经营业绩、流通规模与股票价格关系--来自电力上市公司的实证分析

本文简要地分析了影响股票价格的因素,在此基础上提出了相应理论假设.本文以2003年沪深股票市场电力上市公司为样本,通过计量经济分析发现,股票价格与反映公司盈利能力的每股收益变量呈显著正相关,与流通股本规模呈显著负相关,股票价格与反映公司偿债能力、营运能力和发展能力的流动比率、总资产周转率和税后利润增长率变量相关性不显著,并由此得出几点重要的启示.

An Empirical Analysis on the Correlations between the Electric Corporations' Business Achievements, Distribution Scale and Share Price

In this paper,we analyze some main factors which would influence share price and put forward the theory hypotheses.We choose the electric listing corporations as the sample in 2003 on the Shanghai Stock Exchange and Shenzhen Stock Exchange. By means of the econometric abalysis,we find that share price has fairly positive correlation to earning per share,negative correlation to distribution scale;has no correlation to current ratio,turnover rate of total assets,rising rate of profit_after_tax. Based on these,some counter_measures and suggestions are put forward.