股價與公司營運狀況的關聯(以食品工業為例)

Abstract

現今許多人都期望能藉由投資股票達到財富自由，大家都知道一間公司是否值得投資需要深入分析其營運狀況，因此會檢視其財務報表和公司不同能力的指標，如資產報酬率(ROA)、流動比率、營收成長率等。本篇所探討的是在季資料中何種指標對股價的變動影響較大，我們以上市食品工業的公司為研究對象，收集其每季平均股價以及每季的財務比率的資料建立最佳的複迴歸模型，透過模型的比較和檢驗，得到的結論是經營能力指標中的應收帳款週轉率為最重要的影響因子，其次是獲利能力的股東權益報酬率(ROE)指標。

Recently, many people all expect to achieve financial freedom by investing in stocks. To understand that whether a company is worth to invest, it needs to examine the financial statements and indicators of the company's different capabilities, such as returns on assets (ROA), current ratio, operating conditions. growth rate, etc. This article discusses which indicators have greater impact on stock price changes in quarterly data. We take listed food industry companies as the research object and collect data on their quarterly average stock prices and quarterly financial ratios to establish a best multiple regression model, through the comparison and test of the models. The results conclude that the turnover rate of accounts receivable is the most important factor among the operating ability indices, which followed by the returns on equities (ROE) index of profitability.