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1、重庆大学硕士学位论文英文摘要ABSTRACTIntherapidlychangingstockmarket,stockreturndependsonvariablefactors.Allthesefactorsincludenotonlyinformationwhichisdisclosedpubliclybutalsoinsideinformationaswellasirrationalbehaviors.Undertheinfluenceofnumerousfactors,noneofanymodelscou
2、ldpreciselyreflecttheformingmechanismofstockreturnuntilnow.But,stockreturnisalwaysthefocusofstockmarketandtakesalltheinvestors’attention,and,atthesametime,istheobjectwhichisattractedbylistedcompaniesandsecuritiescommission.Comparedwithdevelopedcountriessuchas
3、EuropeanUnionandUnitedStates,China’sstockmarketisyoungerandimmature.So,manytheorieswhichwereprovedtobeeffectiveinthestockmarketinthesecountrieswerenotsuitableforChina.Atthesametime,thereiscertainuniquenessinChina’sstockmarketbecausebothcorporategovernancestru
4、ctureoflistedcompaniesandthespecializationofinvestorsinChinaarefarbehindthoseindevelopedcountries.Dependingonthissituation,wedecidetoexploretheincidencehowvariableswhicharepickedfromcorporatefinancialstatisticsandstockexchangestatisticsaswellascorporategovern
5、ancestructureinfluencestockreturn.Afterthereviewofliteratures,wepick567listedcompaniesduringtheperiodof2007-2011astheresearchsample,selectrelativeexplanatoryvariablestostructurepaneldatamodelandanalyzethecorrelationofthedata,thenchooserepresentativevariablest
6、ostructurenewmodelanddoregressionanalysisofthewholesampleandthelargestthreeindustriesseparately.Theresultprovesthat:(1)Partofthe18variableshassoseriouslinearcorrelationofeachotherthatthedeviationofwholemodelregressionanalysiswouldbehigherthanthatinnormalsitua
7、tion.Correlationanalysismustbedonebeforeregression.(2)Forthewholesample,therearetenvariablesincludingmarketvalue,equitypershare,returnofequity,operationincomeincreaseratio,asset-liabilityratio,totalassetturnoverratio,averagestockprice,stocktradevolume,ownersh
8、ipconcentrationandindustrythatinfluencethestockreturnremarkably.(3)Thefactorsbetweencorporationsindifferentindustryhaveremarkabledifference.Thedifferenceconformstothecharacteristicsofthei
