中国稀土类上市公司股票收益与市场结构关系研究

A Research of the Relations between Stock Returns of Chinese Rare-earth Resource Listed Companies and Market Structure

使用最优控制理论建立数理模型分析中国稀土类上市公司股票收益与市场结构间的关系,发现除现金流定价模型已表述的因素外,市场结构因素,包括竞争公司产品价格、竞争公司产能规模和对本公司产品的投资量三个因素亦影响公司的股票收益。上述模型也可解释我国稀土行业同业恶性竞争、兼并重组矿产资源、建立收储制度等现象。

This paper established a mathematical model employed the optimization method to analyze the relationship between the stock return of Chinese public companies in rare-earth resource industry and market structure.Besides the elements proclaimed by discounted cash follow model,industry market structure elements including product prices of rivals,capacities of rivals and the investment amount in products manufactured by itself are also significant factors in stock return.Furthermore,the paper researched the fundamental reasons of such phenomena as cutthroat competition,mine and companies MA and purchasing and storage in Chinese rare-earth industry.