摘要
以2000～2009年A股上市公司为样本,研究了资产增长异象在我国资本市场的表现形式,并从资产构成和融资来源两个视角考察了出现资产增长异象的主要动因。研究发现:我国资本市场的资产增长异象不同于成熟资本市场,表现为股票收益同资产增长成正向关系,且在大规模公司中表现得尤其明显;从总资产构成项目来看,货币资金增长是资产增长异象的主要动因;总资产融资来源中的留存收益增长是总资产增长效应的主要动因。
Based on the sample of A-share market from 2000 through 2009, the authors empirically study the way how asset growth anomaly manifests in China, and investigate the driver of asset growth anomaly from the view of asset composition and financing channel and find that： different from maturity capital market, the capital expenditure positively affect future stock return, especially in big size companies; from the size of asset composition, monetary asset growth is the main driver of asset growth anomaly in China; from the size of financing, retained earnings are the main driver of asset growth anomalv in China.
出处
《山西财经大学学报》
CSSCI
北大核心
2012年第6期53-60,共8页
Journal of Shanxi University of Finance and Economics
关键词
总资产增长
股票收益
资产增长异象
total asset growth rate
stock return
asset growth anomaly
