会计实证论文-能源类上市公司股价相关性研究.doc

题目 能源类上市公司股价相关性研究 摘 要 在正常的证券市场中，影响股票价格的的因素有很多，而企业会计信息的影响是最直接的，因为股票本身是不存在价值的，它的价值来源于会计信息所反应的企业的未来价值。从信息经济学的角度来看，企业向市场传递了相关信息之后，会影响投资者的投资决策，而投资者的投资决策进一步影响企业的股票价格。因此股票价格中所包含的会计信息对于股票价格是非常重要的，同时也是投资者们最为关注和使用的信息依据。因此本文在进行能源类上市公司股价相关性研究时主要是对企业的会计信息与股票价格的相关性进行研究。本文在结合前人研究的基础上，通过实证分析对我国能源类上市公司股票价格和以财务数据为代表的会计信息之间的关系进行了研究。 本文首先分析和论述了会计信息和股票价格的相关理论，以其理论为基础建立了实证模型，使用SPSS统计软件，分别选取2014年和2015年我国能源类上市公司的会计报表中反映企业盈利能力、偿债能力、成长能力以及营运能力的八项会计指标信息和其股价作为样本进行实证分析。分析结果表明，我国能源类上市公司会计信息对股票价格具有一定的解释作用，但其中部分指标与股票价格相关性较弱，尤其是与发达国家成熟的证券市场相比，我国证券市场中会计信息对股票价格的影响力还较弱。最后，本文根据所做实证分析研究对健全证券市场发展，提高会计信息对股票价格的解释力提出的几点建议与想法。 关键词：会计信息；股票价值；成长能力 The Impact of Enterprise Accounting Information Disclosure on Its Stock Price - Taking Energy Enterprises as an Example ABSTRACT There are many factors that affect the share price in the normal stock market, while the most direct factor is the influence of accounting information disclosure, because the share itself is of no value,while its value is derived from the future value of the enterprise reflected by the accounting information.The accounting information contained in the share price is very important to the share price, at the same time, it is also the information basis that investors concern about and use.Therefore, it is necessary to study the impact of accounting information disclosure on its share value for the securities market and investors.The thesis studies the relationship between share price and accounting information of Chinas Energy listed companies through empirical research based on the previous research. Firstly the thesis analyzes and discusses the relevant theories of accounting information and the share price,while the empirical model is established based on its theory,then while male a empirical analysis that use the SPSS statistical software and select the eight accounting information and the share price that enterprise profitability,debt paying ability,growth ability and operational capacity can be reflected in the accounting sta