Study On The Relationship On Financial Characters,Multi-operation And Stock Market Micro-performance

Along with the new stage of the economic reform carrying on in China, the government has raised a Five Concepts of Development——"innovation, coordination, green development, opening up, and sharing". As the elemental part in the economic structure, listed company in small and medium-sized board are becoming the original power of innovation and the represents of China Value, which solving a majority of employments currently. Based on those significant meaning of those listed company in small and medium-sized board, this article is focused on the study on the relationships between financial characters and stock market performance. Specifically, (1) according to the analysis of financial report and previous papers, can we summarize the typical financial characters of the listed company in small and medium-sized board? (2) Is there any significant contribution made by the internal financial characters in the stock market performance (price or liquidity)? (3) In which way can the multi-operation factor regulates on the relationship between financial characters and stock market performance?And this paper is divided into following 6 parts:(1) review previous paper and classic model and theory related to financial characters, stock market performance and the information tunnel between them(2) propose the possible financial characters based on the study in the first stage(3) raise hypothesis regarding about the relationships on financial characters and pricing and liquidity separately(4) locate the data source and deliver pretreatment of the original data to discover the possible relationship pattern (5) operate correlation analysis, factor analysis and regression analysis etc. to verify the mentioned hypothesis; (6) draw conclusion of empirical analysis and develop reasonable theoretical and practical meanings of it.And the conclusions of this research are as following:(1) The financial characters of the listed company in small and medium-sized board are significant, and the information underneath can be delivered into the external stock market effectively;(2) The assets, profit, operating-ability and probability characters in listed company in small and medium-sized board are proved to have significant pricing effect on stock market;(3) The profit and operating-ability characters in listed company in small and medium-sized board are proved to have significant effect on stock market liquidity;(4) The regulation function of multi-operation factor varies in the relationship between financial characters and stock market performance, which is obvious-observed in pricing area and liquidity sector, but the influences vary among factors.Therefore, in order to improve the stock market micro-performance, managers can particularly focus on profit and operating related characters, which can influent on both pricing and liquidity. On the other hand, the cashflow character has direct contribution on the market liquidity of certain stock, so it reflects the consistency of the internal and external liquidity.