我国上市公司的盈利能力与资本市场关系的动态分析——以方正科技为例

A Dynamic Analysis between the Profitability of Listed Company and Capital Market

以净资产收益率代表我国上市公司的盈利能力,以上证收盘综合指数代表我国的资本市场,以1991～2010年的数据为研究对象,通过VEC模型分析表明:我国上市公司的盈利能力与我国的资本市场之间存在着长期的均衡关系;我国的上市公司和我国的资本市场之间彼此存在着负向的影响;我国的上市公司主要是受自身因素的影响,我国的资本市场在短期内主要是自身因素的影响,在长期内会受到我国上市公司的影响。

This article uses ROE standing for profitability of our listed company and Shanghai composite index standing for our capital market through establishing VEC model with the data from 1991 to 2010.The results show that there is a co-interaction relationship between our profitability of listed company and our capital market,our listed companies are mostly affected by themselves,our capital markets are mostly affected by themselves in short order and by our listed companies.