中国上市公司质量及价值分析(1994—2010)——基于剩余收益定价模型的视角

Quality and Value Analysis of Chinese Listed Companies during 1994—2010——Based on Residual Income Model

本文根据历史数据,从剩余收益定价模型的角度对我国上市公司1994—2010年期间的质量及价值进行分析。研究发现,平均来讲,我国上市公司的赢利水平在这一时间段内整体有下降的趋势;公司上市后的业绩也呈下滑迹象;同时,上市公司的赢利能力有着较强的均值回归特性。

This paper presents a quality and value analysis of Chinese listed companies during 1994-2010 on the basis of residual income model. The findings are that： 1） the profitability of Chinese listed companies declined on average in the period; 2） the IPO firms performed worse after being listed; 3） the profitability ratio exhibited strong mean reversion property.