基于财务数据的信息甄别——以通信产业为例

在证券市场上 ,始终存在着信息不足和信息过载的情况。低效率的信息处理方法无法令投资者做出正确的投资判断。本文以通信类上市公司为例 ,对上市公司公开可获得的财务数据的甄别做些理论探讨。具体地讲是为当前通信类上市公司转型阶段的确定提供一种与定性的基本面分析相结合的转型阶段判别模型分析方法 ,使投资者能够拨开“概念和题材”的迷雾 ,对通信类上市公司的转型有一个科学、客观的判断。本文模型的判别结果与基本面的分析具有高度的一致性

Financial-Data-Based Information Screening:the Case of Telecommunication Industry Listed Companies

Information underload and overload which distorts investors' decisions are twins in the securities market,and some insider\|controlled companies which deliberately released misleading information exacerbate the investors' welfare condition.This empirical study is intended to bridge the modern statistical techniques and financial data process,and provide new screening approach of data process under the condition of asymmetry information.We have proved that the approach effectively decreases investor's dependence on the information released by the invested listed companies,and the chance of being misled by the “topics and concepts”.We have chosen the domesitcally listed companies in telecommunication industry as a demonstration,which illustrated how the model works.