of studying the relationship between financial information and stock price of listed companies in the coal industry,and analyzed the influencing factors of the stock price with listed companies in the coal industry. The SPSS software, factor analysis and multiple linear regression models were used for empirical research, it was found that the profitability factor was significantly correlated with the stock price. The growth factor showed a significant correlation with stock prices in 2017,while the solvency and operational capacity factors didn't show a significant linear correlation with the stock price,The conclusions showed that when investing in listed companies in the coal industry,Chinese investors were more concerned about the company's profitability and growth ability,but less concerned about the solvency and operational capacity of listed companies,and also indicated there are some defects in information disclosure in coal industry. It also proposed some suggestions on how to improve the performance of listed companies,how investors use the company's financial information to make correct investment decisions,and how regulators can strengthen the supervision of listed companies.
This paper introduced the necessity of studying the relationship between financial information and stock price of listed companies in the coal industry,and analyzed the influencing factors of the stock price with listed companies in the coal industry. The SPSS software, factor analysis and multiple linear regression models were used for empirical research, it was found that the profitability factor was significantly correlated with the stock price. The growth factor showed a significant correlation with stock prices in 2017,while the solvency and operational capacity factors didn't show a significant linear correlation with the stock price,The conclusions showed that when investing in listed companies in the coal industry,Chinese investors were more concerned about the company's profitability and growth ability,but less concerned about the solvency and operational capacity of listed companies,and also indicated there are some defects in information disclosure in coal industry. It also proposed some suggestions on how to improve the performance of listed companies,how investors use the company's financial information to make correct investment decisions,and how regulators can strengthen the supervision of listed companies.
引文
[1]陈宋利.我国A股上市公司股票价格与财务信息关联性的实证研究[D].广州:广东外语外贸大学,2017.
[2]范伟.上市公司股票价格与财务指标相关性的实证研究——基于中国A股市场的实证研究[D].合肥:安徽大学,2016.
[3]李曼.股票价格的影响因素分析[J].中国集体经济,2015(25):70-71.
[4]刘璐.传媒行业上市公司分红对股价影响的实证研究[D].上海:上海师范大学,2018.
[5]赵晋峰.煤炭行业会计信息披露研究[J].金融经济, 2018(20):199-200.
[6]郭晋娟.上市公司内部会计控制研究——以食品、饮料行业为例[D].太原:山西财经大学,2013.
[2]范伟.上市公司股票价格与财务指标相关性的实证研究——基于中国A股市场的实证研究[D].合肥:安徽大学,2016.
[3]李曼.股票价格的影响因素分析[J].中国集体经济,2015(25):70-71.
[4]刘璐.传媒行业上市公司分红对股价影响的实证研究[D].上海:上海师范大学,2018.
[5]赵晋峰.煤炭行业会计信息披露研究[J].金融经济, 2018(20):199-200.
[6]郭晋娟.上市公司内部会计控制研究——以食品、饮料行业为例[D].太原:山西财经大学,2013.