Corporate Growth And Stock Price

In China,there are many empirical studies on the relationship between the performance of listed companies and stock prices.These research results have very important guiding significance both in theory and in practice.The factors affecting the stock price of listed companies are very complicated and complex.They can be basically divided into internal factors and external factors.Internal factors include the company's profit,company's capital increase,etc.External factors include national tax policy,fiscal policy,industrial policy,and national economy.The operating cycle,political and social environmental factors,and so on.So among the many and complicated influencing factors,what is the impact of the growth of listed companies on stock prices? After more than 20 years of rapid development,China's securities market has matured.The growth ability of listed companies,the market structure they face,and the correlation with the macroeconomic cycle are closely related to the current life cycle stage of their industry.Is there a difference in the relationship between the growth of listed companies and stock prices?Based on the above two questions,the paper analyzes the relationship between the intrinsic value and growth of stocks by using the capital asset pricing model(CAPM)and the three-stage growth model.In theory,the higher the company's growth,the stock The price should be higher.In the empirical analysis,the data is filtered by the main board,the GEM,and the small and medium-sized board.The research sample is 741 listed companies in the Chinese stock market.The research time is selected from 2010 to 2017,and the stock price increase is used as the explanatory variable.Explain variables,main business income growth rate,Tobin Q index,securities comprehensive index growth rate as control variables,panel data is established by stata15 software,descriptive statistical analysis,correlation coefficient analysis and regression analysis between variables,based on full sample And the two perspectives of the industry to study the relationship between the company's growth and stock prices.Through the analysis of the regression results,it is found that the growth of the listed company,the growth rate of the main business income,the growth rate of the Tobin Q and the securities composite index and the stock price growth rate are significantly positively correlated.The price has the biggest impact.In the research of sub-industries,the impact of growth on stock prices has industry differences.There is a significant positive correlation between growth and stock prices in industrial,utility real estate,commercial and general industries.Among them,real estate industry growth versus stock prices The impact is greatest.