高校上市公司市场价值与财务绩效相关性的实证分析

An Empirical Analysis of the Association between Financial Performance of University-owned Listing Firms and their Market Values

高校公司股价与高校持股比例呈正相关,与流通A股数量、流通股比例和总股本呈负相关。这表明我国高校公司的股票定价利用了较多的非财务绩效的信息。由于高校公司股票定价利用了较多的非财务业绩的信息,政府监管部门应尊重投资者的意愿,改变单一偏重公司历史业绩的监管方法,对与公司市场价值有关的信息披露及其它信息来源渠道如证券分析师等加强监管,以充分提高资本市场的资源配置效率。

The stock prices of university-owned firms are positive related with the proportion of shares held by universities while negative related with the proportion of current A shares, the amount of A shares and the total shares. It shows that much non-financial performance information are involved in setting stock prices of university-owned firms. Some suggestions for improving the resources allocating efficiency on capital market are put forward in this paper.