上市公司财务状况与其股票收益率及风险相关性实证研究

【作者】 刘一；

【导师】 张宽海；

【作者基本信息】 西南财经大学 ， 技术经济及管理， 2006， 硕士

【副题名】基于普通机械制造行业的上市公司

【摘要】 随着中国股票市场的日益发展,股票市场日益成为中国经济发展的重要组成部分。同时股票投资者日益理性,他们需要更多地了解他们所投资的上市公司的真实状况,特别是公司的财务状况,而不再仅仅是追捧股价的上涨。而上市公司的财务报告是唯一可以通过公开渠道获取的重要公司资料信息,因此,作为一名理性投资者,通过上市公司的财务报告了解自己所投资的上市公司成为迫切的需要。本文正是从这一角度出发,利用多元统计分析方法对样本上市公司的财务状况进行了全面、综合地评价,并实证了样本公司的综合财务状况与公司股票收益率、综合财务状况与公司股票收益风险之间的关系。希望能够指导理性投资者的投资决策。本文的主要内容有以下几个方面:前言是关于本文研究概述。主要包括了本文的研究背景、研究的对象、研究的方法、研究思路以及在本文研究中做出的创新点。具体地讲,本文的研究背景是如何分析与评价上市公司的财务状况成为相关利益者十分关注的管理问题;是本文所研究的对象是普通机械制造行业的37家上市公司;本文的研究内容是这37家上市公司的财务状况及与其股票收益率的相关性分析;研究方法采用的是以定量评价为主并结合定性分析,局部分析和整体评价相结合,理论运用和实证分析相结合。第一章是关于财务评价理论研究综述。主要包括两部分,第一部分是关于财务综合评价的简介、意义及程序。具体包括了财务综合评价的内容,如盈利能力、资产营运能力、偿债能力、发展能力、股本扩张能力等五方面内容;从委托代理理论的角度、公司战略管理的角度、“投入—产出”法则的角度对公司财务评价的必要性进行了分析;财务综合评价的意义、公司财务综合评价的操作程序。另一部分是关于当前财务综合评价主要理论方法简介,如雷达图法、杜邦财务分析体系的财务综合评价方法、基于EVA的公司财务评价方法、基于差更多还原

【Abstract】 Along with Chinese stock market’s more and more flourishing daily, the stock market becomes the important constituent of Chinese economic development day by day. At the same time, stock investors become rational day by day, they need to understand the information of company’s real condition about the listed company which they will invest, however they are no longer merely pursues the rising of the stock price. As we known, listed company’s financial report is only maybe the important company material information which can be got through the public channels. Therefore, as a rational investor, through company’s financial report to understand listed company which they invest is becoming the urgent need. This article precisely embarked from this angle, used multi-dimensional statistical analysis methods to company’s comprehensive financial condition to the sample has been carried on, comprehensive appraises, and confirmed the relation by means of the statistical analysis methods between sample company’s comprehensive financial condition and company share returns ratio relations. The author hopes the conclusions drawn from the correlational analysis can instruct the rational investors’ investment decision-making.The article’s main content has following several aspects:The first chapter is about the summary of financial appraisal fundamental research, mainly included two parts. The first part introduced the theory basis of finance quality synthetic evaluation, the principle and the significance, another part is about the current main theory method synopsis of finance quality synthetic evaluationThe second chapter is the main introduction based on the advanced更多还原