本文采用非线性面板平滑转换(PSTR)模型就财务信息对股价的综合效应影响进行了深入研究,得到如下结论:股价对每股收益的弹性在0.287至0.929之间波动;股价对每股净资产的弹性在0.096至0.346之间波动;股价对净资产收益率的弹性在0.098至0.231之间波动。股价对主营业务利润率的弹性在0.370至0.400之间波动;股价对每股营业现金净流量的弹性在-0.143至0.245之间波动;股价对销售现金比率的弹性在-0.125至0.066之间波动;股价对存货周转率的弹性在1.037至1.173之间波动;股价对总资产周转率的弹性在-0.305至0.059之间波动。
We make research about the question of comprehensive financial information influence on the stock price by panel smooth transition model(PSTR) in this paper,and get the following conclusions: the flexibility of stock price to earnings per share is between 0.287 and 0.929,the flexibility of stock price to net asset value per share is between 0.096 and 0.346,the flexibility of stock price to return on equity is between 0.098 and 0.231,the flexibility of stock price to main operating margins is between 0.370 and 0.400,the flexibility of stock price to net cash flow per share is between-0.143 and 0.245,the flexibility of stock price to cash sales ratio is between-0.125 and 0.066,the flexibility of stock price to inventory turnover ratio is between 1.037 and 1.173,the flexibility of stock price to turnover of total capital is between-0.305 and 0.059.