股票价格中的公司流通股本规模信息——兼论国有股上市流通策略  

The Information of Stock Price in Response to the Volume of Circulating Common Stocks

作　　者：朱武祥[1] 郭志江[1] 

机构地区：[1]清华大学经济管理学院,北京100084

出　　处：《中国软科学》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

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.

关 键 词：股票价格 上市公司 流通股本规模 国有股 股票市场 

分 类 号：F832.5[经济管理—金融学]