Research On The Relationship Between Traditional Accounting Index,EVA Index,CEVA Index And Stock Returns In The A Stock Market

With the China stock market gradually matured,Chinese investors have begun with international standards,to the value of the investment route,the index system in the value of investment in the traditional accounting index,EVA index,CEVA index number,what is the relationship between these indicators and excess stock returns? Which index system can better explain the excess returns of the stock? This paper tries to find out the answers to these two questions,and then provides a certain investment reference for the market investors.Through the combined method of theoretical research and empirical research,firstly,the traditional accounting index,EVA index and CEVA analysis of the existing domestic and foreign related theories(improved EVA)the advantages and disadvantages of index,and use panel data fixed effect model and random effect model of the traditional accounting index system,index system and CEVA(improved EVA EVA)and stock index system in China A stock market excess returns by regression analysis in order to further study the degree of correlation and explain the different index of excess stock returns in different types of enterprises under the difference,based on the full sample and subdivided into capital intensive and labor-intensive and technology intensive type three samples.According to the results of regression analysis,this paper draws the following conclusions: first,in the full sample data,the traditional accounting index system of ROE,PE,PB,TOTC,ALR,correlation coefficient EVA in the index system of sales rate of EVA and CEVA in the index system of sales CEVA rate and the excess rate of return and the actual situation of positive and negative the financial theory,this phenomenon may and most of our investors still prefer the theme concept of speculation.Two,the traditional accounting index system,EVA index system and CEVA index system havesome advantages over different types of enterprises(capital intensive enterprises,labor intensive enterprises,technology intensive enterprises).Specifically,for capital intensive and labor-intensive enterprises,EVA index system has relative advantages.For technology intensive enterprises,CEVA index system has relative advantages.Three,considering the full sample of traditional accounting index and EVA index and CEVA index can better explain the A stock market(including all types of enterprises)and different types of enterprises(capital intensive enterprises,labor-intensive enterprises and technology intensive enterprises)the excess stock return rate.