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在本文中,我将集中在收益和账面价值与股票价格之间的关系在中国股票市场。分析获得洞察中国市场提出了潜在的股票定价在新兴或不成熟的市场。虽然有些参数可能某些方面,例如,政治和经济后果的加入世界贸易组织(WTO),中国市场独特的。不过,总体而言,应该注意的是,中国市场仍然非常反射开发新兴市场。洛杉矶和Yu(2008)把中国作为一个新兴市场由于其较低的人均收入,长期通货膨胀,薄和不成熟的资本市场,和集中的金融和工业领域,标准,他们通常用来描述新兴市场。虽然两个中国证券交易所,上海证券交易所(SHSE)和深圳证券交易所(公布),始建于1990年12月,。中国股市被认为是新兴市场增长最高的国家之一。但它仍然是小相对于发达国家的股票市场。韩寒et al。(2006)指出,潜在的效率低下和波动也描述中国市场。在市场上,一些大型投资者的买卖活动能使股票价格产生巨大影响。


In this dissertation, I will focus on the association between earnings and book value with stock prices in the Chinese stock market. Analysis of the Chinese market presents the potential for obtaining insights into stock pricing in an emerging or immature market. While some arguments could be made that certain aspects, for example, political and economic consequences of joining the World Trade Organization (WTO), make the Chinese market unique.In general, however, it should be noted that the Chinese market is still very reflective of developing (emerging) markets. Los and Yu (2008) classify China as an emerging market because of its low per capita income, chronic inflation, thin and immature capital markets, and concentrated financial and industrial sectors; criteria that they use to characterize emerging markets generally.Although the two Chinese Stock Exchange, the Shanghai Stock Exchange (SHSE) and the Shenzhen Stock Exchange (SZSE), were founded in December, 1990. The Chinese stock market is considered one of the highest growing emerging markets. But it is still small relative to the stock markets in developed countries. As Han et al. (2006) note, potential inefficiency and volatility also characterize the Chinese market. In the market, the buying and selling activity of a few large investors can make great effect to the stock prices.


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