財務指標對股價影響之研究-以越南股市為例

The Impact of Financial Ratios on Firm Stock Price: The Case of Vietnam Stock Market

吳玄莊(Huyen-Trang Ngo)

指導教授 ： 鄧誠中

共同指導教授 ： 紀麗秋(Li-Chiu Chi)

國立虎尾科技大學/管理學院/經營管理研究所/碩士(2015年)

摘要

許多因素會影響公司之股價，其中包含內部因素與外部因素。本研究旨在探討內部因素之層面，財務報表之財務指標是顯現公司財務狀況之重要數據，而股價可衡量公司價值，本研究主要目的在了解越南市場財務指標與公司股價之關聯性。根據過去文獻，本研究利用效率比率、獲利能力、流動性比率、負債比率、市場前景比率五個財務指標做為解釋變數，以衡量2011~2013期間河內證券交易所與胡志明證券交易所之股價表本實證研究發現，獲利能力與財務槓桿能預測公司之股價表現，現金比率與公司股價間並無顯著關聯性，而資產周轉率與公司股價間呈現低度之關聯性。因此，公司財務報表之財務指標確實可衡量公司之股價與價值。

關鍵字

財務比率 ； 股價 ； 效率比率 ； 獲利能力 ； 流動性比率 ； 負債比率 ； 市場前景比率

並列摘要

Firm stock price is driven by both external factors and internal factors. There are many factors affect firm stock price. And this study analyzes how internal factors affect stock price. Financial statement with financial ratios is the most important evidence shows firm financial situation; stock price is the measure of firm value. The main purpose of this study is to find out the relationship between financial ratios and stock price in Vietnam stock market. Based on the previous theoretical articles, five economic dimensions are chosen: efficiency ratio, profitability ratio, liquidity ratio, debt ratio, market prospect ratio. We decided to use asset turnover ratio (AT) to show the effect of efficiency ratio, and financial leverage (FL) to indicate the impact of debt ratio on stock price. Current ratio (CR) is selected to present liquidity ratio; earnings per share (EPS) is selected to present market prospect ratio; return on asset (ROA) ratio and return on equity (ROE) ratio are selected to present profitability ratio. The data is collected from Hanoi stock market and Ho Chi Minh stock market in 2011-2013 periods. All of the five expected dimensions above are found in the empirical classification pattern of ratios. On the cross-sectional level, profitability and financial leverage are reported as determinants of stock price. Liquidity is merely connected to the risk of the common stock. Somewhat weaker results concerning the association between stock price and asset turnover factor may be due to difficulties measuring asset turnover on an empirical level. Empirical evidence strongly indicates that financial ratios represent pricing relationships in a substantive manner.

並列關鍵字

financial ratio ； stock price ； efficiency ratio ； profitability ratio ； liquidity ratio ； debt ratio ； market prospect ratio

參考文獻

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