摘要
股價(jià)變動(dòng)和盈余變動(dòng)的關(guān)系在氦的一段時(shí)間以來(lái)，都是實(shí)證會(huì)計(jì)研究所關(guān)注的熱點(diǎn)。受到金融危機(jī)的影響，全球股市持續(xù)低迷，在此背景下，股價(jià)和盈余問(wèn)題的研究變得越來(lái)越重要。但是從現(xiàn)有的文獻(xiàn)來(lái)看，大多數(shù)都集中在盈余信息含量的研究上，很少關(guān)注股價(jià)的信息含量的問(wèn)題。同國(guó)外的研究相比，我國(guó)對(duì)股價(jià)和盈余關(guān)系的研究水平則相差很多，其研究水平依然停留在國(guó)外的70年代的水平。在現(xiàn)階段，國(guó)內(nèi)所有的文獻(xiàn)依然把目光聚焦于盈余的信息含量。因此，正確的認(rèn)識(shí)股價(jià)信息含量以及股價(jià)和盈余復(fù)雜的互相作用的關(guān)系，對(duì)我國(guó)現(xiàn)階段的實(shí)證研究具有重大的意義。
首先，對(duì)國(guó)內(nèi)外的股價(jià)信息含量的研究進(jìn)行綜述，包括信息含量和股價(jià)信息含量的基本概念介紹、國(guó)內(nèi)外股價(jià)信息含量基本理論歸納以及國(guó)內(nèi)關(guān)于股價(jià)信息含量的研究趨勢(shì)預(yù)測(cè)。
在理論研究的基礎(chǔ)上，選用滬市制造業(yè)上市公司的數(shù)據(jù)，通過(guò)建立回歸方程模型，來(lái)驗(yàn)證股價(jià)是否存在信息含量，接下來(lái)，對(duì)樣本面板數(shù)據(jù)進(jìn)行單位根檢驗(yàn)、協(xié)整檢驗(yàn)來(lái)分析股價(jià)變動(dòng)和盈余變動(dòng)之間的相互作用關(guān)系。從而可以為相關(guān)的投資者提供一些決策的思路和方法。

關(guān)鍵詞：股價(jià)信息含量；盈余；協(xié)整檢驗(yàn)；

Abstract
The relationship between the changes of stock price and earnings in a very long period of time are the focus of attention of Positive Accounting Research. By the financial crisis with the global stock market downturn in this context the issue of stock prices and earnings have become increasingly important. But from the existing literature point of view most of them are concentrated in the surplus of information content of the research very little attention is paid to the information content of stock issues. Compared with overseas studies our right relationship between stock prices and earnings level of research is far small its level of research has remained at the level of foreign 70s. At this stage all domestic literature is still their sights focused on the information content of earnings. Therefore the correct understanding of the information content of stock prices as well as stock prices and a surplus of a complex interaction of the relationship between empirical research on China at the present stage of great significance.
First the right domestic and foreign stock information content studies are reviewed including information content and stock price information content of the basic concept has been introduced domestic and foreign stock information content of the basic theory of induction as well as domestic research on the price trend forecast information content.
In the theoretical study based on the selection of a listed company SSE manufacturing sector data through the establishment of the regression equation models to verify the existence of the information content of stock prices and then the sample panel data unit root test cointegration test to analyze the stock price change and interaction between changes in earnings. Which can provide investors with some policy-related ideas and methods.


Keywords：information content of Stock price Surplus Cointegration test