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Regression - the rational analysis of the investment behavior of small and medium investors to value investing

Author: LiuJie
Tutor: YangShiZhong
School: Capital University of Economics
Course: Accounting
Keywords: listed company earning manipulation corporation value rational analysis
CLC: F830.9
Type: Master's thesis
Year: 2002
Downloads: 259
Quote: 1
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Abstract


From its establishment to the development stage as of today, China’s stock market has come a long way. It has greatly assisted our economic reform and the formation of China’s mordern corporation system. There is no doubt that the stock market is playing a more and more important role in our economic life.The mid to small investors, as one of the interest groups, are the "minority group" in the security market due to a lack of advantage in terms of both capital and industry knowledge. Therefore their interests have always been subject to higher risks and greater losses.From small investors’ point of view, this article analyzes the current situation of China’s stock market and the values of listed companies, in hope to establish value-oriented investment philosophy, rationalize the valuation of listed companies and, thus, help investors to make sound investment decision.First, this article summarizes and categorizes the earning manipulation methods mostly used by listed companies, which will help to skim the misleading information out of financial statement. Secondly, through regression analysis, it concludes that the profitability ratios cared by investors, i.e. earnings per share and operating cash flow per share, show little correlation with the stock price. Therefore, it lead s to the conclusion that the value of the listed company should be a function of a set of decisive factors including profitability, asset management ability, growth potential, etc. In the end, through a case study, the article hopes to give an example to mid to small investors of how to identify listed company’s intrinsic value through correct analysis of its financial statements.

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CLC: > Economic > Fiscal, monetary > Finance, banking > Finance, banking theory > Financial market
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