摘要
本文以1997-2001年期间在沪深股票市场上市的595家A股公司为样本,实证分析股票市场对流通股本规模的反应。我们发现,股票价格与公司每股收益显著正相关,与流通股本规模显著负相关。股票价格与反映公司增长机会预期的行业市盈率在股票市场高涨时显著正相关,在股票市场低迷时相关性不显著。本文最后讨论了研究结果对国有股上市流通的政策意义。
We give an empirical analysis how A share stock market's responding to the volume of circulating equity ownership.Our analysis is based on the data of 595 IPOs in Shanghai and Shenzhen Exchange during 1997-2001. We find a significant positive relationship between stock price and EPS,and the stock price has a significant negative relationship to the volume of circulating common stocks.We also find that the stock price has a significant positive relationship to the industry PE ratio implied growth opportunities when stock market is booming,but we find no significant positive relationship between stock price and industry PE ratio during recession.In the end,we discuss the significance of this empirical evidence to circulate state-owned equity.
出处
《中国软科学》
CSSCI
北大核心
2003年第2期44-47,共4页
China Soft Science
基金
清华大学经济管理学院基础研究基金资助项目
