An Emprical Research On The Correlation Of Earnings Per Share, Comprehensive Income Per Share With Stock Prices Of Chinese Listed Companies

As the efficient market hypothesis say,when investors buy and sell shares,they will use information effectively and quickly.All known factors affecting a stock price has been reflected in the price of the stock. Among these information, the accounting information, especially the accounting surplus,occupies an extremely important position in all the disclosure of information.For a long time, accounting surplus based on the accrual basis has been regarded as the most objective and fair evaluation of enterprises in the current performance of accounting information.People thought that accounting surplus and stock prices are closely linked, and accounting surplus is important basis for investors to judge stock valuations.After the outbreak of the international financial crisis in 2008, the G20 summit and the FSB initiative to establish a global high-quality accounting standards, make every effort to improve the accounting information transparency. As international financial reporting standards setting bodies, the IASB has adopted a series of measures to improve the quality of accounting standards.In order to adapt to the change of the international financial reporting standards, in 2009, China’s ministry of finance issued "accounting standards for enterprises no. explain 3"which requires Chinese listed companies to present" other comprehensive income "and" total comprehensive income" in the profit statement and disclose its specific content in detail.This marked our country accounting standards for enterprises tranformed from the traditional revenue model to the model of comprehensive income.In theory,the comprehensive income report put forward by new accounting standards can standardize corporate performance reporting system, reduce the use of listed companies "gains trading" seek improper interests, thus inhibiting by earnings manipulation of listed companies.Comprehensive earnings per share and earnings per share,which contains more information content, which is more worthy by investors to focus on?The correlation characteristics of accounting surplus and stock price value of profitable enterprises and loss-making enterprises are the same?Comprehensive income per share and earnings per share,which contains more information content, which is more worthy by investors to focus on?The correlation characteristics of accounting surplus and stock price value of Profitable enterprises and loss-making enterprises are the same? The operating characteristics,the accounting procedures and methods of real estate enterprise are obviously different from other industries, and it is the dominant industry of national economy in our country.The correlation of accountancy surplus and stock price of the hot real estate industry is different from other industries?Based on these problems, this paper adopts the method of combining theoretical and empirical analysis.First,this paper reviews the related literature at home and abroad, and then select the data of financial statements of Shanghai and Shenzhen A-share listed companies from 2009 to 2013 as samples, and build O-F price model, use Eviews7.0 software to multiple regression analysis model.Regression results show that the earnings per share and comprehensive income per share both have the value relevance;Other comprehensive income have no incremental value relevance,but the other comprehensive income of real estate profitable enterprises have incremental value relevance. The decomposition of comprehensive income to net income and other comprehensive income reporting is worth more than just to disclose the total amount of comprehensive income.Loss-making companies’ accounting earnings and stock price correlation is lower than the profitable companies’ value relevance.