深市A股上市公司盈利性变迁研究

Research on the Profit-Vicissitudes of A-Share Companies in Shenzhen Stock Exchange

基于1993～2002年度调整后的净资产收益率,对深市A股上市公司盈利性变迁规律的研究发现:(1)假定上市公司财务报告真实,则深市A股上市公司具有一定的盈利能力;(2)"新股"的真实盈利能力高于"总体"、"总体"的真实盈利能力高于"老股";(3)无论"新股"、"老股"还是"总体",深市A股上市公司的真实盈利能力均呈现下降——缓慢上升——急速下降的波动态势,表明上市公司的财务报告确实存在相当的虚假成分;(4)上市时间越长的公司,盈利能力差异越大,表明起点近乎相同的上市公司,随时间推移而表现出不同面对市场经济挑战的能力。

Based on the adjusted ROE of A-Share companies from 1993 to 2002, the article comes to the conclusion that, firstly, the companies have profitability if the financial statement is true. Secondly, the profitability of new listed company is stronger than that of the total, and the total is stronger than the old. Thirdly, the real profitability takes on the volatility trend of decreasing- slow increasing and sharp decreasing, which expresses the spurious possibility in financial statement. Finally, the longer the companies have been listed, the more evident difference of their profitability.