中小板上市公司股价影响因素的研究.pdf

中小板上市公司股价影响因素研究 Abstract Since thesmallandmedium-sized board market was launched in2004,it hasfully developed insuchaspects asthenumber pany,the amount offinancing and thetotalmarket pany’S stockprice shows many differentcharacteristicsfromthemainboard market,SO what we care about isthatthese characteristics ofstock price isdecided by pany’S characteristics orthe effectiveness ofthestockprice existsproblems Firstly,the paper generally analyzes thefeatures ofthesmalland board panies and theirstockprice,on thebasisofwhich ittheoretically analyzes the influencing factorsofthe stockprice ofthesmalland medium-sized panies, including theprofitability,the growth ability,the capital structure,the ownership structure, the asset scale and thepaper conducts ponent analysis oftheabove influencing factorsand establishestheregression mode. Data panies intheyear2008-20 0isselected tocarry outempiricalanalysis, theresultsofwhich are asfollows:influencing factorswithrelatively closecorrelationwith thestockprice aretheprofitability,the growth ability,thecapitalstructure,theshareholding ratiooftheinstitutional investors and the asset scale:there is aweak positive correlation between thestockprice andtheshareholding proportion ofthelargest shareholder;there is no notablecorrelationbetween thestockprice andtheinformationdisclosurequality;in thethree years from 2008 to200,thenegative correlationbetween thestockprice and thecapital structureand theassetscaleisweakened,and thepositive correlation between thestock Drice and theprofitability,thegrowth ability andtheshareholding ratiooftheinstitutional investors es ,based on the above analysis,this paper puts forward some suggestions topromote the eriectiveness ofthestock price board panies. Key words:Small andmedium。sized board market;Influencing factors ofthestock price; ponent analysis;Regression