Stock Returns Of Listed Companies Factores Analysis In China

With the economy development, the Chinese securities market is becoming mature. Scholars and investors are paying closer attention to the influence factors for stock return rate. More and more theory is imported to the securities market. However, securities market is full of rapidly,so the study of securities market is endless. In this paper, it discusses the influence factors for stock return rate in three aspects, including inflation, industry factor and listed company financial status.Firstly, clarify the different factors, stock price and inner value in theory; demonstrate the related theory for variety of factors to stock return rate, and simply introduce the famous Fisher effect theory, Agent Hypothesis theory and Volatility Hypothesis theory. In theory of industry factors, discuss the current characteristics, industry growing period and the relations between industry factors and stock return rate. In financial theory, discuss general rules of financial analysis and three important financial statement reports.Secondly, make empirical analysis to the influence of inflation to Chinese listed company stock return rate, use VAR model, Johansen test and Granger test to make empirical test to the influence for stock return rate.Thirdly, on the point of industry factor, use Sharp model to make return analysis to the Shanghai Stock index return and different industry index return. In the comparison of industrial relations, use correlation analysis to study the influence from industry factors to stock return rate. Discuss the relation between industry return rate and stock return rate, as well as the relation among different industry return rate.Then, make empirical analysis to the financial status of listed company. In this level, use Arbitrage Pricing Model to return the stock return rate and all financial indexes. Search the significant level of all financial indexes and stock return rate, use Principal Component Analysis method to do the empirical test to all financial indexes, and then get the influence from all financial indexes to stock return rate.Finally, based on the study of this paper and current status of Chinese securities market, provide relative suggestions and measurements to inflation adjustment, listed company supervision and investors.