| 股票价格低于每股净资产的影响因素分析——来自中国A股上市公司的经验证据 |
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| 引用本文： | 耿建新,白莹,张驰.股票价格低于每股净资产的影响因素分析——来自中国A股上市公司的经验证据[J].上海立信会计学院学报,2013(1):64-71. |
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| 作者姓名： | 耿建新 白莹 张驰 |
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| 作者单位： | 中国人民大学商学院;中国冶金地质总局资产财务部 |
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| 基金项目： | 教育部人文社会科学研究规划基金项目(10YJA630041) |
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| 摘 要： | 破净指股票价格跌破每股净资产,是股票价格与每股净资产关系的一种极端表现。本文以1 059家A股上市公司为样本,采用修正的Ohlson模型,分组对股价破净的影响因素进行研究。结果发现:对于业绩为正的非ST企业而言,公司规模大、上市时间早、机构投资者持股比例低的国有企业容易破净;ST企业的股票价格虽下跌,但其重组捷径和壳资源改变了投资者的预期,使ST企业不破净或较少破净。
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| 关 键 词： | 股票价格 每股净资产 破净 ST股 |
Factor Analysis of Stock Price Lower Than Net Asset Per Share: Empirical Evidence from A-share Stock Market in China |
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| GENG Jian-xin,BAI Ying,ZHANG Chi.Factor Analysis of Stock Price Lower Than Net Asset Per Share: Empirical Evidence from A-share Stock Market in China[J].Journal of Shanghai Lixin University of Commerce,2013(1):64-71. |
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| Authors: | GENG Jian-xin BAI Ying ZHANG Chi |
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| Institution: | 1(1.School of Business,Renmin University of China,Beijing 100872,China; 2.Assets and Financial Department,China Metailurgical Geology Buereau,Beijing 100125,China) |
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| Abstract: | As an extreme performance of the stock price volatility,stock price below net asset per share means that stock price is lower than the net asset per share.This paper takes 1059 listed companies as a sample,and uses the modified Ohlson model to analyze factors causing stock price lower than net asset per share.It is found that for the profitable state-owned non-ST companies with bigger size,earlier listed date,less institutional investors,their stock prices are easier to be lower than net asset per share.However,for ST companies,their stock prices decline,but are not or less lower than net asset per share,due to be the restructuring shortcuts and the shell resource which may change the expectations of investors. |
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| Keywords: | stock price net asset per share stock price below net asset per share ST stock |
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