我国创业板上市公司财务绩效与股票价格关系研究——基于四大行业2012—2014年的数据分析

Research on the Relationship between Financial Performance of GEM Listed Company and Stock Price:Based on the Data Analysis of Four Industries

我国创业板市场成立后,越来越多的证券投资者关注创业板股票,创业板股票价格快速上涨,有的个股严重偏离其实际价值,投资风险增大。运用面板数据分析软件对创业板块主要行业的四大板块进行动态的面板数据分析,得出以下结论:长期投资创业板制造业上市公司股票应该综合考虑每股收益、净资产收益率、每股净资产、总资产增长率;长期投资创业板信息技术业上市公司股票应该重点关注总资产增长率;长期投资创业板社会服务业上市公司股票应该重点考虑资产负债率;长期投资创业板农业上市公司股票应该重点考虑净资产收益率。

Since the establishment of Growth Enterprise Market(GEM)in China,more and more portfolio investors have paid attention to the stocks in GEM,and as a result,the price of the stock in GEM rises rapidly.Some individual stocks seriously deviate from their actual value and the investment risk is relatively large.This paper analyzed four largest plates of the main industries in GEM through the dynamic panel analysis with Eviews 8.0and drew the following conclusions:the long-term investment in the stocks of the listed manufacturing companies in GEM shall take into consideration EPS,rate of return of net assets value,net assets per share and growth rate of total assets;the long-term investment in the stocks of the listed IT companies in GEM shall focus on the growth rate of total assets;the long-term investment in the stocks of the listed social service companies in GEM shall lay emphasis on the asset-liability ratio and the long-term investment in the stocks of the listed agricultural companies in GEM shall place emphasis upon the rate of return of net assets value.