CAJ | 학술논문

新中国股市从最初建立至今，其主要功能一直是上市公司的融资市场，而投资市场的投资功能，即投资者依据上市公司基本面进行投资决策能否获取较高回报，则仍存在争议。通过检验公司基本面对股票回报的影响，以及基本面对股票回报的解释力，研究发现，只有具有持续性的公司基本面才能对股票回报产生显著影响；影响公司基本面的新消息只有在坏消息的情况下，才能对股票回报具有显著作用。当公司处于较为稳定的外部环境或经营周期时，投资者的投资机会较少，而当市场出现坏消息时，投资机会大增。研究还发现，除公司基本面之外，投资者认知也是解释股票回报的重要因素；而只在新消息是坏消息时，其对股票回报的影响才显著。
신중국고시종최초건립지금，기주요공능일직시상시공사적융자시장，이투자시장적투자공능，즉투자자의거상시공사기본면진행투자결책능부획취교고회보，칙잉존재쟁의。통과검험공사기본면대고표회보적영향，이급기본면대고표회보적해석력，연구발현，지유구유지속성적공사기본면재능대고표회보산생현저영향；영향공사기본면적신소식지유재배소식적정황하，재능대고표회보구유현저작용。당공사처우교위은정적외부배경혹경영주기시，투자자적투자궤회교소，이당시장출현배소식시，투자궤회대증。연구환발현，제공사기본면지외，투자자인지야시해석고표회보적중요인소；이지재신소식시배소식시，기대고표회보적영향재현저。
The main function of China's stock market is capital financing for public companies since its foundation.However,the investment function,that is,whether investors get high returns when they make investment decisions according to company fundamentals,has been controversial.Through testing the effect of fundamentals on stock return,and the explanatory power of fundamentals on stock return,the paper finds that only fundamentals of continuous nature and bad news of company fundamentals have significant effect on stock return.When the firm goes into a stable environment or an operating cycle, investment opportunities are few.On the other hand,investment opportunities are significantly increased for bad news in the market.In addition,besides fundamentals,stock return is also explained by investor perception,whose impact is insignificant only when the news is good.