国家股比例对上市公司市场表现的影响研究

本文通过逻辑回归和线性回归模型,结合我国深沪两市的上市公司数据,对影响公司市场表现的因素进行了分析。在文中考虑的众多财务和股权指标中,国家股比例显著地影响了公司2003年被"ST"的可能性大小。同时,国家股比例对每股收益和市倍率这些对投资者预期产生重要影响的指标没有显著作用。本文有助于投资者理性的评估国家股在上市公司市场表现中的影响,避免盲目卷入国家股减持题材的股市炒作。

A study of Impact of the Ratio of National Share on the Performance of Listed Companies

In this article,the authors analyzed the factors which influence the performance of listed companies via logistic and linear regression models on the basis of the data of listed companis from Shenzhen and Shanghai stock markets.Among numerous financial and stock ratios considered by this article,the ratio of National shares significantly infuences the possibility of "ST".Meanwhile,MBR and EPS are not significantly affected by this ratio.This article can help the investors to evaluate the impact of the ratio of National shares on the performance of listed companies and then to avoid blind operations.