上市公司股东权益的变动性分析──以2001年年报为例

Fluctuation Analysis of Shareholder Equity of Listed Companies

上市公司的股东权益是处于变动状态的投资者权益。造成股东权 益变动性的基本要素有两个，一是公司的经营业绩，这是所谓的常量中的变量；二是投资者 的投资行为，这是所谓的变量中的变量。我国沪深股市２００１年年报资料出齐后，为我们分析 上市公司股东权益的变动性，提供了基本数据。上市公司的股东权益的变动，与其说是上市 公司经营业绩造成的，毋宁说是投资者自己的投资行为造成的。前述两大因素的组合，聚集 与释放上市公司的个体风险，继而构成证券市场的整体风险。

Shareholder equity of listed companies is investor equity in fluctuati on. Two basic factors cause the fluctuation of shareholder equity: one is the op erating achievements of companies , the so-called variable in the constant; the other is the investment behavior of investors, the so-called variable in the var iable. With the complete disclosure of annual report of listed companies in 2002 in Shanghai and Shenzhen stock market, basic data are available for analyzing fluctuation of shareholder equity of listed companies. The fluctuation of shareh older equity of listed companies is caused rather by investors' investment behav ior than by the operating achievements of companies. The combination of the two factors gathers and releases the individual risks of listed companies and const itutes the whole risk of the securities market.