The Study On The Efficiency Of Stock Price Aggregating Accounting Information

Information is the basis of the stock market.Stock market information in the twinkling of an eye,stock price is decided by a variety of information.Among those information,the financial statement disclosed by the listed companies plays a very important role in the investors' decision-making.Accounting information disclosed by listed companies is directly and frequently used by the investors.Financial indicators are concentrations of the financial statement,which makes investors pay more attention to the study of the relevance between the financial indicators and stock price.The analysis and test of the influence of accounting information on the stock price helps investors improve the investment decision-making.It is the need of the investors of our country and development of China's accounting theory to study the relationship between accounting information and stock price behavior.This paper first combs the relevant theories of market information efficiency and the related theories of accounting information and stock price.The model was established,and 799 listed companies in Shanghai from 2013 to 2015 were selected as samples to carry out empirical analysis.Through empirical analysis,we can see that there is a correlation between stock return and accounting information.Among them,the stock yield and total asset turnover,earnings per share is positively related to the negative correlation with the asset-liability ratio.There is no significant correlation between the stock returns and the return on net assets in 2015 to reflect irrationality.Regression analysis of accounting information and stock returns is carried out using the regression model.It is concluded that the maximum R in the three-year data is 0.5.R is not very high,indicating that the stock price is certainly a certain level of summary of accounting information,but the aggregate efficiency is not strong.This paper also studies the stock price to summarize the efficiency of accounting information-the deviation of price and value.It is found that the number of enterprises with deviation degree greater than ± 1 in three years is more than one third,which indicates that there is bubble phenomenon in China's stock market.