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会计信息对股价的影响

发布时间:2018-01-22编辑:毕业论文


题 目 会计信息对股价的影响

引言(不是引言,是摘要)
会计信息具有一定的经济后果,其经济后果之一就是:会计信息是影响股票价格的直接因素.由此可见,研究会计信息对股票价格的影响,对股票投资者来说具有十分重要的意义,同时也有助于完善会计信息披露制度。
众所周知,在证券市场中,资源的优化配置主要是通过信息影响股票价格来实现的。影响股票价格的信息主要来源于市场、行业和公司三个层面。股价信息含量是指股票价格中所包含的公司层面特质信息。公司特质信息决定了股票的基本价值,并且能够影响股票价格波动的同步性。股价中包含的公司特质信息越多,越接近于其公司的实际价值。中国证券市场长期以来被认为是一个“政策市”,具有较强的股价波动同步性,即我们通常所说的“同涨共跌”现象比较严重,这就意味着我国证券市场的股价信息含量较低,这样就破坏了股票价格的信号传递机制,弱化了证券市场的资源配置效率。会计信息透明度是证券市场有效运行的重要保障,而上市公司的会计信息透明度则是保护投资者的重要措施之一,对股价也有着重要影响。
本文总结分析了会计信息如何影响股票价格,并基于有效资本市场假说,分析了会计信息透明度与股价信息含量的联系。紧接着以2007年至2010年A股主板市场上市公司为研究样本,采用股价波动非同步性指标测度股价信息含量,并用盈余激进度作为会计信息透明度的代理变量,实证检验了会计信息对股票价格的影响方向。结果表明,我国证券市场股价信息含量不断提高,并且会计信息与股价信息含量的关系表现为显著负相关。进一步实证表明,上市公司的负向盈余管理对股价信息含量有显著影响,而正向盈余管理与股价信息含量不存在显著关系。如上种种,都影响着股票价格。
股票的市场价格是股票内在价值的外部表现形式价值决定价格,价格只能围绕价值进行波动。虽然股票投资的盈亏是由投资人依据其意志并通过交易体现出来的。表面上看交易行为是投资盈亏的原因,但投资人投资意志的形成不仅取决于股价的市场水平,更有赖于通过对上市公司公开披露的信息以体现出来的股票价值的判定。企业信息与股票价格之间的关系表明市场具有传递信息引起股价变动的功能。

关键词:会计信息,股票价格,有效市场假说,回归分析


Introduction

Accounting information has certain economic consequences, one of its economic consequences is that accounting information is the direct factors affecting the stock price. Therefore, to study the effect of accounting information on stock prices, is of great significance for equity investors, but also helps to improve the system of accounting information disclosure.
As is known to all, in the securities market, the optimal allocation of resources mainly through information affect stock prices. Affect the stock prices are based on information from the market, industry and company. Share price information content is refers to the stock price level quality information contained in the company. Company quality information determines the fundamental value of the shares, and the ability to influence the synchronicity of stock price fluctuations. Quality information contained in the companies, the more the more close to the actual value of the company. China's securities market has long been regarded as a policy of "city", has strong share price volatility synchronicity, namely we often say "with the rising and falling" phenomenon is more serious, which means that the shares of China's securities market information content is low, thus destroying the signal transmission mechanism of stock prices, weakening the securities market resource allocation efficiency. The accounting information transparency is an important guarantee of the efficient operation of the securities market, and the transparency of accounting information of listed companies is one of the important measures of protection of investors, is has an important effect on stock price.
How this article summary analysis of the accounting information affects stock prices, and based on the efficient capital market hypothesis, analysis of the accounting information transparency and shares the information content. Then main market from 2007 to 2010, A shares listed companies as research samples, the share price volatility of synchronicity index measures the share price information content, and the surplus radical degree as proxy variable of accounting information transparency, empirically the influence of accounting information on stock prices. Results show that increasing the information content of stock price in our stock market, and the accounting information and stock price information content is significant negative correlation relationship. Further empirical shows that the negative earnings management of listed companies have a significant impact on share price information content, and positive earnings management and the share price there is no significant relationship between the information content. Above all, all affect the stock price.

The market price of the stock is external manifestation of the intrinsic value of the stock value decide the price, the price fluctuates around value. Only Although the stock investment of profit and loss is manifested by the investors according to their will and through trade. On the surface activity is the cause of the investment profit and loss, but the formation of the investment will not only depends on the stock market investors, more dependent on through to the public disclosure of information of listed companies to reflect the judgement of the value of the shares. Enterprise information and the relationship between the stock price shows that the market has the function of passing information cause share price movements.。

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