中国综合类上市公司盈利持续性研究

Study on the Persistence of Profit of China's Cross-industry Listed Companies

盈利持续性是衡量公司利润质量的重要指标之一,也是衡量市场竞争强度的指标。盈利持续性越低,意味着盈利的调整速度越快,市场竞争程度越高。本文运用时间序列分析和二阶自回归模型检验了1996年-2007年中国综合类上市公司盈利持续性的情况,发现长期里综合类上市公司拥有比非综合类上司公司更高的盈利水平,短期内综合类上市公司的盈利持续性低于非综合类上市公司。这说明多元化经营并未在短期内带来盈利持续性的增强。对此现象本文做出了经济学上的解释。

The persistence of profit is a measure of corporate profit and a reflection of the market competition in eco- nomics. This paper uses time series data with common methodology of persistence of profit to analyze the performance of Chi- nese cross-industry listed companies during 1996-2007. The result is that, compared with Chinese common listed companies, the cross-industry companies have higher long-run profits and faster speed of profit adjustment. The paper presents economic explanation to these phenomena.