流通比例

三个因素（正盈余和负盈余、股票的A股流通比例、是否同时发行B股）在资本市场的会计改革中对会计信息价值相关性的影响存在差异。

There is difference in accounting information value relevance between the three factors in accounting reform in capital market .

研究发现，公司规模、流通比例、基金持股比例与股票价格均具有价值相关性，并且随时间延续具有增量解释力度。

Study finds that the size , distribution proportion , fund shareholding and stock price have value relevance , and over time and continue with incremental explanation .

在流通比例发生巨大变动的前后仍符合流通比例与股票价格存在负影响、总体上换手率与股票价格存在正影响的规律，且股票价格对流通比例的敏感度增大；

Before and after the reform , the ratio still effects on the price negatively , and as a whole the turnover rate effects on the price positively , and the sensitivity that the price to ratio is improved ;

不同上市公司，其交易活跃程度不同，股票价格对流通比例的敏感度也存在差异，交易市场活跃，股票价格对流通比例的敏感度较高，反之敏感度较低；

The different listed companies , which the level of exchanging activity is different , the sensitivity that the price to the ratio is different , which means that the more active the trade is , the higher the sensitivity the price to the ratio , vice versa ;

具体结论如下：Z指数对公司并购绩效具有显著的负效应；国家股比例与公司并购绩效呈显著正相关；流通股比例与公司并购绩效呈显著负相关。

Specifically : the Z index has a significant negative effect on the performance of corporate M A ; proportion of state shares and corporate M A performance was a significant positive correlation ; the proportion of tradable shares and corporate performance is negatively correlated .

通过对Carhart的四因素模型进行改进，即将四因素模型中的前一年回报率因素替换为流通股比例因素，可以增强其解释能力。

The improved Carhar ′ s four-factor model by substituting the previous one-year return factor for liquid-stock share factor proves to be the best model .

流通股比例与债务期限结构负相关。

Outstanding shares and debt maturity structure have the negative correlations .

公司绩效与流通股比例为负相关关系，呈现出由强至弱的变化；

The performance is negatively correlated with the percentage of circulation shares .

流通股比例与公司绩效负相关。

The proportion of tradable shares is negatively correlated with corporate performance .

流通A股比例同公司资产负债比率成正相关关系。

The percentage of the tradable A-shares is positive related with debt ratio .

第三、流通股比例与盈余质量正相关。

Third , the proportion of outstanding shares and earnings quality is positively correlated .

景物的尺寸比例；（4）上市公司流通股比例对募集资金变更公告效应有显著负面影响；

There is a significant negative correlation between the proportion of circulating stock and the announcement effect ;

然后将股权集中度、流通股比例加入到盈余反应系数模型中。

Then , adding ownership concentration , the proportion of tradable shares to the earnings response coefficient model .

从股权结构看，国有公司有更高的股权集中度和更低的流通股比例；

In respect of equity ownership structure , state-owned corporate has higher concentration of shareholding and lower liquid shareholding .

流通股比例与债务比率成三次曲线关系。

There is a cube relationship between the fraction of tradable shares held mostly by individuals and debt ratio .

公司净资产、控制权收益以及公司流通股比例与限售股定价正相关。

There is positive correlation between net assets , control income , circulating shares and the pricing of restricted stock .

第一大股东的性质用来衡量不同的股权性质对商业银行经营绩效的影响，流通股比例用来衡量外部治理的有效性。

The first large shareholder rate measures the effect of the share rights on manage performance in the commercial banks .

但在股权分置改革初期，流通股比例的提高并没有起到改善公司治理绩效的作用。

But in the early days of the reform , the increase of tradable shares does not improve the corporate performance obviously .

数据验证了江苏国有上市公司国有非流通股比例越高，对价支付水平越高的假设。

The analysis proves that the consideration level increases with the ratio of non-tradable shares in the state-owned listed companies in Jiangsu province .

我们纳入了流通股比例（在市场上流通的股票比例）至少达到15%的所有公司。

We have included all companies where the free float the proportion of shares in market circulation is at least 15 per cent .

4流通股比例具有一定的解释能力，特别是与公司规模或其相关因子在一起时，其解释能力尤为显著。

The proportion of floatable share to total shares shows significant explanatory power when with the size or its factor ( HML ) loading .

国家股比例和流通股比例与股权代理成本呈较显著正相关。

( c ) there is positive and comparatively significant correlation between the state-owner shareholding proportion , tradable shareholding proportion and the equity agency cost .

这些银行类股上市流通的比例并不高，这样买家可以较轻松地推高股价。

Only a small percentage of the banks'shares are listed on the stock markets , giving any purchaser outsize ability to boost the share price .

绩优公司在股权结构和市场竞争程度上具有以下特征：较高的国有股比例、较低的流通股比例、较高的股权集中度。在市场竞争类别上，绩优公司具有较高的市场竞争程度。

Good performance firms have characteristics of high state share proportion , low public share proportion , high concentration ratio and high degree of market competition .

公司股权因子（第一大股东持股性和流通股比例）对薪酬起到一定的正影响作用。

Company equity factor ( including nature of the largest shareholder , the ratio of outstanding shares ) played a good role in Top Management Compensation .

第一大股东持股比例与现金股利支付水平呈负相关关系；非流通股比例与现金股利支付水平呈正相关关系。

The proportion of the largest shareholder and cash dividend payment ratio was negatively correlated ; non-tradable shares and cash dividend payment ratio was positively correlated .

流通股比例与股利分配倾向成反比，也符合股权持有人的理性人特性。

The proportion of circulating stocks and dividend distribution incline to be inversely proportional to , accord with the stock right holder 's characteristics of rational people .

中石油此次发行的流通股比例较小，未能满足庞大的投资者需求，在其上市交易首日引发大量买盘，从而推高股价。

The small free float failed to satisfy huge investor demand and triggered a wave of buying on the first day of trading , pushing the price higher .

本文研究发现对价机制是一个实现制度转变的有效机制，非流通股比例与对价水平有关系。

This article establishes fundes that the consideration mechanism is effective to achieve institutional transformation , and the ratio of non-tradable shares is related to the consideration level .

其五，上市对股份制商业银行的效率有一定促进作用，但是上市后，银行效率会随着流通股比例的增加而降低。

Finally , listing can increase the bank 's efficiency , but after listing the bank 's efficiency will decrease with the increasing of the amount of negotiable shares .