公司财务分析视野中的零售商业股定价实证研究

An Empirical Study on the Share Pricing of Retail Industry from the Perspective of Corporate Financial

选取沪深A股中62家零售商业类上市公司为研究样本，以2007年度各类财务指标为解释变量，以2008年5～12月内全部交易日股价的加权平均水平为被解释变量，研究了主要财务指标对股价的响应模式。研究表明，前者对后者存在全面的、显著的影响。以每股收益为代表的盈利能力信息在股票定价中处于核心地位，其他类型的会计信息则采取两种不同的模式影响股价。盈利质量信息在产生影响时与每股收益处于并列地位，而偿债能力、营运能力、发展能力信息则是通过强化或弱化每股收益对股价的边际效应而发挥作用。

Adopting 62 S rious financial indicators in hanghai and Shenzhen A - shares from the retail industry as sample, choosing their va- 2007 as independent variables, and using their average prices from May, 2008 to Dec. , 2008 as dependent variable, this paper studies the pattern through which corporate financial indicators affect share prices. The study indicates that the former can comprehensive and significantly impact the latter. Information regarding profitability, as represented by EPS, plays a central role in share pricing. Other accounting information, however, affects share prices in two different patterns. The quality of profit is in parallel to EPS when affecting share prices, while information regarding solvency, turnover, and trend of development contribute to share price changes by enhancing or weakening the marginal effect of EPS on share prices