Correlation Analysis Between Financial Indexes Based On Financial Statement Reconstruction And Stock Return Rate

The healthy and prosperity development of the stock market is closely related to the positive and rational decision-making behavior of stock investors.As a quantitative indicator of the ultimate decision-making behavior of stock investors,the stock return rate is self-evident in its status and importance.Therefore,as a hot topic,there are numerous researches on the stock return rate,but they are never out of date.After IASB and FASB issued reform documents on the presentation of financial statements in 2008 and 2010,some of our country scholars have analyzed the theory and applied for financial analysis.However,according to the search results of CNKI,this paper finds that few of domestic scholars studied the correlation between financial indicators based on financial statement reconstruction and the stock return rate.Although theoretically,the financial indexes based on the reconstructed financial statements have a certain correlation with the stock return rate,its credibility will be more or less questioned it is not proved by practice.And the empirical analysis of the correlation between financial indexes based on the reconstructed financial statements and the stock return rate also belongs to the new content of the value correlation of accounting information in the new era.This paper analyzes some impacts of the changes in the revised accounting standards of China's ministry of finance in 2017 and 2018 on financial statements,and makes adjustments to existing scholars' reconstruction methods of financial statements.This paper aims to distinguish operational activities and financial activities,and highlights the value creation ability information of operational activities and operational assets.Then this paper reconstructs the balance sheet and income statement in accordance with the classified reporting standards of business activities,financial activities,income tax,termination of operations and owners' equity.According to the reconstructed financial statements,the new financial indexes are selected and recalculated from the perspectives of profitability,growth ability,operation ability and risk ability.This paper selects financial statements of 135 pharmaceutical companies listed before December 31,2012 which are from 2013 to 2017 as research samples.Then this paper uses STATA software to determine the applicable panel model,and then uses SPSS software for multiple linear regression analysis.Empirical study results show that the new financial indexes based on the reconstruction of the financial statements have a certain ability to explain stockreturn rate.In the profit ability indexes,RPCE and ROBA are significantly related with the stock return rate.In the growth ability indexes,OAGR is significantly related with the stock return rate.The operational ability indexes and the risk ability indexes are not significant related with the stock return rate.Finally,based on the empirical research conclusion,some relevant suggestions on the stock investment decisions,financial information disclosure and financial statement presentation reform are proposed to our country investors,enterprises and the relevant government department.