An Empirical Study Of Accounting Information On Stock Return Rate Impact

Stock returns not only the focus of each investor attention, and the focus of the company is concerned about government regulators. The company’s stock returns affected by many factors, there are macroeconomic factors, policy promulgated by the state, industry, company-owned, internal factors and market trends and so on. Among them, the theory of accounting information is recognized as influencing factors. However, research on the relationship between accounting information and stock returns in between, or there is no way to accurately reflect the relationship between stock returns and accounting information between.Based on the related literature review, based on previous studies, the steel industry and biopharmaceutical industries listed companies as samples, select the ROE, the main business profitability and cost margin, represented by financial indicators of profitability, select the current ratio, quick ratio of assets and liabilities and on behalf of the financial indicators of solvency, select the accounts receivable turnover, inventory turnover and asset turnover ratio of total financial indicators representative of operational capabilities and choose revenue growth, total asset growth and net profit growth rate of capacity as the representative financial indicators, After using factor analysis these 12 financial indicators become integrated accounting information to reflect the four common factors, with the β coefficient Excluding the impact of market factors in stock returns using panel data regression analysis of these four categories of accounting information for common factors the combined effect of company stock returns. The results showed that after excluding market factors, have significantly affected the four categories of information of public accounting factor for yield, where profitability and ability to grow common factor common factors have a positive impact on stock returns, while operating capacity common factor common factor and solvency is not as good as the first two types of accounting information by investors attention. By changing the opposite version of the regression equation was found as compared to market factors, the four broad categories of accounting information of public contribution factor marginal rate of return on the stock is very small, and thus indirectly proved that A-share market is still in the speculative movements mainly by the impact of market speculation stage.