上市公司市盈率影响因素的实证分析

Empirical Study of Influencing Factors on P-E Ratio of Listed Companies

市盈率是投资估价的重要依据。我国上市公司市盈率除了受到一般因素影响外,还受到特殊因素(如国有股和法人股不能流通、行业、控股股东等)以及以管理资源、技术资源、品牌为代表的企业成长潜力的作用。利用上市公司公开数据进行的实证分析发现,我国上市公司的市盈率与流通股比重或流通股本显著负相关,受到行业平均市盈率的显著影响,与民营企业控股显著正相关,但与政府部门控股的相关性不明显,无形资产和非无形资产比重与市盈率显著正相关,管理层报酬、企业品牌与市盈率显著负相关。研究表明,上述因素显著影响我国上市公司市盈率,但必须结合我国国情以及委托代理、行为金融等相关理论才能得到更好的解释。

P-E ratio is important in investment evaluation. Besides the general factors, P-E ratio is also influenced by some specific factors of our country such as stock held by government and legal entities cannot circulate freely and industries and controlling shareholders and enterprise growing potentials which are mainly represented by managerial and technical resourees and brand reputation. The empirical study finds that P-E ratio of Chinese listed companies is significantly negative-related to circulative stock ratio or circulative stock capital and significantly affected by industry average level and significantly positive-related to private enterprise sharecontrolling but there is no significant relevance with government share-controlling. P-E ratio is significantly positive-related to intangible asset not intangible asset ratio, and significantly negative-related to management compensation and enterprise brand repntation. Research shows that those factors influence P-E ratio significantly, but incorporation with Chinese institutional background analysis and other relative theories such as principal-agent theory and behavior finance theory can lead to better explanation.