中国股票市盈率间接影响因素分析

我国独特的股权流通结构造成了上市公司股票市盈率的失真,同时也使市盈率的变化难以有效的反映出宏观经济的波动与微观经济之间的关系。本文实证分析了我国流通股比率、金融深化结构以及物价指数在股票市盈率中的反应。研究发现,要想真正使国有股减持不对股市造成巨大的冲击,就必须从根本上调整金融深化结构,提升上市公司业绩并对我国股市的相关政策和制度进行完善和改革。

Empirical Analysis of Indirect Impact Factors on Price-Earning Ratio in Chinese Stock Market

Due to the special structure for equity ownership of Chinese listed companies,the price-earning ratio(PER)is distorted which consequently leads to an untrue reflection of the fluctuation of macroeconomics.This paper empirically analyzes the influence of non-circulating equity ownership,financial deepening structure and commodity price index on PER.The results show that in order to avoid a great impact on the stock market from the fact that the reduction of state-owned shares,the administration has to thoroughly adjust the financial deepening structure,improve the quality of listed companies and reform the related policy and system for the Chinese stock market.