会计信息对沪市股票价格影响的实证分析

Regression analysis of the effect of accounting message on the stock price in Shanghai stock market

在对会计信息在股票价格形成中的作用的相关理论进行回顾的基础上,利用2005年前在沪市上市的上市公司的财务指标,实证分析了会计信息对沪市股票价格的影响。结果发现除每股收益外,其他财务指标对沪市股票价格的形成缺乏解释力,这与我国股票市场信息传递低效和投资者行为不规范有很大关系。

On the basis of the experts＇ studies, using the financial index and stock price of the listed companies, is measured the validity of China stock market, mainly of the accounting message in Shanghai stock market by linear regression analysis. The conclusion is that the stock market is subject to the accounting message of the listed company especially each stock income and price - earnings ratio, which has much to do with the poor efficiency in transmission of the stock market message and informal act of the investors in China.