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Gaosongzhuan stock 's long-term financial results for the empirical research

Author: HuLiZhen
Tutor: ZhongChaoHong
School: University of Electronic Science and Technology
Course: Business Administration
Keywords: high bonus shares value investing valuation indicators multiple regressions
CLC: F832.51;F224
Type: Master's thesis
Year: 2011
Downloads: 118
Quote: 0
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Abstract

Around the annual reports of the public companies, stock market is very attention to the phenomenon of the send stock. The concept of stock dividend is bonus issue and Accumulation Fund Turning to increase subscribed. Which is completely different in concept and nature but both are able to extend the scale of the capital stock. In the trading of the stock market, investors often will total up the bonus issue and Equity conversion. The umbrella name is stock dividend. It is called stock splits abroad. According to the market ’s general cognition, the defining of high bonus shares is 10 shares for every 3 shares are all belong to high bonus shares stock.On the surface, high delivery stock will rise significantly, clinch active, and became the hot stock market in the short term. This phenomenon may be shorter in duration, also may continue until after the ex-dividend date, what’s more, possible will result in Tianquan rally. High delivery to the stock market is one of the Market anomalies. Our problem is the high stock delivery a general law of value investing or individual stock speculation? Its strong market performance is short, or persistent? In return will be maintained, or investor sentiment volatility caused by stock in super up again after ultra falls? In all of the high delivery stock, whether its intrinsic value tends to some trend before or after the sending, and about the tendency, is continued good or not obvious? This paper will conduct the empirical analysis about the questions above.This goal of this paper is to explore the variation trend in financial target of the high delivery stock, and look for financial target can be reflect high delivery stock. In the research method, this article uses econometric method and statistical method, to make the Descriptive statistical analysis about the selected company in the preceding year of transfer, in the current year of transfer, and after the year of the transfer.At the same time to make the multiple regression analysis in a cross-section point. In the selecting of the financial target, this paper chooses the general five financial indexes as the object of study. That is: ROE, gross profit, ratio of liabilities to assets, the assets turnover, and the revenue growth rate. Subsequently, this article makes the empirical research in two aspects. First, it makes the descriptive statistical analysis about the five financial target of high stock in 2007 in the preceding year of transfer, in the current year of transfer, and after the year of the transfer.Second, it makes the analysis about the relationship among each financial target of the high delivery stock. The research shows that the inherent value of stock index constitutes a certain support for the high delivery act, and can be provide the reference for the investors to choose the high stock delivery.

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