论文部分内容阅读
本研究用Fama和French(1999)方法,针对中国股票市场的特有问题进行相应的调整,动态测算了1990-2002期间我国上市公司的流通股价值内部报酬率与成本内部报酬率。研究发现,样本期内,上市公司总体上为流通股股东提供的基准回报率(或盈亏平衡回报率)在逐步降低。这意味着公司管理层所能观察到的有效贴现率(effectivediscountrate)在不断下降。投资决策的“门槛”的不断降低,是上市公司未能给投资者创造价值的重要原因。
This study uses Fama and French (1999) methods to make corresponding adjustments to the peculiarities of the Chinese stock market and dynamically estimates the internal rate of return and the internal rate of return on the value of tradable shares of listed companies in China during the period 1990-2002. The study found that during the sample period, the benchmark rate of return (or breakeven return rate) provided by listed companies to tradable shareholders as a whole is gradually decreasing. This means that the effective discount rate observed by the company’s management is declining. The declining “threshold” of investment decision-making is an important reason why listed companies fail to create value for investors.