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Comparative Study of the Relation between Stock Prices and Accounting Information of ShenZhen Multi-level Stock Market

Author: LiZhao
Tutor: MaLi
School: Hebei University of Economics
Course: Accounting
Keywords: Multi-level stock market Accounting information content Stock price Capital Structure
CLC: F233
Type: Master's thesis
Year: 2011
Downloads: 57
Quote: 0
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Abstract


The establishment of a multi-level stock market , mainly through the motherboard market to small board and then to the extension of the GEM . Although the motherboard market has experienced 20 years of development history , but the degree of development of the capital market is still troubled off speculative factors inseparable from the accumulation of funds . Small board and GEM is different from the prominent features of the motherboard market performance in the strong growth of the industry and the small scale of the company's share capital , which induced infiltration of speculative factors to a greater extent . In this context , this paper, the correlation between stock prices and accounting information in different manifestations of the motherboard market , the market of small plates and GEM market investigation, and then found that the regularity of the different levels of market share prices reflect accounting information . In this paper, Ohlson residual income model investigated the difference between the stock price in the Chinese stock market in the multi-level sensitive coefficient and the level of earnings per share , net assets per share accounting information , and on this basis the expansion reflects the company's capital structure is introduced the asset-liability ratio indicators were analyzed through empirical study found : (1) the accounting information , the stock price sensitivity is more focused on earnings per share , net assets per share . Stock price to earnings per share sensitive coefficient significant nature does not change with the sample period and market -level change , and the sensitivity of the net assets per share showed a significant period features , and explain the stock price is less consistently . Center while the board minimum sensitivity of stock price to earnings per share to the highest GEM , small board . The goodness of fit comparisons show that mean the higher the earnings per share , the higher the goodness of fit ; earnings per share coefficient of variation is lower , the higher the goodness of fit . (2 ) the motherboard market asset-liability ratio measures the average level of the capital structure , the high degree of concentration ; small plates in the middle ; minimum of the average level of the same period the GEM capital structure , and the lowest concentration optimal capital structure of reality , there is no clear law sex . The market selective capital structure as an investment indicator , the Main Board and the GEM market is not obvious , the more obvious the same period, small plates , which show that the weak investment in capital structure as the basis for the stability and reliability , multi-level stock market stock price the information content is still concentrated in the earnings per share of dominant

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CLC: > Economic > Economic planning and management > Accounting > Accounting Organization and system
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