股票市場(chǎng)對(duì)上市公司流通股本規(guī)模及結(jié)構(gòu)的反應(yīng)
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〖摘要〗我國(guó)上市公司具有獨(dú)特的股權(quán)流通性結(jié)構(gòu)：非流通的國(guó)有股和法人股占絕對(duì)控股地位。這種特性影響股票價(jià)格。本文構(gòu)造了一個(gè)計(jì)量模型，以1997－1999年期間在滬深股票市場(chǎng)上市的389家公司為樣本，分析A股市場(chǎng)股價(jià)與上市公司流通股本規(guī)模和比例等的相關(guān)性。主要計(jì)量結(jié)果包括：股票價(jià)格對(duì)公司成長(zhǎng)前景(市盈率)和每股收益有非常顯著的正相關(guān)；對(duì)流通股本規(guī)模有非常顯著的負(fù)相關(guān)；對(duì)流通股比例的負(fù)相關(guān)也比較顯著；對(duì)第一大股東國(guó)有股還是法人股的正相關(guān)不顯著。本文結(jié)果可為非流通股上市流通政策提供參考。
關(guān)鍵字：股票市場(chǎng)，上市公司，流通股本規(guī)模，流通股比例

〖Abstract〗China listed companies have a characteristic structure of equity ownership , which non-circulating equity ownership owned by state and companies have the large fraction. It effects stock price. We develop a model to analysis A share stock market's responding to the volume and structure of circulating equity ownership. Our analysis is based on the data of 389 IPOs listed at shanghai and shenzhen stock markets during 1997-1999. We find a significant positive relation between stock price and two factors of EPS and PE ratio; Stock price has very significant negative relation to the volume of circulating common stocks. The structure of circulating common stock has a negative effect on stock price. We also find no positive significant relation between stock price and the first controlling non-circulating shareholder. The results provide useful information to circulate non-circulating equity ownership.

Key Words：Stock Market , Listed Companies, the Volume of Circulating Common Stocks, the Structure of Circulating Common Stocks



參考文獻(xiàn)
[3] 孫永祥 黃祖輝，“上市公司的股權(quán)結(jié)構(gòu)與績(jī)效”，《經(jīng)濟(jì)研究》1999年第12期
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