Study Of The Inlfuencing Factors Of The Stock Prices On The Small And Medium-sized Board Listed Company

Since the small and medium-sized board market was launched in2004, it has fullydeveloped in such aspects as the number of the listed company, the amount of financing andthe total market value in the past eight years. Also the small and medium-sized board listedcompany’s stock price shows many different characteristics from the mainboard market, sowhat we care about is that these characteristics of stock price is decided by the company’scharacteristics or the effectiveness of the stock price exists problems.Firstly, the paper generally analyzes the features of the small and medium-sized boardlisted companies and their stock price, on the basis of which it theoretically analyzes theinfluencing factors of the stock price of the small and medium-sized board listed companies,including the profitability，the growth ability, the capital structure, the ownership structure,the asset scale and the information disclosure quality. Then the paper conducts the principalcomponent analysis of the above influencing factors and establishes the regression mode.Data of93listed companies in the year2008-2010is selected to carry out empirical analysis,the results of which are as follows: influencing factors with relatively close correlation withthe stock price are the profitability, the growth ability, the capital structure, the shareholdingratio of the institutional investors and the asset scale; there is a weak positive correlationbetween the stock price and the shareholding proportion of the largest shareholder; there is nonotable correlation between the stock price and the information disclosure quality; in the threeyears from2008to2010, the negative correlation between the stock price and the capitalstructure and the asset scale is weakened, and the positive correlation between the stock priceand the profitability, the growth ability and the shareholding ratio of the institutional investorsbecomes stronger. Finally, based on the above analysis, this paper puts forward somesuggestions to promote the effectiveness of the stock price of the small and medium-sizedboard listed companies.