上市公司会计盈余、现金流量与股票价格相关性实证分析.pdf

目 录

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

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

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

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