我国投资者对上市公司财务信息的反应模式研究——基于钢铁类股票的分析

Research on the Response of China's Investors to the Financial Information of Listed Companies ——An Analysis Based on the Shares of Iron and Steel Industry

对股价与上市公司财务因素关系的实证分析表明,我国投资者对钢铁类公司财务信息的反应模式在总体上呈现出较高的理性。在各类财务信息中,以每股收益为核心的盈利能力信息是投资者关注的焦点,每股收益增长对股价存在显著的推动效应。如财务信息反映出公司盈利水平有较大上升空间,盈利质量有所改善,盈利有更好的成长性,或者营运能力有所增强,则上述推动效应会得以强化。反之,债务负担增加的信息则会明显弱化推动效应。

Empirical analysis of the relationship between share price of listed companies and their financial indicators suggests that China＇s stock investors generally respond rationally to the financial information from the companies of the iron and steel industry,among which the information of profitability,with EPS as the key indicator,is the central focus of their concern.An increase in EPS can significantly boost the share price.In addition,this effect is strengthened when the financial information from the company implies a greater potential of subsequent profit expansion,improvement in the quality of the profit,acceleration of profit growth,or melioration in the company＇s operational performance.On the contrary,the effect is significantly weakened by any information suggesting an increase in the debt burden of the company.