上市公司会计盈余、现金流量与股票价格相关性实证分析.docVIP

目录 TOC \o 1-2 \h \z \u 1. 引言 1 2. 文献综述 2 2.1. 国外文献 2 2.2. 国内文献 3 2.3. 文献评价 4 3. 理论分析与研究假设 4 4. 研究设计 5 4.1. 样本与数据来源 5 4.2. 变量定义与模型设定 5 5. 实证分析 7 5.1 描述性统计 7 5.2. 相关性分析 8 5.3. 多元回归分析 8 6. 结论 9 参考文献 10 上市公司会计盈余、现金流量与股票价格相关性实证分析 PAGE 2 PAGE 1 上市公司会计盈余、现金流量与股票价格相关性实证分析 摘要：以责权发生制为编制基础的会计盈余和以收付实现制为编制基础的现金流量是重要的会计信息。其相关性研究一直是实证研究的热点。本文选取了2006-2016年度我国沪深 A股上市公司作为研究的样本，以文献研究为先导， 结合有效资本市场假说、资本资产定价理论、剩余收益定价理论等相关理论分析，通过研究假设、描述性统计分析、相关性分析、回归分析等步骤详细分析了上市公司会计盈余、现金流量与股票价格的相关性。 结果表明：上市公司的会计盈余与股票价格之间存在显著正相关关系；上市公司的现金流量与股市价格之间存在显著正相关关系；上市公司的会计盈余与股票价格的正相关性强于上市公司的现金流量与股票价格的正相关性。 关键词：会计盈余；现金流量；股票价格；上市公司 An Empirical Analysis of the Correlation between the Accounting Earnings、Cash flows and Stock Price of Listed Abstract: Accounting surplus based on accrual basis and cash flow based on cash realization are important accounting information. The correlation study has always been a hot spot in empirical research. This paper selects Chinas Shanghai and Shenzhen A-share listed companies in 2006-2016 as the research sample, taking literature research as the forerunner, combining with the efficient capital market hypothesis, the capital asset pricing theory, the residual income pricing theory and other relevant theoretical analysis, through the research hypothesis. Descriptive statistical analysis, correlation analysis and regression analysis are used to analyze the correlation between accounting earnings, cash flow and stock price. The results show that: listed companies There is a positive correlation between the accounting earnings and the stock price .There is a positive correlation between the cash flow of the listed company and the price of stock market ;The Positive Relationship between Accounting Earnings and Stock Price of Listed Companies and the Positive Correlation between Cash Flow and Stock Price of Listed Companies Key words: accounting earnings; cash flow; stock prices; listed companies 1引言 作为“通用商业语言”的财务报告包含了两类信息，分别是以权责发生制作为基础的会计盈