Dissertation > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods

A Positive Analysis on the Relationship between Stock Price of Steel & Iron Company and Accounting Information

Author YangCheng
Tutor GuoXinYou
School Wuhan University of Science and Technology
Course Business management
Keywords Financial Index Stock Pricing Principal Analysis BP Neural Network
CLC F224
Type Master's thesis
Year 2006
Downloads 397
Quotes 2
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Since the Shanghai and Shenzhen stock exchange market have been established, the development of China’s securities market has already had a history of more than 10 years. The market scale of the securities is being strengthened and standardized constantly, the market creates and deepens newly constantly, the disclosure of information of security market is being improved constantly. Joining and introduction of QFII which strengthen constantly by team and institutional investor make China’s securities market accelerate being in line with international standards, the mind of speculating has already been compressed greatly.The fundamentals of the listed company begins to become the important factor of stock pricing, Investing according to the value is becoming one important theory of investment, which can support stock pricing model.First of all, this article combs stock pricing theory and method of western security market. The western security market undergoes more than 200 years of development, the theory circle and practice circle create various stock pricing theories and methods. These achievements can divide into discounted cash flow model、effective market theory、CAPM model、 and information theory .Then, this article is on the basis of empirical results and combine with the national stock market, then indicate the logic thought of this paper. Building the multifactor pricing model (MFPM) and stock price predict model (PPM), both of which base on the quality of the listed company.According to the empirical analysis, the simulation precision of the MFPM model is up to 66.8% at the 0.05 significance level. The training sample of PPM model and predicting sample reach respectively 99.05%,90.9%, and both of them reach the requirement. However, PPM model has better statistical forecast results than MFPM model. So, we can use PPM model as the core and combine with other information in many aspects, and confirm the value stock, which is suitable for making the investment.

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