【作者】 张兰萍；

【导师】 熊剑；

【作者基本信息】 暨南大学 ， 会计学， 2006， 硕士

【副题名】以沪深两市制造业公司的公告信息为据

【摘要】 自93年开始至今的国有企业改革以建立现代企业制度为目标，其关键就是在国有企业里建立起符合市场经济发展需要、能够提高国有企业经营管理效率的公司治理结构。提高国有资产运营效率是改革的一个重点。本文以市场能否看清企业资产运作效率信息这一问题为中心，开展本文的研究。首先，本文对相关理论和文献进行回顾，然后运用实证研究方法研究了资产运作效率与企业盈利能力的关系以及市场对资产运作效率的反应。 本文以沪深两市制造业1999-2004年的财务数据以及2000—2004年的市场数据为基础，共抽取了1390公司一年样本，研究了2000—2003年的资产运作效率与企业盈利能力的关系以及市场对资产运作效率的反应。本文主要采用横截面线性回归方法来检验本文的假设。首先，就资产运作效率与企业盈利能力的关系而言。通过实证研究，本文发现资产运作效率与企业当期和未来一期的盈利能力显著正相关，这表明资产运作效率是企业获利的物质基础；其次，关于市场对资产运作效率的反应，本文研究了资产运作效率与股票报酬的关系，同时研究了资产运作效率与股票价格的关系。研究发现，股票报酬与资产运作效率的关系不稳定，表明股票报酬不能一致反映资产运作效率信息。同样，股票价格也与资产运作效率的关系不稳定，表明股票价格也未能一致反映资产运作效率信息。这些表明市场对资产运作效率的重视程度不够。更多还原

【Abstract】 State-owned enterprises Reform started from Year 1993 aims at constructing modern enterprise system, whose key is to construct corporate governance that can meets the need of economic development and improve operating & managing efficiency of state-owned enterprises. Improving the asset working efficiency is important to the reform. This paper develops its content concentrated on whether Market sees through the information about asset working efficiency. Firstly, this paper reviews relative theories and researches. Then, this paper studies the relationship between asset working efficiency and the profitability and market response to asset working efficiency.This paper chooses 1390 firm—year samples based on Year 1999-2004 financial data and Year 2000-2004 market trade data of manufacturing firms in Shanghai and Shenzhen stock exchanges. This paper applies the method of cross-section linear regression to test this paper’s hypotheses. On the respect of relationship between asset working efficiency and the profitability, the research result shows that asset working efficiency is significantly and positively relative to current earnings and next period earnings from 2000 to2003.This indicates that asset working efficiency is the physical base of earning profit .As to how Market response to the information about asset working efficiency, this paper researches the relationship between asset working efficiency and stock return and the relationship between asset working efficiency and stock price. The results show that the relationship between asset working efficiency and stock return is unsteady from year 2000-2003 and the relationship between asset working efficiency and stock price is also unsteady, which indicates that stock return and stock price don’t reflect the information about the asset working efficiency. These indicate that Market doesn’t pay enough attention to the asset working efficiency.更多还原