本文選題：股價(jià)變動(dòng) + 股權(quán)再融資信息�。� 參考：《廣西師范大學(xué)》2013年碩士論文

【摘要】：隨著金融制度的日益完善,金融知識(shí)的逐漸普及,股票隨著資本市場(chǎng)的發(fā)展走進(jìn)了人們的生活,滬市和深市投資者開戶數(shù)合計(jì)超過2億,股市價(jià)格的波動(dòng)直接影響著人們的資產(chǎn)財(cái)富,進(jìn)而影響整個(gè)國(guó)民經(jīng)濟(jì),因此股價(jià)波動(dòng)的因素一直是金融經(jīng)濟(jì)學(xué)關(guān)注的焦點(diǎn)和熱點(diǎn)。造成股市波動(dòng)的主要因素是市場(chǎng)中的信息,由于公司在市場(chǎng)經(jīng)濟(jì)和資本市場(chǎng)中扮演十分重要的角色,所以公司信息成為了投資者重點(diǎn)關(guān)注的信息,其中的公司會(huì)計(jì)信息和公司股權(quán)再融資信息也吸引了學(xué)術(shù)研究者的關(guān)注。本文嘗試將會(huì)計(jì)信息與融資信息相結(jié)合,研究會(huì)計(jì)信息與股權(quán)再融資信息共同作用下的股價(jià)變動(dòng),從而判斷投資者面對(duì)配股,增發(fā)信息的時(shí)候,是否會(huì)參考公司的會(huì)計(jì)狀況做出投資決策。 本文運(yùn)用了回歸分析法,以滬市主板2007年到2012年發(fā)布配股和增發(fā)公告的上市公司為研究對(duì)象,分別從季報(bào)中挖掘上市公司的財(cái)務(wù)數(shù)據(jù),從配股和增發(fā)公告中挖掘股權(quán)再融資信息,與股價(jià)的變動(dòng)建立多元線性回歸模型,分析不同的變量對(duì)股價(jià)變動(dòng)的影響；此外,還采用統(tǒng)計(jì)檢驗(yàn)方法對(duì)研究變量進(jìn)行了檢驗(yàn)。 從上市公司配股信息、會(huì)計(jì)信息與股價(jià)變化的研究中發(fā)現(xiàn)：大盤收益對(duì)股價(jià)變化的作用是正向的；配股比例與股價(jià)變化負(fù)相關(guān)。投資者在知道配股信息后,主要根據(jù)當(dāng)時(shí)是否對(duì)股市有信心和“配股說明書”中的配股比例來做投資決策,并沒有充分考慮配股公司的盈利能力(每股收益)、成長(zhǎng)能力(凈資產(chǎn)增長(zhǎng)率)和現(xiàn)金流量(每股現(xiàn)金流量?jī)纛~)。從上市公司增發(fā)信息、會(huì)計(jì)信息與股價(jià)變化的研究中發(fā)現(xiàn)：大盤走勢(shì)對(duì)股價(jià)變化的影響是正向的；每股現(xiàn)金流量?jī)纛~與股價(jià)變化負(fù)相關(guān)。說明投資者在得知上市公司增發(fā)股票的信息后,考慮了當(dāng)時(shí)的市場(chǎng)熱情和上市公司的現(xiàn)金流量(每股現(xiàn)金流量?jī)纛~)來進(jìn)行投資決策。同時(shí),每股現(xiàn)金流量?jī)纛~與股價(jià)變化負(fù)向關(guān)系也體現(xiàn)了當(dāng)現(xiàn)金儲(chǔ)備較多的上市增發(fā)股票時(shí),投資者會(huì)對(duì)其融資的目的產(chǎn)生懷疑,產(chǎn)生一定的抵觸情緒。針對(duì)上述結(jié)論,本文從加強(qiáng)監(jiān)管,引導(dǎo)投資者理性投資,上市公司內(nèi)部管理方面提出了相關(guān)建議。
[Abstract]:With the increasingly perfect financial system and the gradual popularization of financial knowledge, stocks have entered people's lives with the development of the capital market. The total number of accounts opened by investors in Shanghai and Shenzhen stock markets exceeds 200 million.The fluctuation of stock price directly affects people's asset wealth and then the whole national economy, so the factor of stock price fluctuation has always been the focus and hot spot of financial economics.The main factor causing stock market fluctuations is information in the market. Because companies play a very important role in the market economy and capital markets, corporate information has become the focus of attention of investors.Corporate accounting information and corporate equity refinancing information also attracted the attention of academic researchers.This paper attempts to combine accounting information with financing information to study the stock price changes under the joint action of accounting information and equity refinancing information.Whether or not to refer to the company's accounting position to make investment decisions.In this paper, regression analysis is used to analyze the financial data of listed companies from 2007 to 2012, which are published by Shanghai main Board from 2007 to 2012.This paper excavates the information of equity refinancing from the announcement of rights issue and issuance, establishes a multivariate linear regression model with the change of stock price, and analyzes the influence of different variables on the change of stock price. In addition, the statistical test method is used to test the research variables.From the research of the information of rights issue, accounting information and stock price change of listed companies, it is found that the effect of large market income on stock price change is positive, and the proportion of allotment shares is negatively correlated with the change of stock price.After knowing the information about the rights issue, investors mainly make investment decisions based on whether they have confidence in the stock market at that time and the proportion of the rights issue in the "prospectus."The profitability (earnings per share), growth (net asset growth) and cash flow (net cash flow per share) of the rights issue companies are not fully considered.It is found from the research of the additional issuance information, accounting information and stock price change of listed companies that the influence of the market trend on the stock price change is positive, and the net cash flow per share is negatively correlated with the stock price change.The results show that after the investors are informed of the information of the additional shares issued by the listed companies, they take into account the current market enthusiasm and the cash flow (net cash flow per share) of the listed companies to make investment decisions.At the same time, the negative relationship between the net cash flow per share and the change of the stock price also shows that when the listed and issued stocks have more cash reserves, the investors will have doubts about the purpose of their financing, and a certain amount of resistance.In view of the above conclusions, this paper puts forward some relevant suggestions from the aspects of strengthening supervision, guiding investors to invest rationally, and internal management of listed companies.
【學(xué)位授予單位】：廣西師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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本文編號(hào)：1753351