Research On The Impact Of Financial Quality On Stock Price Of List Companies

In addition to the macro factors that affect stock prices such as monetary policy and fiscal policy,the financial quality in the disclosure of statements by listed companies is also one of the important micro factors that affect stock prices,and financial quality is an important factor that affects the intrinsic value of listed companies.Therefore,it also plays an important role in the formation of stock prices and the decision-making of investors and managers.Chinese real estate industry is a capital-intensive industry,which has great contributions to the improvement of government revenue,high-quality economic growth,and the improvement of labor employment.The real estate industry has gradually become an important pillar of Chinese national economy,and Chinese A-share real estate industry listed companies can raise huge funds from the stock market for their own development,so it occupies a pivotal position in the stock market.Therefore,exploring the financial quality of listed companies in Chinese A-share real estate industry has important practical application value for the decision of market investors and managers of listed companies in the real estate industry.By constructing the financial quality system of listed companies and selecting A-share real estate industry listed companies as the research object,a total of 305 effective research samples.this paper makes an empirical study on the relationship between the financial quality disclosed in their financial statements from 2018 to 2020 and the stock price in the next year from 2019 to 2021.By constructing the financial quality system of list companies,this study the impact of financial quality of list companies in the A-share real estate industry on stock prices from 2018 to 2020.It is concluded that :(1)The profitability,growth ability and operation ability of list companies in the A-share real estate industry under the financial quality system have a positive impact on stock prices,while solvency has little effect on stock prices;(2)The profitability under the financial quality system of list companies in the A-share real estate industry is the effective ability among the four capabilities,indicated that investors in the A-share real estate industry pay more attention to the profitability of list companies,but this does not mean that other capabilities are not important.Only by comprehensively measuring and comparing the financial quality of list companies in the A-share real estate industry can more accurate investment judgments be made.(3)A-share listed companies in the real estate industry financial quality factor also has a certain degree of explanation for the stock price,and provides a financial quality risk assessment model to calculate the financial quality factor score analysis of each company ’ s financial quality relative advantages and disadvantages of research ideas.Finally,according to the conclusions of the study,it can provide investors with scientific decision-making basis,and for the company ’ s managers to evaluate the company ’ s financial quality level,and then adjust its development strategy to provide a reference,and for market regulators can better improve the information disclosure system and establish a real estate industry standard market to provide some suggestions.