基于Feltham_Ohlson_省略_中国上市公司股票价格影响因素检验_党建忠.pdfVIP

DO I :10.19343/j .cnki.11 -1302/c.2004.03.012 2004 3 　　 　　　　　　　　　　　　　　 No.3 　2004 Statistical Research 57 Feltham-Ohlson ＊ 党建忠　陈　军　褚俊红 ABSTRACT This paper establishes a experiential model about stock price of Chinese listed company by using Feltham-Ohlson stock option theory and model, and examines how listed company accounting statement data of China stock market from 1 3 to 2001 affect listed company stock price.It also studies the influ- ence of company growth, capital structure,company core assets profitability and the scale of floating stock on stock price.The result demonstrates that accounting earnings, net assets, the growth of company prof- itability, company core assets profitability, company scale and the scale of floating stock not only relate with stock price, but also can explain stock price.But capital structure can not explain stock price well. 　　:;;;Feltham-Ohlson 。(1 ), 　　一、引言 Feltham-Ohlson 。 , , , “+” 。 , 　　二、Feltham-Ohlson 股权估值模型及修 。 Feltham-Ohlson 正 , , 1 3～2001 　　1.Feltham-Ohlson , Feltham-Ohlson 。 (clean surplus relation), Feltham-Ohlson , , 。Bernard(1 5)Feltham-Ohl- 。Feltham-Ohlson son 68%～ , MM , 80%, Feltham-Ohlson , 。Feltham-Ohlson 、 。Zhang(2000) Feltham-Ohlson , , Feltham-Ohlson , 。,