中国股票内在价值影响因素的实证分析

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1、中国股票内在价值影响因素的实证分析中国股票内在价值影响因素的实证分析摘要本文旨在对所有者权益收益率、公司资产净值等微观因素对股票价值的影响进行实证分析，主要评价的是公司的盈利水平和投资价值。首先，在证券投资基本分析流派的理论基础上我们建立了计量模型。然后，收集了相关的数据，利用EVIEethod:LeastSquaresDate:05/12/04Time:14:59Sample:120Includedobservations:20VariableCoefficientStd.Errort-StatisticProb.X12.7227790.3529737.7138540.0000X2

2、0.1675010.0629232.6619850.0164C-0.5636661.233640-0.4569130.6535R-squared0.834815Meandependentvar10.39150AdjustedR-squared0.815381S.D.dependentvar3.666757S.E.ofregression1.575506Akaikeinfocriterion3.884511Sumsquaredresid42.19771Sche:15:00Sample:120Includedobservations:20VariableCoefficientStd.Er

3、rort-StatisticProb.X12.5962930.21412112.125330.0000X20.1589430.0587362.7060690.0145R-squared0.832786Meandependentvar10.39150AdjustedR-squared0.823497S.D.dependentvar3.666757S.E.ofregression1.540489Akaikeinfocriterion3.796717Sumsquaredresid42.71592Sche:09:09Sample:18Includedobservations:8Variabl

4、eCoefficientStd.Errort-StatisticProb.X20.1159170.0687331.6864780.1427X12.5891110.3626597.1392400.0004R-squared0.510444Meandependentvar7.117500AdjustedR-squared0.428852S.D.dependentvar2.034437S.E.ofregression1.537513Akaikeinfocriterion3.910527Sumsquaredresid14.18368Sche:09:09Sample:1320Includedo

5、bservations:8VariableCoefficientStd.Errort-StatisticProb.X20.1528420.1715170.8911230.4072X12.5464680.4913375.1827280.0020R-squared0.818279Meandependentvar12.92500AdjustedR-squared0.787992S.D.dependentvar3.204158S.E.ofregression1.475331Akaikeinfocriterion3.827960Sumsquaredresid13.05962Sche:09:10

6、Sample:18Includedobservations:8VariableCoefficientStd.Errort-StatisticProb.X20.1245150.0972871.2798810.2478X12.5742550.24555710.483320.0000R-squared0.875434Meandependentvar9.218750AdjustedR-squared0.854673S.D.dependentvar3.715525S.E.ofregression1.416426Akaikeinfocriterion3.746468Sumsquaredresid

7、12.03757Sche:09:10Sample:1320Includedobservations:8VariableCoefficientStd.Errort-StatisticProb.X20.1371810.1362561.0067830.3529X12.7211270.5564964.8897490.0027R-squared0.715329Meandependentvar12.31875AdjustedR-squared0.667884S.D.d