CAJ | 학술논문

以2009-2011三个年度创业板全部上市公司为研究对象，选取关键财务指标，运用主成分分析方法及简单多元回归模型，研究了财务指标与股价之间的相关关系。研究发现，就创业板市场整体而言，财务指标与股价之间存在显著的线性相关关系，说明创业板市场较强地阐释了上市公司财务状况；同时市场对于年度报告信息的披露有直接反应，证明创业板市场尚未达到半强势有效；盈利能力与成长能力财务指标的回归结果较为显著，说明此类财务指标对投资者具有较强的指导意义。
이2009-2011삼개년도창업판전부상시공사위연구대상，선취관건재무지표，운용주성분분석방법급간단다원회귀모형，연구료재무지표여고개지간적상관관계。연구발현，취창업판시장정체이언，재무지표여고개지간존재현저적선성상관관계，설명창업판시장교강지천석료상시공사재무상황；동시시장대우년도보고신식적피로유직접반응，증명창업판시장상미체도반강세유효；영리능력여성장능력재무지표적회귀결과교위현저，설명차류재무지표대투자자구유교강적지도의의。
This primary goal of this article is to study the relationship between financial statements and stock price. In this paper, the research ob- jects are all the GEM （Growth Enterprise Market） listed companies from 2009 to 2011. PCA （principal component analysis） and simple Multiple Regression model is utilized to analyze the key financial statements selected. The results of the research indicate a significant linear correlation be- tween financial statements and stock price, which shows that the GEM market can reflect the financial situation of listed companies strongly.. What＇s more, the results also show that the market would be directly affected by the annual financial reports, which means GEM is not semi strong-form efficient yet. Besides, the regression results of financial statements which reflect the ability of earning and growing are more notable than others, so they have more guiding significance.