| Since 2008,the stock market of our country has fluctuated,the stock market has seen the phenomenon of ups and downs,which is contrary to China's growing economic trend.In the stock market of China has experienced two years after rising sharply,with a period of adjustment.Under the background of the global financial crisis,China's stock market index is more ups and downs,within a year stock index fell more than 70% directly and most investors are loss-making,their confidence is a big setback.A study shows,the confidence of the investors for different market will cause the overall stock market returns appear different a lot,then to the make an effort for companies' management decision-making and development strategy.This paper studies the correlation between earnings quality,investor confidence and stock returns.Our research object is based on the shenzhen stock exchange from 2009 to 2014 years.First,make a theoretical analysis for investor confidence and quality of surplus stock returns,to make sure that whether the earnings quality is related with investor confidence or not,and then study whether investor confidence is related with stock returns,finally,study the relationship between quality of surplus,investor confidence,and stock returns,to standardize the market operation and improve the company's operating management.Only then reasonable suggestions can be put forward.The originality of this thesis is: firstly,the surplus quality is a hot topic in recent years.the research on earnings quality is based on the hypothesis of "rational man",in the real capital markets,irrational investors are widespread,earnings quality will effect the irrational behavior of investors in the decision-making,which is a new topic.Based on investor confidence,the relationship between investor confidence and earnings quality is analyzed,and it has a rich role in the research of earnings quality mechanism.Second,this is the first time to mix up the investor confidence and the quality of the surplus and stock returns together,discussion and study on the mechanism of action of earnings quality,understanding the interaction between the three provides a clear train of thought.Thirdly,according to the research results,reasonable opinions are put forward to improve the capital injection quality of listed companies,create a good capital market environment,and improve the profitability of listed companies.Through empirical analysis,this paper concludes three points:In this chapter,the conclusion of the model is that the investor confidence of listed companies is acting on the earnings quality of the company,and the earnings quality can positively affect investors' confidence and is consistent with the expected results.According to the results of the model two studies,the investor confidence of the listed company is related to the earnings of the company's stock,and the investor confidence can positively affect the stock return and the expected result is the same.Based on the model three,a linear regression model with earnings quality and investor confidence is established to conduct empirical research on the ways of the earnings of listed companies.The results show that the higher the surplus quality,significantly enhanced the influence of external investor confidence on stock returns.This paper studies have many limitations:For one thing,this paper only considers that the investment is irrational,while neglecting the management is not the rational state,it is likely to run the earnings management to cater to investors.Second,when choosing investor confidence to replace the variables with financial and financial indicators,because it is still a preliminary stage of experimentation,its rationality is also worth pondering carefully.Thirdly,using the modified Jones model to measure the surplus quality,it is necessary to take into account the reliability of the earnings quality,the predictability and sustainability of the earnings quality.Fourth,investor confidence in the market as a whole is not detailed enough. |
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