企业特定变量对尼泊尔商业银行股价波动和股票收益的影响

Ramji Gautam
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引用次数: 17

摘要

金融部门在任何一个国家的经济发展过程中都起着举足轻重的作用,经济的发展依赖于金融部门的发展。金融部门的关键参与者是资本市场,它为投资目的的金融资源的使用者和提供者提供了一条途径(Menike等人,2015)。证券交易市场在一个经济体中扮演着多重角色。它为公司提供了通过出售股份、为企业筹集资金、动员储蓄用于投资、促进公司成长、为小投资者创造投资机会等方式筹集资金的便利。股票收益是非常重要的,因为它是普通股投资的主要目标。投资者将回报视为投资某一特定公司的根本原因。股票回报可以是资本增值/折旧加上股息(如有)的形式。股票收益是投资者从股票市场中获得的收益或收益。获得股票市场回报最常见的方式是在二级市场进行交易。在二级市场上,投资者可以通过以较低的价格购买股票并以较高的价格出售股票来获得固定的市场回报(Idris和Bala, 2015)。股票价格是衡量股票市场收益的重要指标。股票价格是由需求和供给决定的,而需求和供给通常受到公司特定因素和/或宏观经济变量的影响。由于股票价格的变动,投资回报受到变化的影响,这取决于各种因素,这些因素可能是内部或银行特定的,如每股收益,银行规模和账面市值(Shafana, 2013)。股票回报对银行特定因素的数量很敏感,如收益、股息、风险、杠杆、规模、账面市值比率、配股和奖金发行,这些因素解释了预期股票回报的行为。
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Impact of firm specific variables on stock price volatility and stock returns of nepalese commercial Banks
The financial sector of any country plays a pivotal role in the development process of each economy and economy depends on the growth of its financial sector. The key player of the financial sector is the capital market who provides an avenue to the users and providers of the financial resources for investment purposes (Menike et al., 2015). Stock exchange market has multiple roles in an economy. It provides companies with the facility to raise capital for expansion through selling shares, raising capital for businesses, mobilizing savings for investment, facilitating company growth, creating investment opportunities for small investors and etc. Stock return is very important as it is the main objective of investment in common stock. Investors regard return as the fundamental reason for investing in a particular firm. Stock return can be in form of capital appreciation/depreciation plus dividend received if any. Stock returns are the returns or gain that the investors generate out of the stock market. The most common way of generating stock market return is through trading in the secondary market. In the secondary market an investor could earn stick market return by buying a stock at lower price and selling it at a higher price (Idris and Bala, 2015). Stock prices are important metrics of measuring stock market return. Share prices are determined by demand and supply, which usually influence by firm specific factors and/or macroeconomic variables. Returns from investment are subjected to variations owing to the movement of stock price, which depends on various factors which could be internal or bank specific such as earning per share, bank size, and book to market equity (Shafana, 2013). The stock return is sensitive to number of bank specific factors such as earnings, dividends, risk, leverage, size, bookto-market ratio, right issue and bonus issues which explain the behavior of expected stock returns.
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