Research On The Influencing Factors Of Stock Price Of Listed Companies In China

China's stock market has undergone 28 years of development,experienced many bull-bear switching,stock prices are affected by the performance of listed companies to become a consensus,but often in practice value investment cannot obtain better returns.China's stock market has gone from immaturity to maturity.Both the trial implementation of the fuse system and the continuous warming of the registration system show that China's stock market is constantly seeking lessons from the developed western capital markets.However,the structure of investors and securities regulation in China's stock market have their own characteristics,which are different from those of other countries.The key to stock investment lies in how to choose among listed companies.Therefore,this paper divides the factors into macro and micro parts when studying the influencing factors of the stock price.Macro factors mainly do qualitative analysis,focusing on the influencing factors of the stock price of listed companies from the perspective of micro-stocks,in order to provide a strong reference for investors when making investment choices among stocks.This paper studies the influencing factors of stock prices of Listed Companies in China from both qualitative and quantitative aspects.The selected samples cover the main board,small and medium-sized board,and GEM,which reflect the overall market.Empirical test uses a panel data model,which not only enlarges the sample size but also makes up for the disadvantage of using cross-section or time series data alone.The results show that:(1)Except for profitability and growth ability,other financial indicators disclosed by listed companies have a weak correlation with stock prices,and stock prices can not fully reflect the company's financial situation.(2)When making investment decisions,we should not only pay attention to financial information,but also to other information such as management value.(3)Shareholder factor is more significant than financial information,and it is an important reference for investmentdecision-making.(4)There are differences in financial indicators among the influencing factors of stock prices of listed companies with different market segments,industries,and total market capitalization scales,and the results are stable in terms of shareholder factors.The results of the influencing factors of the stock price of listed companies show that there is a deviation between stock price and company performance.When making investment decisions,investors should pay attention to company information,evaluate company value comprehensively,use corresponding performance information to make investment decisions according to the specific market environment,pay attention to the change of earnings per share and the proportion of institutional ownership,and pay attention to other information of the company to make investment decisions,especially intangible values such as management value,which need to be considered within the scope.Regulators should dredge the information transmission path of listed companies to make information flow fully in the market;try out the multi-level warning system of delisting risk,comprehensively cover the delisting risk of listed companies,make up for the limitation that the current financial risk warning cannot adequately reflect the stock price risk of companies;use tax return policy to support institutional investors' long-term shareholding,and actively guide insurance investment into the market as a strategic investment investor.