A Study On The Correlation Between Accounting Information And Stock Price Of Media Listed Companies In China

With the development of the society, culture is becoming the key factor of the comprehensive national strength and international competitiveness. As an important part of cultural industry, media industry has become one of the most promising industries in our country. In the strong support from national policy, the number of listed companies in media industry is increasing. Investors also pay more attention to the highly growing industry.The accounting information exposed by listed corporations is the main basis for investment decision and is the direct factor affecting stock prices. In recent years, the disclosure system of financial information and market regulation continue to be strengthened and improved. So the correlation between accounting information and stock prices should be improved. As an emerging industry, how much power does the accounting information exposed by listed corporations influence the stock price in media industry? Which type of accounting indexes is the most correlative index with stock price? Which financial index is the most useful index for investors? That’s what we have to consider now. Therefore, the analysis of correlation between accounting information and stock price has a great significance for investors of media industry.Firstly, this paper reviews the domestic and foreign research about the relationship between accounting message and stock price. Secondly, the paper introduces three research methods and some theories. Given China conditions and in the valuation model perspective, the thesis selects financial statements of listed companies in media industry as the sample of the empirical analysis from2009to2013. The conclusions of the empirical research conducted by the thesis are as following:1、The thesis testifies there is a significant relationship between accounting information which can reflect the ability of the listed companies to pay in the future and the stock price. The multiple regression model established by this thesis can explain the relationship between accounting information and stock price2、Fixed asset turnover is the most useful index in the12financial indexes for investors. Hope that, the results can provide a theoretical reference for investment decision to the investors.