An Empirical Research On Relationships Between Accounting Information Disclosed And Stock Price In SME Board

As a prototype of Growth Enterprise Market(GEM) , the Small and Medium Enterprise (SME) board has been set up nearly four years time in china, because of its own high-growth and high-risk, the accounting information disclosed by the listed companies is the most significant information source and has been widespread concerned by the market. More and more investors focus on SME board. Therefore, it is necessary for investors to analyze and test the influence of accounting information on the stock price through the above analyses.In the valuation model perspective, the thesis using the method of combing the correlation analysis with multi-element regression analysis, and an empirical study on the financial data of companies which are listed in SME board of 2004 through 2007.The thesis tests the influences of accounting information on the stock price, and prove the function of accounting information in the second board market of china. The research results of the thesis provide the theoretical basis and decision-making instruments.The conclusions of the empirical research conducted by the thesis are as following: the thesis testifies there is a significant relationship between accounting information disclosed and the stock price in SME board,the regression model established by the thesis holds perfect ability to explain the relationship between the stock price and accounting information. Accounting information holds significant effects on the stock price. At the same time accounting information concerned by the market in SME board is also gradually shift its growth and risk, and not just confined to the current concern about the development of the enterprises.