| 中国上市公司资产增长异象的实证研究 |
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| 引用本文： | 叶建华,于国安. 中国上市公司资产增长异象的实证研究[J]. 山西财经大学学报, 2012, 0(6): 53-60 |
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| 作者姓名： | 叶建华 于国安 |
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| 作者单位： | 西南财经大学会计学院;河南财经政法大学房地产学院 |
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| 摘 要： | 以2000～2009年A股上市公司为样本,研究了资产增长异象在我国资本市场的表现形式,并从资产构成和融资来源两个视角考察了出现资产增长异象的主要动因。研究发现:我国资本市场的资产增长异象不同于成熟资本市场,表现为股票收益同资产增长成正向关系,且在大规模公司中表现得尤其明显;从总资产构成项目来看,货币资金增长是资产增长异象的主要动因;总资产融资来源中的留存收益增长是总资产增长效应的主要动因。
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| 关 键 词： | 总资产增长 股票收益 资产增长异象 |
Empirical Study on Asset Growth Anomaly in Chines Listed Companies |
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| YE Jian-hua,YU Guo-an. Empirical Study on Asset Growth Anomaly in Chines Listed Companies[J]. Journal of Shanxi Finance and Economics University, 2012, 0(6): 53-60 |
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| Authors: | YE Jian-hua YU Guo-an |
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| Affiliation: | 1.School of Accounting,Southwestern University of Finance & Economics,Chengdu 611130; 2.School of Real Estate,Henan University of Finance and Economics,Zhengzhou 450002,China) |
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| Abstract: | Based on the sample of A-share market from 2000 through 2009,the authors empirically study the way how asset growth anomaly manifests in China,and investigate the driver of asset growth anomaly from the view of asset composition and financing channel and find that: different from maturity capital market,the capital expenditure positively affect future stock return,especially in big size companies;from the size of asset composition,monetary asset growth is the main driver of asset growth anomaly in China;from the size of financing,retained earnings are the main driver of asset growth anomaly in China. |
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| Keywords: | total asset growth rate stock return asset growth anomaly |
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