上市公司盈利能力的均值回归性研究

Mean Regression of Corporate Earning Capacity

根据微观经济学理论,市场竞争和新的市场进入者会驱使各行业的盈利能力回归到同一个平均水平,同时由于行业结构的差异,盈利能力的组成部分并不是向同一均值回归,对于这些组成部分应以行业均值作为长期目标。

It is believed in microeconomics that, under market competition, especially under the forces of new comers, the earning capacity of different industries always returns to a common mean while the discrepancy existing between different industries has it that different components of their earning capacity do not have the same regressive mean. Industrial mean, therefore, should be taken as the long-term goal for these components.