联系我们

论文查询结果	返回搜索

论文编号：	2214
作者编号：	041904
上传时间：	2010/5/26 9:13:57
中文题目：	中国上市公司市盈率影响因素的实证研究
英文题目：	P/E ratio Distribution Structure Influencing Factors
指导老师：	刘建
中文关键字：	市盈率 分布结构 影响因素
英文关键字：	P/E ratio Distribution Structure Influencing Factors
中文摘要：	市盈率作为投资者评价上市公司股票投资价值的一个重要指标，同时作为证券市场整体运行情况的一个指示器，是微观经济与宏观经济的一个重要的结合点。因此对我国上市公司的市盈率进行研究具有重要意义。 本文的研究内容包括两部分。一是我国上市公司市盈率的分布结构，二是我国上市公司市盈率的影响因素。在研究方法上，本文选择了沪深300指数成分股中的229家上市公司作为研究样本，采用描述性统计、相关性分析、偏相关分析以及多元线性回归分析等统计方法进行实证研究。 本文共分为五个部分。第一部分是引言，介绍本文的研究背景、研究意义、研究方法以及主要的创新之处。第二部分是文献回顾。对相关理论进行回顾，并对该研究领域的国内外研究现状进行概述。第三部分是研究设计，提出研究假设，根据假设选取适当的变量并设计出多元线性回归模型。第四部分是实证分析结果。这一部分是全文的核心，对我国上市公司市盈率的分布特征进行描述性统计分析，对市盈率影响因素的变量进行了相关性分析以及多元线性回归分析，并对回归结果的偏差给出合理的解释。第五部分是结论和建议，总结本文的研究结论，并针对实证结果给出政策性建议，同时指出本研究的局限性。 通过实证研究，本文主要得到如下结论： 1.我国上市公司市盈率的整体分布水平是合理的，股市泡沫成分不大。 2.不同行业之间市盈率分布结构差异显著。 3.股利支付率、beta系数、无形资产占总资产比重对上市公司市盈率有正向影响，总资产对数对市盈率有负向影响，行业对公司市盈率有显著影响。 本文和前人的研究相比在如下几个方面有所创新：一、对回归模型中的解释变量进行了修正。二、在样本选择上有所创新。三、采用了最新的数据。四、计算出样本上市公司的beta系数。 本文的研究成果对股票市场的投资者、企业高层管理者、证券市场监管部门以及政府部门进行相关决策具有重要意义。
英文摘要：	As a critical index that is used for evaluating the investment on listed companies and an indicator of stock market running performance, P/E ratio is a connection of micro and macro economy. Therefore, the research on the P/E ratio of China’s listed companies is of great importance. This paper includes two sectors. The first sector is about the profile of the P/E ratio of China’s listed companies, while the second is about the factors that influence the P/E ratio. As for methodology, 229 listed companies were selected as a sample, which were all involved in the SHANGHAI SHENZHEN 300 INDEX. Meanwhile, descriptive statistics, correlation analysis, partial analysis, and multiple linear regression are used for positive research. This paper is divided into five parts. The first part is an introduction about the research background, objective, meaning, methodology and the main innovations it makes. The second part is reference review. This part includes review on related theories, as well as an outline of domestic and overseas research in this area. The third part is research design. In this part, research presumption is provided, variables are selected accordingly, and the multiple linear regression model is presumed. The fourth part is the result of positive analysis, which is the core of this paper. Descriptive statistics analysis is done for the profile of the P/E ratio of China’s listed companies, while correlation analysis and multiple linear regression on the variables that influence the P/E ratio are done, then appropriate explanation for the result deviation is given. Finally, the fifth part is conclusion and suggestion, in which all the points in this paper are concluded and strategic suggestion is given on the base of the positive analysis result. Also the limitation of this research is pointed out as well. Through positive research, the conclusions are as follows： 1. The profile of the P/E ratio of China’s listed companies is reasonable, thus the stock market bubble is insignificant. 2. Great P/E ratio profile difference exists between industries. 3. The dividend payout ratio, beta coefficient, and the proportion of intangible assets to total assets have positive effect on the P/E ratio; the logarithm of total assets has negative effect on the P/E ratio, while the type of industry has a notable effect on the P/E ratio, too. Compared with previous research, this paper features in the following innovations: 1. Revision on the independent variables in the regression model is provided. 2. Innovations in the sample selection process are made. 3. Up-to-dated data are employed. 4. The beta coefficients of listed companies are calculated. The result of this research has crucial meaning for the decision making of stock market investors, company head officers, stock market regulatory authorities, and governmental organizations.
查看全文：	预览  下载(下载需要进行登录)