创业板上市公司会计信息、剩余收益与股价相关性研究

The Correlation Study of GEM Listed Companines,Accounting Information,Residual Income and Stock Price

上市公司重要财务指标的会计信息与股票价值相关性的研究一直是理论界长期关注的热点。以创业板上市公司为样本,结合Ohlson剩余收益理论,考察了2011-2013年该板块上市公司披露的会计信息对股票价格的影响。结果发现:创业板上市公司的会计信息能够在一定程度上很好地解释股票价格的波动,但创业板尚处于发展阶段,并未形成弱势有效市场;投资者在投资决策时会受到已掌握的会计信息的影响,剩余收益指标可以引导投资者更加重视企业的内在价值,进行投资决策时更多地考虑企业是否创造了价值,从而为价值投资者提供更好的依据。

The correlation between the accounting information of listed companies, important financial indicators and stock value has been a long- term focus of attention among theorists. Combined Ohlson, residual income theory,this paper takes companies listed on GEM as samples and stud- ies how the accounting information listed companies published influence the stock prices. Results showed that to a certain extent, the accounting information of GEM listed companies has a good explanation of fluctuations in stock prices,but the GEM is still in the development stage and haven, t formed a weak efficient market. Basically,investors in investment decisions will be influenced by the accounting information which has been rnas tered, but the residual income indicator can lead investors to pay more attention to the intrinsic value of the business. Thus when investors make in- vestment decisions,they can mainly consider whether the company create value so as to provide a better basis for value investors.