An Empirical Study On The Influencing Factors Of The Stock Price Of Transportation Indurstry

Stock price reflects the intrinsic value of listed companies,and also reflects the investors' jdegement of the listed companies' value.With the continuous development of the national economy,transportation become more important in the national economy.Studing the factors that reflect the transportation listed companies' stock price could help the lisied companies to maintain the stability of their stock price,and could also provide some useful information for lots of investors to make decisions when they invest in stocks.Expounded China's transportation is a basic industry,a service industry,a profit-making industry,a public welfare industry,and China's transprtation listed companies have a large numbers of fixed asset investment,larger and long payback period,the amount of debt,so they are under a larger debt pressure.Summarized the price and go-in regulation of the four major sub-sectors of transportation-road transport,railway transport,port waterways and aviation airport industry.Analyzed that China's transportation's lised companies' stock price existed status quo volatility in2003 to 2013.Listed the macroeconomic factors,industry factors and the companies factors that reflect the stock price.Used the China A-share listed companies stock price in 2003 to 2013 as the studing samples,from macroeconomic factors,industry factors and the company factors proposed three hypotheses.Selected each year quarter stock price index and listed companies closing stock price of the last day as the dependent variable,selected the GDP index,broad money supply index,inflation index,interest rates,exchange rates,economic regulation,OPE,total assets profitability,growth rate of fixed assets,the main business revenue growth,fixed asset turnover,accounts payable turnover ratio,liquidity ratio gearing ratio,total leverage empirical research as independent variables.In the studing,analysis each variable and the dependent variable descriptive,while used the macro-economic factors and the company's financial indicators for factor analysising.Selected the macroeconomic factors as independent variables,while selected the industry stock price index as the dependent variable for regression analysising.Selected the company's financial factors and industry regulations indexs as independent variables,while selected listedcompanies of their stock prices as dependent variable for regression analysising.The empirical results shows that macroeconomic factors have a significant impact on the transportation industry stock price index;transportation economic regulation has a negative correlation with the transportation listed company's stock price;The company's financial indicators,profitability and compensation debt capacity are the most improtant factors that reflected the stocks' price.Regression results indicate that macroeconomic factors,industry factors and fanancial factors all have a significant impact on China's transportation industry listed company's stock price.