中国民营上市公司绩效的实证分析

A positive research on the performance of Chinese private listed companies

民营上市公司已发展成为中国证券市场上的一个重要板块。与整个股市的趋势一致 ,民营上市企业的绩效在 2 0 0 0 - 2 0 0 2年也经历了一个下滑的过程。通过因子分析的方法 ,从民营上市公司的 12个指标中抽象出几个重要的易于解释的因子 ,分析民营上市公司这 3年的绩效表现。实证结果表明 ,影响民营上市公司绩效的主要指标每年都有差异 ;民营上市公司的绩效低于总体上市公司 ;民营企业借“壳”上市并没有改善其经济绩效。

Private listed enterprises have become an important block in Chinese stock market. Following the whole trend,their performance had also experienced a decline from 2000 to 2002. With factor analysis of SAS system, the performance of private listed enterprises in the 3 years are analyzed by abstracting several decipherable factors from 12 invariables. The empirical analysis indicates that they are influenced by many realistic factors and a better macro-environment is necessary to improve their performances.