CAJ | 학술논문

本文采用非线性面板平滑转换（PSTR）模型就财务信息对股价的综合效应影响进行了深入研究,得到如下结论：股价对每股收益的弹性在0.287至0.929之间波动;股价对每股净资产的弹性在0.096至0.346之间波动;股价对净资产收益率的弹性在0.098至0.231之间波动。股价对主营业务利润率的弹性在0.370至0.400之间波动;股价对每股营业现金净流量的弹性在-0.143至0.245之间波动;股价对销售现金比率的弹性在-0.125至0.066之间波动;股价对存货周转率的弹性在1.037至1.173之间波动;股价对总资产周转率的弹性在-0.305至0.059之间波动。
본문채용비선성면판평활전환（PSTR）모형취재무신식대고개적종합효응영향진행료심입연구,득도여하결론：고개대매고수익적탄성재0.287지0.929지간파동;고개대매고정자산적탄성재0.096지0.346지간파동;고개대정자산수익솔적탄성재0.098지0.231지간파동。고개대주영업무리윤솔적탄성재0.370지0.400지간파동;고개대매고영업현금정류량적탄성재-0.143지0.245지간파동;고개대소수현금비솔적탄성재-0.125지0.066지간파동;고개대존화주전솔적탄성재1.037지1.173지간파동;고개대총자산주전솔적탄성재-0.305지0.059지간파동。
We make research about the question of comprehensive financial information influence on the stock price by panel smooth transition model（PSTR） in this paper,and get the following conclusions： the flexibility of stock price to earnings per share is between 0.287 and 0.929,the flexibility of stock price to net asset value per share is between 0.096 and 0.346,the flexibility of stock price to return on equity is between 0.098 and 0.231,the flexibility of stock price to main operating margins is between 0.370 and 0.400,the flexibility of stock price to net cash flow per share is between-0.143 and 0.245,the flexibility of stock price to cash sales ratio is between-0.125 and 0.066,the flexibility of stock price to inventory turnover ratio is between 1.037 and 1.173,the flexibility of stock price to turnover of total capital is between-0.305 and 0.059.