中国企业市盈率分布特征及其驱动因素的实证分析.pdfVIP

贵州财经学院学报 　 ( ) 2005年第 4 期 总第 117期 [经济专论 ] 　　　　　　　　　　　　文章编号 : 1003 - 6636 (2005) 04 - 00 18 - 05; 中图分类号 : F8309 1;文献标识码 : A 　　　　　　　　　　　　　　 中国企业市盈率分布特征及其 驱动因素的实证分析 李寿喜 (南京审计学院 国际审计学院 , 江苏 南京 　2 10029) 摘 　要 :我国企业的市盈率定价乘数与流动比率 、资产负债率 、高科技行业呈显著正相关 ,与利润质量 、ROE、流通股比率 、 企业规模呈显著负相关 ,并且 2001年以后上市的企业市盈率明显偏低 。这一研究的政策含义是 , 中国证监会既 然确定把保护投资者利益作为工作的重心 ,对股市的监管就应以市场导向,尊重股票市场投资者的意愿 。 关键词 : 中国企业 ;市盈率 ;驱动因素 An Em p ir ica l Ana ly sis of the D istr ibution Character istics of Pr ice - earn ings Ra tio of Ch inese En terpr ises an d the ir D r iv ing Factors L I Shouxi ( Schoo l of International A uditing, N anj ing In stitute of A uditing, N anj ing, J iangsu 2 10029 , P. R. Ch ina) A b stract: The p rice - earn ing ratio of Ch ine se en terp rise s has a sign ifican tly po sitive relation sh ip w ith their curren t ratio, leverage and being in the h igh - tech indu stry, and a sign ifican tly negative relation sh ip w ith earn ing quality, ROE, cu rren t share ratio and firm size. A nd the p rice - earn ings ratio of tho se comp an ies go ing pub lic after 200 1 is distinctly lower. The po licy imp lication of the study is that since the m ain emp ha sis of the job of Ch ina Secu ritie s Sup ervisory and R egu latory Comm ission is to p rotection the in tere sts of inve stors, its sup ervision and regu lation of the stock m arket shou ld be m arket - oriented and show s re sp ect for the w ill of i