摘要
本文根据历史数据,总结和汇报了我国上市公司1992年到2004年间的盈利状况。我们发现,平均来讲,我国上市公司的盈利水平在这一时间段内有显著的下降;公司上市后的业绩也呈下滑迹象;同时,上市公司的盈利能力有着较强的均值回归特性。
In this article, we document the profitability of Chinese listed companies during the period between 1992 and 2004. The results indicate that on average, the profitability of Chinese listed companies has been on the decline over this period. IPO firms perform worse after being listed. Further analysis indicates that profitability ratio exhibits strong mean reversion property.
出处
《中国会计评论》
2007年第2期165-180,共16页
China Accounting Review
基金
国家自然科学基金会“产权保护导向的会计研究”课题组的支持(项目批准号:70532002).
关键词
盈利能力分析
上市公司
股票市场改革
Profitability Analysis, Listed Companies, Stock Market Reform
