流通股本

中国上市公司流通股本成本研究

The Cost of Equity of Tradable Shares : Empirical Evidence from China Listing Companies

我国股市换手率存在规模效应，即流通股本对过度交易程度有影响，不存在月份效应；

There is scale effect , without time effect of turnover rate in Chinese stock market .

假设三：转让股数占流通股本的比例与大股东控制权溢价水平呈正向相关。

Scenario 3 , transferring shares of circulating capital ratio and control premium level of major shareholders is relevant .

封闭式基金流通股本规模对市场流动性有显著影响，市场偏好次小盘基金；

The size of circulating capitalization of closed-end fund has a significant effect on market liquidity , and the market has a preference for secondarily small closed-end fund ;

我们发现，股票价格与公司每股收益显著正相关，与流通股本规模显著负相关。

We find a significant positive relationship between stock price and EPS , and the stock price has a significant negative relationship to the volume of circulating common stocks .

在流通股本数不同的股票中，上涨时期小流通股本的股票羊群行为比较明显；而在下跌时期，小流通股本数的股票却比其他板块的股票稳定。

In several different outstanding capital stocks , when the index is rising , the herd behavior of the outstanding capital stock is obvious ; while the index fell , shares of small outstanding capital stock are more stable than other sectors .

个股日收益率绝对值和个股流通股本是影响羊群行为的显著因素，净资产收益率不是影响羊群行为的显著因素，这说明投资者并未将公司内部属性作为决策依据。

The average absolute value of the daily yield of respective stock and the circulation equity of respective stock are significant factors affecting herding . ROE is not the factor affecting herding , which shows that investors do not invest according to the company internal attributes .

目前我国证券市场只为企业解决了资金问题，在国家股占绝对控股地位且非流通股占总股本70%还多的情况下，不可能对企业治理结构产生根本的影响。

Now , Chinese stock markets only provide the enterprises with funds but not change their governing organizations .

采用流通盘和总股本分别计算成分股的权数和组合β值，并进行比较，从而对目前上证30指数代理市场的情况进行检验。

It respectively uses circulating stock and total stock to calculate the steelyard weight of every component stock and the compound β , and then compares them . Thus it discusses how the Shanghai Stock 30 index acts as the proxy of the market at present .

三分之二股份不能流通，客观上导致流通股本规模相对较小，股市投机性强，股价波动较大。

Two thirds of the shares not in circulation , the objective result in a relatively small circulation of capital , the stock market speculative , volatile stock prices .