陕西上市公司GDP贡献及可持续发展研究

Research on Shaanxi Listed Company's Contribution on GDP and Sustainable Development

选取陕西省在上海和深圳证券交易所的上市公司为样本,利用Eviews5.0对1997-2006年陕西GDP和所选上市公司净资产收益率、每股收益以及主营业务增长率进行了ADF单位根检验、Johansen协整检验和格兰杰(Granger)因果检验,发现陕西省经济发展数据和上市公司指标都是一阶平稳序列,且存在两个协整关系,上市公司的每股收益与GDP还具有反常的Granger因果关系。在陕西经济持续稳定增长的同时,上市公司的每股收益却逐年下降,可持续发展能力匮乏。

This paper takes Shaanxi listed companies in Shanghai and Shenzhen Securities Exchanges data, conducts the ADF unit root test, Johansen cointegration inference test, and Granger causality test between the growth of Shaanxi economy and those companies＇ main business growth, such as earnings per share, and return on equity from 1997 to 2006 by Eviews5. 0. The conclusion is that Shaanxi economic increase and listed companies＇ indicators have first order stationary series, and existed two cointegration inference relationship, but there was an unusual Granger causality relationship between listed companies＇ earnings per share and the growth of Shaanxi economics. Along with the growth of Shaanxi economics, the company＇s earnings per share decreased seriously without ability of sustainable development.