农业上市公司财务绩效对股价的影响研究
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摘要
以2013-2017年每个季度国内农业上市公司财务数据为样本,从盈利能力、成长能力、营运能力及偿债能力4个方面选取8个财务指标,运用面板数据模型,研究财务绩效对股票价格的影响。研究发现:盈利能力与股票价格明显相关,成长能力、营运能力及偿债能力与股票价格的相关性不大。
Based on the financial data of domestic agricultural listed companies in each quarter from 2013 to 2017, this study selects eight financial indicators from the four aspects of profitability, growth capacity, operational capacity and solvency, and uses panel data model to analyze the impact of financial performance on stock prices. The study find that profitability is significantly related to stock prices, while growth capacity, operational capacity and solvency are not closely related to stock prices.
Based on the financial data of domestic agricultural listed companies in each quarter from 2013 to 2017, this study selects eight financial indicators from the four aspects of profitability, growth capacity, operational capacity and solvency, and uses panel data model to analyze the impact of financial performance on stock prices. The study find that profitability is significantly related to stock prices, while growth capacity, operational capacity and solvency are not closely related to stock prices.
引文
[1]鲜倩,杨文杰,于树鹏.股改后农业上市公司股票价格与财务绩效的相关性分析[J].财会月刊,2012(15):28-30.
[2] 吴旭华.财务指标对中国商业类上市公司股价影响的实证分析[J].商业文化:学术版,2010 (12):142.
[3] 张勇.影响农产品加工类上市公司股价的因素分析——基于公司财务绩效的视角[J].湖南商学院学报,2013(4):98-103.
[4] 孙志红.基于农业视角的股票价格波动风险及相关因素研究[J].数学的实践与认识,2014 (24):19-29.
[5]ZHANG X,EDIRISINGHE C.Discovering the Relationship Between DEA-Based Relative Financial Strength and Stock Price Performance[J].International Journal of Agent Technologies and Systems (IJATS),2013,5(4):19.
[6] GRAHAM R C,KING R D.Accounting Practices and the Market Valuation of Accounting Numbers:Evidence from Indonesia,Korea,Malaysia,the Philippines,Taiwan,and Thailand[J].International Journal of Accounting,2000,35(4):445-470.
[7] 杜梦远.上市公司股价影响因素分析[J].北京农业职业学院学报,2015(3):57-61.
[8] 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.
[9] IGLESIAS E M,HAUGHTON A Y.Interaction between monetary policy and stock prices:a comparison between the Caribbean and the US[J].Applied Financial Economics,2013,23(6):515-534.
[10] VIJAYAKUMAR A.Effect of Financial Performance on Share Prices in the Indian Corporate Sector:An Empirical Study[J].Management and Labour Studies,2010,35(3):369-381.
[2] 吴旭华.财务指标对中国商业类上市公司股价影响的实证分析[J].商业文化:学术版,2010 (12):142.
[3] 张勇.影响农产品加工类上市公司股价的因素分析——基于公司财务绩效的视角[J].湖南商学院学报,2013(4):98-103.
[4] 孙志红.基于农业视角的股票价格波动风险及相关因素研究[J].数学的实践与认识,2014 (24):19-29.
[5]ZHANG X,EDIRISINGHE C.Discovering the Relationship Between DEA-Based Relative Financial Strength and Stock Price Performance[J].International Journal of Agent Technologies and Systems (IJATS),2013,5(4):19.
[6] GRAHAM R C,KING R D.Accounting Practices and the Market Valuation of Accounting Numbers:Evidence from Indonesia,Korea,Malaysia,the Philippines,Taiwan,and Thailand[J].International Journal of Accounting,2000,35(4):445-470.
[7] 杜梦远.上市公司股价影响因素分析[J].北京农业职业学院学报,2015(3):57-61.
[8] 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.
[9] IGLESIAS E M,HAUGHTON A Y.Interaction between monetary policy and stock prices:a comparison between the Caribbean and the US[J].Applied Financial Economics,2013,23(6):515-534.
[10] VIJAYAKUMAR A.Effect of Financial Performance on Share Prices in the Indian Corporate Sector:An Empirical Study[J].Management and Labour Studies,2010,35(3):369-381.