【作者】 李钢；

【Author】 GANG LI (Chinese Academy of Social Sciences)

【机构】 中国社会科学院工业经济研究所；

【摘要】 本文以电子通讯行业为例,对我国上市公司的净资产收益率分布情况进行了实证分析。通过运用偏度与峰度联合检验法、x~2拟合检验法、柯尔莫哥洛夫检验法对样本数据的统计分析,我们认为,剔除异常点后,电子通讯行业的净资产收益率近似服从正态分布,但有一定程度的偏离。对于偏离产生的原因我们进行了初步分析,我们认为一是上市公司财务报表真实性存在问题,二是上市公司会特别关注某个数值,从而会使在该数值左侧一个小区域内的点小于理论频数,而该数值右侧一个小区域内的点大于理论频数。更多还原

【Abstract】 This paper studies the distribution of ROE among Chinese listed companies in the electronic and telecom industries.Using the skewness-kurtosis test and the Chi-square test,we find that the distribution is close to the normal distribution although there are also noticeable deviations.We find two factors that induce the deviations.The first is that there are problems with the authenticity of the annual financial reports of some companies.The second is that listed companies set a certain target for ROE,a practice that leads to skewed distribution of ROE.更多还原