بررسي روابط بين نسبت هاي مالي و قيمت سهام در صنايع كاني هاي غير فلزي

The study of Relationship between Financial Ratios and Stock Price in Non-Metallic Mine Industries

In this study, the linear and non-linear relationship between financial ratios and stock price in non-metallic mine industries in Tehran stock exchange from 1382 to 1386(2003-2007) was investigated. As independent variables, three activity ratios -including inventory turnover (IT), fixed assets turnover (FAT), and assets turnover (AT) - and six profitability ratios - including return on assets (RA), return on capital (RC), return on sales (RS), percentage of earning before tax to gross profit (PEG), percentage of operating profit to sales (POS), and percentage of gross profit to sales (PGS) — were chosen. The dependent variables were the stock price at the end of the financial year and the stock price before the public association. It is confirmed that there was significant linear and non-linear relationship between financial ratios and stock price. According to the results, the best models to explain stock price were Quadratic non-linear and B models. Inventory turnover (IT) from activity ratios and return on assets (RA), return on capital (RC), and percentage of gross profit to sales (PGS) from profitability ratios were the best independent variables for explaining stock price.