亏损上市公司的实证分析

F830.9110183200034101TheEmpiricalAnalysisofDeficientListedCompaniesinChina1...................................................................................................................1....................................................................................6...................................9...................................................................................91..........................................................................92................................................................113................................................................114................................................................................12.........................................................................................131....................................................................................132....................................................................15................................................................................18..................................................................................19.............................................................19.............................................................................................20.....................................................................................21.............................................................................................22.............................................................27..................................................................................29..............................................................................................32............................................................................................................34..............................................................................................................1...........................................................................1233456454.3214.44%11992199319941995199619971998199920000.410.350.320.250.230.230.180.200.20%19.7314.6014.2010.809.509.487.368.067.5221994199519961997199819992000721731418685970.336.9220.7747.54141.4698.68137.940.130.200.370.530.490.4960.50%0.685.265.855.5010.19.068.91891199019941%199319930000051830.55%199420.68%1995199719955.26%19965.85%19975.5%5.5%1998200010%2001.9.2010199810.1%19999.06%20008.91%199330791994164019954070199666925000199719971164919981645319991161020001441110()112419931995419931994199519961997199819992000112336432311220285254622292571116412241413145171512541217314186859736031241360211454.3229946.92%5449320600837199625005199720001095210967402446890261994,95.4%32112660008319839.7812.8%69091929394959697989923204742145220747559176443220721510698%28.66033.926.795.443.825.19.36.64.11311450%30%30%50%JensenMeckling19761998151999199719981999ABH1999503A199920002161172000220003AAAA4BH1851920025151999327220212001925822221079SPSS23/24225/26/27SPSS1216281729182000971111ST5022STST30STSTST55.15%5PTSTSTST0ST20204.25.56.9125%40.36%29.83%67.13%55.20%313233341200110220012001532001142002151997562001935Brickley.J.A,Lease.R.C,andSmith.Jr.C.W.Ownershipstructureandmonitoringofmanagers,JournalofFinancialEconomics,1998(20),267-29125Jense.M.C,Meckling.W.H.Theoryofthefirm:Managerialbehavioragencycostsandownershipstructure,JournalofFinancialEconomics,1976(3),305-36026Martin.K,McConnell,J.CorporatePerformance,CorporateTakeoversandManagementsTurnover,JournalofFinance,1991(4),23-47112341990122001779244.82%2119932000454.3223412327341ABSTRACTThestockmarketisaveryimportantcomponentonthemodernmarketeconomysystem.Bytheviewofeconomicoperation,thestockmarketcanprovidethefollowingfourmajorfunctions:First,thefinancingfunction.Onthestockmarketenterprises’stockpublishingcancontacttheuserandproviderofcapitaltogether.Secondly,thedistributingfunction.Onthestockmarketfundswouldspontaneouslytransferfromthelow-efficiencysectionintothehigh-efficiencysectionwithlowcost.Thesocialresourcescanbemadeuseofmostefficientlyandaredistributedintobestsuitableplaces.Thirdly,thereflectingfunction.Thestockmarketiscalledthenationaleconomy’s“barometer”.Fourthly,theadjustingfunction.Theinformationofmacroeconomicsandmicroeconomicscanbereflectedbythefluctuationofstockmarket.Governmentdepartmentsregulatesomepoliciesbycollectingandanalyzinginformationofstockmarket.ThestockmarketinchinahasmadegreatachievementsinceDecember1990.Bytheendof2001,thestockmarkethasraisedfunds779.2billionYuanandthevalueofallstocksinstockmarketareequalto44.82%ofgrossnationalproducts.Howeverourcountry’sstockmarketexistsmanyproblems.Oneisgovernment’sexcessiveinterferenceweakensstockmarketmechanism.Twoistheinternalconstructiondefectofthestockmarket.Threeissomestockcompanies’unlawfulbehaviorsenhancethestockmarketrisk.Fouristherearemanyunlawfulbehaviorsinsomelistedcompanies.Fiveistheexcessivespeculationoccupiesthepredominantposition.PartOneResearchbackgroundWithgraduallyexpendingofthestockmarketscaleandreachingnewheight2ofthestockindex,theearningsper