中国上市公司资本利用效率实证分析

An Empirical Analysis of Listed Companies’ Capital Efficiency

以股东投资回报率ROE影响因素模型为基础,来观测IPO前后窗口期上市公司ROE的变化趋势,可为考察资本利用效率提供间接证据。通过运用相关的计量分析方法,深入分析2000—2007年度上市公司样本的资本利用效率,结果表明,我国上市公司资本利用效率低下。这一研究发现不仅为资本市场效率研究提供新的思路、为股票市场效率研究提供实证支持,也为进一步改善和提高我国股票市场资源配置效率提供重要启示。

On the basis of the influence factors model of ROE, we analyzed the tendency of listed companies’ ROEs by observing different time windows before and after their IPOs, which can provide indirect evidence for evaluating their capital efficiency. By employing some effective statistical methods, we also made an in-depth analysis of the capital efficiency of those listed companies. The result shows that the capital efficiency of the listed companies in China is relatively low. Our research does not only shed light on the studies on the efficiency of the capital market as well as provides empirical support for the studies on the efficiency of stock market, but also helps improve the efficiency of resource allocation in the stock market in China.