ОЦЕНКА ВЛИЯНИЯ УЧЕТНОЙ ИНФОРМАЦИИ О КОМПАНИЯХ НА КОТИРОВКИ ИХ АКЦИЙ: ЭМПИРИЧЕСКИЙ АНАЛИЗ ДЕЯТЕЛЬНОСТИ КОМПАНИЙ-УЧАСТНИКОВ ФОНДОВЫХ БИРЖ КУВЕЙТА И САУДОВСКОЙ АРАВИИ
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Аннотация
Котировки или биржевые курсы акций, как правило, отражают финансовое состояние и эффективность акционерных обществ, акции которых торгуются на фондовой бирже. Инвесторы проявляют больший интерес к приобретению акций именно тех фирм, котировки которых устойчиво растут. Поэтому для них большой интерес представляет бухгалтерская информация, отражающая результаты производственной и финансовой деятельности акционерных обществ. Чтобы установить, какие из показателей хозяйственной деятельности акционерных компаний отражают их финансовое состояние и, следовательно, в наибольшей степени влияют на динамику биржевых курсов их акций, были проанализированы следующие из них: прибыльность собственного (акционерного) капитала, прибыль на акцию, дивиденд на акцию. Анализировалась корреляционная зависимость между данными измерителями в различных комбинациях. Была установлена причинно-следственная связь между независимыми переменными и котировкой акций. Результаты анализа показали, что негативно влияют на курс акций коэффициент задолженности и уровень финансового рычага, положительно воздействует на котировки ценных бумаг размер компании. В анализе был выведен ряд регрессионных зависимостей между независимой переменной – биржевым курсом акций – и зависимыми переменными, рассчитанными на основе бухгалтерской информации о фирмах.
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