股票市场对上市公司流通股本规模及结构的反应

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原文档由会员 张阳阳 发布

股票市场对上市公司流通股本规模及结构的反应

本文共9页 6180字
〖摘要〗我国上市公司具有独特的股权流通性结构:非流通的国有股和法人股占绝对控股地位。这种特性影响股票价格。本文构造了一个计量模型,以1997-1999年期间在沪深股票市场上市的389家公司为样本,分析A股市场股价与上市公司流通股本规模和比例等的相关性。主要计量结果包括:股票价格对公司成长前景(市盈率)和每股收益有非常显著的正相关;对流通股本规模有非常显著的负相关;对流通股比例的负相关也比较显著;对第一大股东国有股还是法人股的正相关不显著。本文结果可为非流通股上市流通政策提供参考。
关键字:股票市场,上市公司,流通股本规模,流通股比例

〖Abstract〗China listed companies have a characteristic structure of equity ownership , which non-circulating equity ownership owned by state and companies have the large fraction. It effects stock price. We develop a model to analysis A share stock market's responding to the volume and structure of circulating equity ownership. Our analysis is based on the data of 389 IPOs listed at shanghai and shenzhen stock markets during 1997-1999. We find a significant positive relation between stock price and two factors of EPS and PE ratio; Stock price has very significant negative relation to the volume of circulating common stocks. The structure of circulating common stock has a negative effect on stock price. We also find no positive significant relation between stock price and the first controlling non-circulating shareholder. The results provide useful information to circulate non-circulating equity ownership.

Key Words:Stock Market , Listed Companies, the Volume of Circulating Common Stocks, the Structure of Circulating Common Stocks

目录

一、问题提出
二.模型方法及结果
1. 模型方法与变量选择
2.样本、变量及数据选择
3.参数估计结果
三.估计结果分析与结论
四、实际意义
参考文献
[1] 唐国正 许宁等,“利用可交换债券变现国家股为国家财政融资”,《经济研究》1998年第10期
[2] 朱武祥 郭志江,“股票市场对非流通股比例的价格反应”,《经济研究》1999年第5期
[3] 孙永祥 黄祖辉,“上市公司的股权结构与绩效”,《经济研究》1999年第12期
[4] Bolton, Partick and Ernst-Ludwig Von Thadden. 1998.“Blocks, liquidity and corporate control.,” Journal of Finance 53
[5] Eichenseher, John W. 1999, “ Fundamental demand differentials in security pricing in China’s dual capital markets: Evidence from the Shanghai Stock Exchange,” Working paper, University of Wisconsin-Madison

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