上市公司财务参数与其股价波动性关系探究

The research on the choice of investors and fund spillover effects

本文探究了上市公司年度股价波动性与其上一年公开财务指标的相关关系。公开财务指标主要包括六项,从不同维度反映了公司规模、资本结构、偿债能力、盈利状况、管理状况和股东情况。通过分析结果发现,若干财务指标与上市公司的股价波动性都有显著的相关关系,大部分符合预期及常识。有一些财务指标与上市公司的股价波动性长时期内表现出稳定、显著的关系。文中尝试探讨了造成这种相关性的因素。

We studied the correlation between the annual stock price volatility a list company and its public financial indicators in the previous year. The public financial indicators include 6 factors, showing the company＇ s size, capital structure, solvency, profitability, management and shareholders＇ situation. After analysis we find that many financial factors have significant correlations with the stock price volatility of the listed company, most of them are in line with expectations and common sense. Some financial indicators and the company＇ s share price volatility show a stable and significant relationship over a long term. This paper attempts to explore the factors causing such relevance.