Research On The Impact Of Non-recurring Gains And Losses On The Stock Price Of Small And Medium-sized Board Listed Companies

In the 40 years of reform and opening up,China's economy has developed rapidly and the domestic securities market has continued to mature.In May 2004,China set up a small and medium-sized enterprise board in the main board market of the Shenzhen Stock Exchange.Nowadays,the small and medium-sized board has been running for more than 14 years.The rapid development of the small and medium-sized board market has attracted a large influx of funds and won investors in the market.Favor.However,as an emerging sector in China's securities market,there are still some problems in its development.For example,small and medium-sized listed companies prefer to use extraordinary profit and loss to manage earnings and manipulate profits to enhance the company's stock price.Unlike listed companies on the Main Board,small and mediumsized listed companies are generally in the growth stage,developing rapidly,and supported by national policies.Non-recurring profit and loss items such as government subsidies should not be underestimated in the net profit of small and medium-sized listed companies.Taking small and medium-sized listed companies as samples,it is of certain research value to study the impact of non-recurring profit and loss on its stock price.This paper sorts out related literatures at home and abroad,analyzes the theoretical basis of information asymmetry,efficient market hypothesis,signal transmission,etc.,and statistics on the characteristics of small and medium-sized listed companies and their non-recurring gains and losses,and found that they are listed on small and medium-sized boards.In the company's non-recurring profit and loss projects,government subsidies,gains and losses from changes in fair value,and profit and loss on disposal of non-current assets accounted for a large proportion,especially government subsidies.Based on the above theoretical analysis,research hypotheses were put forward.This paper selects 464 small and medium-sized listed companies as samples,draws on the Olson classic price model,and takes the 11-day closing price average price as the dependent variable before and after the annual report disclosure date,with government subsidies,fair value changes,gains and losses on non-current assets,and The income after deducting the three items is the independent variable,and the model is established by taking the proportion of stock circulation,minority shareholders' profit and loss,net assets and income tax as control variables,and the hypothesis is verified by correlation analysis and regression analysis.The results show that the small and medium-sized listed companies deduct the government subsidies,the gains and losses from changes in fair value,and the gains and losses on the disposal of non-current assets are significantly positively correlated with the stock price.The government subsidies are significantly positively correlated with the stock price,and the gains and losses from changes in fair value and disposal of non-current assets There is no significant correlation between profit and loss and stock price.Then,based on the empirical analysis,it puts forward suggestions on the disclosure of non-recurring profit and loss information of small and medium-sized listed companies in China.At the same time,it also reminds investors to pay attention to the profit and loss quality of small and medium-sized listed companies,and pay attention to major nonrecurring profit and loss items such as government subsidies.Excluding the earnings after the recurring profit and loss project,the profitability and stock price of the small and medium-sized listed companies are evaluated.