会计信息与股票价格相关性的实证分析——以汽车行业为例

Accounting information and stock price relative's demonstration analysis——take automobile industry as example

会计系统提供的会计信息是股票市场信息的主要来源,分析上市公司会计信息对股票市价的影响对完善我国证券市场有较强的现实意义。本文以近来发展较快的汽车行业为例,对2010年25家上市汽车公司的相关财务指标数据以及股票市价进行实证研究。研究结果表明每股收益与流动比率可以解释五个财务指标提供的超过70%以上的信息,其中每股收益对汽车行业的股票价格的影响最大,与股票价格成线性正相关,流动比率与股票价格线性相关不显著。

the ket lis pri Abstract：The accounting information provide accounting sysytem is the main informatfon. The analysis of ted companies＂ accounting ce is a strong practical i nfo source of the impa rmation on stock d by mar- ct of the the stock significance to improve China＇s securities market. In this paper, study on the automotive industry and estimate the 25 listed car com- pany＇s financial indicators data and stock price in 2010. The results show that the earnings per share and the current ratio can explain more than 70% of the in- formation provided by the five financial indicators. The per share stock price gains on the automotive in- dustry the greatest impact, but the current ratio did not affect the stock price.