基于地区市场化程度的会计盈余与股票回报关系研究-工商管理专业论文.docxVIP

The The Correlation Between Earnings And Stock Returns In China Based On Market Process ABSTRACT Accounting earnings as an important indicator which reflects the econoⅡliC efficiency of the enterprises，plays an important role in the investors’decision_ making and the process of social resources，because the economic efficiency of the enterprises influences the stock returns which iS me investors’purpose．So both the foreign and domestic scholars put their focuses on the relationship between accounting earnings and stock returns．The previous research on this issue preferred the perspective of corporate characteristics，but rarely pays attention to the impact which macroeconomic factors have on the relationship between accounting earnings and stock returns．The process of marketization reform,as one of the macroeconomic factors．influences the existence and the development of an enterprise through the government intervention，protection of laws or regulations to investors and SO on．Therefore，this Paper chooses the perspective，the process of marketization reform,to explore its impact on the relationship between accounting earnings and the stock returns，in order to understand whether the process of marketization reform Can have an effect on the micro-transmission mechanism and achieve the optimal allocation of resources． This paper selects the companies listed on the Shanghai Stock Exchange as the research obiects．then reviews the related literatures and related theories on the relationship between the accounting earnings and the stock returns through the method of literature，and then proposes the two hypothesis of this study． When testing the ftrst hypothesis，this paper adopts the multivariate regression analysis．At the basis of the first hypothesis，this paper uses the linear model and the non．1inear model respectively to study the effect which the process of marketization reform have on the relationship between accounting earnings and stock retums． Through the empirical st