房地产上公司财务绩效与股价的相关性-DPIProceedings.PDFVIP

2018 3rd International Conference on Society Science and Economics Development (ICSSED 2018) ISBN: 978-1-60595-031-0 Relations Between the Performance of Real Estate Listed Companies and their Stock Prices Wen Li Nanjing University of Science and Technology, Nanjing, Jiangsu, China Keywords: The real estate listed companies, Financial performance, Stock price volatility. Abstract. This study exams the relationship between five kinds of financial indexes and stock prices of the real estate listed companies. Findings show that profit ability, debt paying ability and cash flow ability affect the share prices positively. Especially, basic earnings per share have the most influential effects. But the strength of the influence of the overall financial performance is weak. Many other factors could affect the stock price. In addition, the stock market effectiveness of the real estate industry of our country is weak, financial information disclosure regulation needs improving. Investors also should focus on the information disclosure of financial statements. 房地产上市公司财务绩效与股价的相关性 李雯 南京理工大学金融系，南京，江苏，中国 关键词：房地产上市公司；财务绩效；股价波动 中文摘要.考察房地产上市公司五类财务指标与股价的相关性及程度。实证结果显示：盈利能 力、偿债能力和现金流量能力与股价正相关，其中，反映盈利能力的基本每股收益对股价最 具有影响力。但整体而言财务绩效的影响力度不是很高，还存在其他影响股价的因素。另外， 我国房地产行业的股票市场有效性还不强，财务信息披露的监管力度有待提高，投资者需增 强对于财务报表信息披露的关注。 1．引言 近年来，我国发展速度走在世界前列，房地产市场的国民需求应运增长，一步步成为推 动我国经济增长的支柱性产业。决策者对于上市公司财务信息的理解和判断影响决策，在股 票市场上大多表现成投资行为，因而他们的不同态度在一定程度上以股票价格波动的形式呈 现出来。本文的研究重点是通过分析房地产上市公司代表性财务指标，探寻上市公司财务绩 效与股价的相关性以及这种相关性的程度。 本文在分析财务绩效与股票价格之间具备怎样的关系的基础上，进一步探讨财务绩效可 以解释股价的起伏变化的程度，并将现金流量指标也作为一类财务指标加入实证分析，结果 表明：现金流量能力与股价确实呈现正相关关系。证券市场持续完善发展，各界对股市的认 识不断调整，过往研究成果存在与现状不符的可能性。股改以后，市场经济环境，人群心理 等方面发生了改变，本文的研究内容是有价值的。 47