沪深股票价格的影响因素分析
Analysis on the Influencing Factors of Shanghai and Shenzhen Stock Prices
摘要:
本文选取了沪深两市A股2000余支股票作为研究的对象，选择其2014~2016的财务数据、估值指标、股本数据和下一年度(即2015~2017)的平均股价数据、平均交易数据进行研究。通过不断完善自变量体系、改进股价模型，进行模型实证分析，最终探索了变量的非线性形式，总结A股市场的总体投资风格，侧面证明了A股市场逐步成熟化，发现了可能由于市场扭曲和投资非理性引起的变量不符合经济学假设，得出影响股票价格的主要核心因素。
Abstract:
This article selected 2,000 shares of
A shares in Shanghai and Shenzhen Stock Exchanges as the research object, and studied
2014-2016 financial data, valuation indicators, equity data and 2015-2017
average share price data, transactions data. Through continuous improvement of
the independent variable system and improvement of the stock price model, an
empirical analysis of the model was conducted. Finally, the nonlinear form of
the variables was explored. The overall investment style of the A-share market
was summarized. The side proved that the A-share market was gradually maturing
and it was discovered that the market may be distorted. The variables caused by
irrational investment and investment do not conform to economic assumptions,
and the main core factors affecting stock prices are derived.
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