上市公司股价波动的会计视角研究

股票市场的开放拉近了与人们之间的距离，这也使得会计信息在股票市场的地位变得越来越重要。投资者在对上市公司整体做判断时更多使用的是企业年报披露的会计信息，以便准确预测股票价格的变动，做出下确的投资决策。对企业会计信息的分析有助于判断市场有效性类型，进而对股价做出预测。因此，研究企业年报会计信息与股价的关联性就显得十分必要了。
本文选取上汽集团有限公司2012-2014年的财务数据，将会计信息浓缩为盈利指标和上市公司财务指标，使用SPSS统计软件分别进行财务指标与股价的相关性分析，并在此基础之上进行回归分析，建立回归模型。在相关性分析和回归性分析结合的基础上，考察了财务指标对股票价格的影响作用和解释能力，给出市场有效性类型的判断，从而证明了会计信息在中国股票市场的作用，为广大的会计信息使用者提供理论借鉴和实证参考。

关键词： 会计信息    财务指标    股票市场    股价波动

Research on stock price volatility of listed company

Abstract：The opening of the stock market makes the distance closer between stock market and people, which makes the status of accounting information in this market more prominent. Investors who depend on financial statements can calculate the change of stock in advanced and make a right decision. Therefore, the research about the relationship between financial statements and stock price is very necessary.
Based on empirical theory and selected SAIC Motor Corporation Limited in 2012—2014 financial data, I classify the financial information that including profitability indicators and the listed company financial indicators to carry out correlative analysis and regressive analysis between financial data and stock price. On the basis of combined correlative analysis with regressive analysis, we study the influence in accounting for stock price and determine the type of market efficiency, which proves the function of financial information for stock markets in China, and then provide theoretical and empirical reference for information users.

Key Words： accounting information, financial indicators, stock market, stock price volatility

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