上市公司市盈率影响因素的实证分析

An Empirical Analysis of the Factors Influencing the P/E Ratio of Listed Companies

市盈率是投资者选择投资对象的重要参考指标之一,其不仅受到基础因素的影响,还受到宏观因素的影响。本文根据前人的研究成果以及现状,对上市公司的股本结构、控股股东、公司的成长潜力以及分红能力等进行了实证研究。本文选取我国A股上市的202家公司2010年12月31日至2016年12月31日的数据对各个相关变量与市盈率关系进行了实证研究,借助Eviews软件对面板数据进行有关分析,得出了如下结论:流动比率、固定资产周转率和前十大股东持股比例均与市盈率显著相关;流通A股比重、主营业务收入增长率、股利支付率、净资产收益率、资产收益率均与市盈率的相关性不显著。最后,本文根据实证结果和上市公司的现状提出了相关建议。

Price-earnings ratio is one of the important reference indicators for investors to choose the target of investment,not only by the basic factors,but also by the macroeconomic factors. According to the previous research results and the status quo,the article conducts empirical research on the capital structure of listed companies,controlling shareholders and the company’s growth potential and dividend payout ability. Sample selection for the 202 companies in China’s A-share listed December 31,2010—December 31,2016 the correlation between the various variables and the price-earnings ratio of an empirical study,with the help of Eviews software panel data analysis,concluded: The liquidity ratio,fixed asset turnover rate and the top ten shareholders’ shareholding ratios are all significantly correlated with the price-earnings ratio. The proportion of circulating A-shares,the growth rate of main business revenue,the dividend payout ratio,the return on net assets,the return on assets and the price-earnings ratio Was not significant correlation. Finally,based on the empirical results and the status quo of listed companies put forward relevant proposals.