摘要
我国企业的市盈率定价乘数与流动比率、资产负债率、高科技行业呈显著正相关,与利润质量、ROE、流通股比率、企业规模呈显著负相关,并且2001年以后上市的企业市盈率明显偏低。这一研究的政策含义是,中国证监会既然确定把保护投资者利益作为工作的重心,对股市的监管就应以市场导向,尊重股票市场投资者的意愿。
The price-earning ratio of Chinese enterprises has a significantly positive relationship with their current ratio, leverage and being in the high-tech industry, and a significantly negative relationship with earning quality, ROE, current share ratio and firm size. And the price-earnings ratio of those companies going public after 2001 is distinctly lower. The policy implication of the study is that since the main emphasis of the job of China Securities Supervisory and Regulatory Commission is to protection the interests of investors, its supervision and regulation of the stock market should be market-oriented and shows respect for the will of investors.
出处
《贵州财经学院学报》
2005年第4期18-22,共5页
Journal of Guizhou College of Finance and Economics
关键词
中国企业
市盈率
驱动因素
Chinese enterprises
price-earnings ratio
driving factors
