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一、数据和统计描述1、数据本文基本的样本数据(净利润、股价和报酬率)来自中国经济研究服务中心(CCER),包括1994年至2005年12年期间中国沪深两市1381家上市公司,共计10825个公司年。在某些分析中由于对数据施加了一定的限制,如足够多的报酬数据和至少连续若干年的净利润数据,从而使得实际分析使用的公司年数少于上述基本数据。
I. Data and Statistical Description 1. Data The basic sample data (net profit, share price and return) in this paper is from China Center for Economic Research (CCER), including 1,381 listed companies in Shanghai and Shenzhen in the 12 years between 1994 and 2005 Companies, a total of 10,825 company years. In some analyzes, due to some restrictions on the data, such as enough reward data and net profit data for at least several consecutive years, the number of companies used in the actual analysis is less than the above basic data.