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本文着眼于会计数字和股票价格对不同类型客观事实信息的反映能力,分析了我国A股上市公司股票价格与会计数字的相互解释能力的差异。基于前人研究,本文认为股票价格中含有比公司会计数字中更多的市场、行业信息,基于这种推断,本文进一步发现我国A股上市公司股票价格对会计数字的解释能力强于会计数字对股票价格的解释能力。
This paper focuses on the ability of accounting numbers and stock prices to reflect different types of objective factual information, and analyzes the differences in the mutual explanatory power between the stock price and the accounting figures of A-share listed companies in China. Based on the previous studies, this paper argues that the stock price contains more market and industry information than the accounting data of a company. Based on this assumption, this paper further finds that the stock price of A-share listed companies in China is more capable of interpreting accounting numbers than accounting numbers Explain the stock price ability.