华东师范大学(哲学社会科学版) ›› 2014, Vol. 46 ›› Issue (6): 113-120.

• 经济管理问题探讨 • 上一篇    下一篇

流通股变动、业绩增长与股价表现 
——基于创业板市场的分析

叶德磊，孟颖，刘雨宁   

  1. 华东师范大学商学院，上海，200241
  • 出版日期:2014-11-15 发布日期:2014-12-11
  • 通讯作者: 叶德磊，孟颖，刘雨宁
  • 作者简介:叶德磊，孟颖，刘雨宁

The Change of Liquid Shares, the Growth of Earnings and the Performance of Stock Price: Based on An Analysis of Growth Enterprise Market

YE De-lei & MENG Ying & LIU Yu-ning   

  • Online:2014-11-15 Published:2014-12-11
  • Contact: YE De-lei & MENG Ying & LIU Yu-ning
  • About author:YE De-lei & MENG Ying & LIU Yu-ning

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摘要： 流通股变动、上市公司的业绩增长与股价表现这三个方面是相互影响的，不应分隔式地分析其中任何两者之间的单向关系。采用联立方程的方法同时分析它们之间的相互影响（包括正向关系和逆向关系），发现公司业绩与股价表现之间相互存在正相关的关系；以多个指标刻画的流通股变动与公司业绩之间的关系比较复杂；前十大流通股东的变动、人均流通股数量和流通股规模分别会对股价变动率产生正向影响；反过来，股价变动率也会分别对这三个变量产生正向影响；而前十大流通股占总流通股的比率与股价变动率之间呈相互反向影响的关系。

关键词: 流通股；净利润；股价变动率, 上市公司, 创业板市场

Abstract: The change of liquid shares, the growth of earnings and the performance of stock price are three interdependent aspects. Any unidirectional relationship between any two of them should not be analyzed separately. Using the method of simultaneous equations, we tried to analyze all of the interactions between these three aspects at the same time (including positive correlation and reverse correlation). In this article, we found company performance and share price performance to have a positive association. Meanwhile, we used many ways to measure the change of liquid shares, but its connection with company performance became relatively complicated. When it comes to the rate of share price change, optimistic impacts have been detected in the change of the top 10 liquid shareholders, the number of liquid shares per capita and the scale of liquid shares respectively, and vice versa. Nevertheless, there is a negative relation between the ratio of the total liquid shares of the top 10 liquid shareholders and the rate of share price change.