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实证会计理论由波尔(Ball)和布朗(Brown)创立,自创立以来,众多专家学者探讨上市公司财务数据(其中包括会计盈利数据)与其对应的股票价格两者之间的关系,并开展为数众多的实证研究。按照常理,可以获得额外收益的股票,企业就有获得盈利的可能,这也是投资则进行投资的原因,这一方面表明股票价格在一定程度上可反映公司的盈利的多寡,另一方面投资者也可根据盈利的预期值与实际值的差值来调整持有股票的多少。从时间这个维度上来观察,在较短时间内,会计盈利的多少与股票价格的多寡呈正相关,对于那些经营周期不长的公司,股价在一定程度上的确可以反映该公司在短期内的盈利情况。我国对于会计盈利情况和股票价格之间的关系关注比较晚,虽然研究处于初级阶段,但该课题的重要性已经凸显出来,研究结果可改善我国股票市场的运行情况。
The empirical accounting theory was founded by Ball and Brown. Since its establishment, many experts and scholars have discussed the relationship between the financial data of listed companies (including accounting earnings data) and their corresponding stock prices, A large number of empirical research. According to common sense, you can get additional earnings stocks, companies have the possibility of profitability, which is why investment is the reason for investment, which shows that the stock price to some extent reflects the company’s profitability, on the other hand, investors You can also adjust the amount of shares you hold based on the difference between the expected and actual earnings. From the time dimension to observe, in a relatively short period of time, the number of accounting earnings and the stock price is positively correlated, for those companies do not long operating cycle, the stock price to a certain extent, can indeed reflect the company’s profitability in the short term . Our country pay close attention to the relationship between accounting profit and stock price. Although the research is in its infancy, the importance of the subject has been highlighted. The research results can improve the operation of the stock market in our country.