国家股比例对上市公司市场表现的影响研究  

A study of Impact of the Ratio of National Share on the Performance of Listed Companies

作　　者：陈炜[1] 冯晓岚[2] 

机构地区：[1]兴业银行研究规划部 [2]北京大学光华管理学院

出　　处：《亚太经济》2008年第3期28-32,共5页Asia-Pacific Economic Review

基　　金："中国企业国际化战略研究"项目资助;项目编号70532005

摘　　要：本文通过逻辑回归和线性回归模型,结合我国深沪两市的上市公司数据,对影响公司市场表现的因素进行了分析。在文中考虑的众多财务和股权指标中,国家股比例显著地影响了公司2003年被"ST"的可能性大小。同时,国家股比例对每股收益和市倍率这些对投资者预期产生重要影响的指标没有显著作用。本文有助于投资者理性的评估国家股在上市公司市场表现中的影响,避免盲目卷入国家股减持题材的股市炒作。In this article, the authors analyzed the factors which influence the performance of listed compa nies via logistic and linear regression models on the basis of the data of listed companis from Shenzhen and Shanghal stock markets. Among numerous financial and stock ratios considered by this article, the ratio of National shares significantly infuences the possibility of ＂ST＂. Meanwhile, MBR and EPS are not significantly affected by this ratio. This article can help the investors to evaluate the impact of the ratio of National shares on the performance of listed companies and then to avoid blind operations.

关 键 词：上市公司 国家股比例 国家股减持 

分 类 号：F121.26[经济管理—世界经济]