公司亏损就意味着其股价下跌吗？--基于2004-2006年度中国亏损上市公司的数据  

The Loss Means The Stock Price's Falling of The Company?——Empirical Evidence Based on the Data of Loss Listed Firms from 2004 to 2006 Year in China

作　　者：杜勇[1] 

机构地区：[1]四川大学工商管理学院

出　　处：《经济管理》2008年第1期38-42,共5页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金项目“基于自由现金流量的我国上市公司业绩变化研究”(70672013)

摘　　要：本文将2004～2006年度中国A股亏损上市公司分为4种亏损类型进行了实证研究。结果表明:(1)对于单赤字公司,亏损信息可能使其股价上涨,而且其股价变动更多地是与公司发生的各种"表外事件"相关;(2)对于虚双赤公司,亏损信息对其股票价格的影响比较微弱,而是否有较大项目的投资或研发费用支出等信息对其股价的影响较大;(3)对于实双赤公司和三赤字公司,亏损信息引起这两类公司的股价急剧下跌,而且三赤字公司股价下跌的幅度比实双赤公司下跌的幅度更大。This article divided the loss listed firms from 2004 to 2006 year into four kind of loss types and carried on the real diagnosis research, finally indicated： （1） regarding single deficit company, its stock price does not fall instead rises. Moreover, its stock price＇s change have more correlation with the occurrences of ＂outside the table the event＂ in the company. （2） regarding empty double red company, the loss information has a weak influence on its share price, but whether there is big information and so on project investment or research and development expense disbursement has a signifancal influence on its stock price. （3） regarding Solid double red company and three deficit companies, the loss information caused these two kind of company＇s stock price to fall suddenly, moreover three deficit company＇s stock price has a bigger falling scope than the solid double red company.

关 键 词：亏损公司 盈余反应系数 清算期权 异常投资 

分 类 号：F830.91[经济管理—金融学]