摘要本文选择房地产上市公司作为研究对象，以财务指标和股票价格为变量设计多元线性回归模型，利用2011年到2015年公布的财务报表中的相关数据进行实证研究。通过对样本数据进行相关性分析和回归分析，考察房地产上市公司在盈利能力、偿债能力、营运能力、现金流量能力和成长能力与股价的关系以及相关程度，从而找到房地产上市公司财务绩效与股票价格之间关系的规律，为投资者提供科学决策和政府部门完善政策的理论依据。结果显示，盈利能力、偿债能力和现金流量能力与股价之间存在正相关关系，其中，反映盈利能力的基本每股收益对股价最具有影响力。但整体而言财务绩效的影响力度不是很高，还存在许多其他影响股价的因素。另外，我国房地产行业的股票市场有效性还不强，财务信息披露的监管力度有待提高，投资者也需要增强对于财务报表信息披露的关注。82909

毕业论文关键词  房地产上市公司 财务绩效 股价波动 实证分析

毕 业 论 文 外 文 摘 要

Title  Relations Between the Performance of Real Estate Listed Companies and their Stock Prices

Abstract Taking the real estate listed companies as the research object, this paper selected the financial report data from 2011 to 2015  and established regression model based on financial indicators and stock prices。Combining correlation analysis and multi-element regression analysis of sample data, this paper tested the real estate listed companies in profit ability, debt paying ability, operation ability, cash flow ability and development ability and the relationship between stock price and the related degree, so as to find the regular relationship between the real estate listed company financial performance and their stock prices ，and then provide investors with scientific decision and the theory basis of government departments to perfect the policy。Results show that the profit ability, debt paying ability and the cash flow ability and that there was a positive correlation between the share prices。Especially,basic earnings per share show the most influential effects on stock prices。But the strength of the influence of the overall financial performance is not very big, there are many other factors that could affect stock price。In addition, the stock market effectiveness of the real estate industry of our country is not strong, financial information disclosure regulation needs to be improved。Investors also need to pay  more attention on the information disclosure of financial statements。

Keywords  Real Estate Listed Company  Financial Performance  Fluctuations of stock price  Empirical analysis

目   次

1  绪论 1

1。1  研究背景及研究意义 1

1。2  研究思路及研究方法 3

1。3  研究内容及论文框架 3

1。4  本文创新点 3

2  文献综述 5

2。1  有关股票价格影响因素的相关研究 5

2。2  关于上市公司财务绩效与股价关系的研究 5

2。3  关于房地产上市公司财务绩效与股票价格关系的研究 6

2。4  简要评述 6

3 模型设计 8

3。1 变量的选择 8

3。2  模型建立 10

4  实证分析