创业板盈余质量与股票收益的相关性分析-管理科学与工程专业论文.docxVIP

Subject: Correlation Analysis of Earnings Quality and Stock Returns on GEM Specialty:Management Science and Engineering Master : (Signature) Instructor: (Signature) ABSTRACT Surplus is the outcome of the reaction of business and important index to the listed companies and the securities regulatory authorities when making decisions, some of the frauds in the stock market in recent years have emerged so that people generally begin to pay attention to the earnings quality, GEM market operation has been nearly three years and experienced the ups and downs of stock prices, What’s the relationship of the earning’s quality and stock return? From the perspective of decision’s usefulness, the article study the concept, characteristics, influencing factors and evaluation methods of the earning’s quality. This article design eight financial indicators and use comprehensive evaluation of the coefficient of variation to evaluate earning’s quality. Then discusses the meaning and representation of stock returns and theoretically discoursed the relationship of the earning’s quality and stock returns. The empirical part of the article select 150 companies listed on the GEM as sample, using the surplus-income model, show that the earnings quality and stock returns of companies listed on GEM is positively related,but little explanatory power of earning’s quality on stock returns, the earnings quality authenticity and stock gains rate is not related, cash safeguards and stock gains rate is not significantly related，earnings persistence and stock returns is negatively related, earnings growth and profitability have a significantly positive correlation with stock returns，earnings security has a significant negative correlation with stock returns. The results show that GEM investors only pay attention to corporate profitability and the level of growth, not care about profits of sales revenue and main business, are not concerned about the risk level of businesses and profits’ cash flo