中文摘要：

选取50家深圳中小上市公司（相应股票代码为002001-002050）在2005—2007年这三年间的150组观测数据为研究样本,将惩罚函数的变量选择这一新方法运用到我国中小上市公司价值的影响因素研究中。通过均方误差、可决系数和调整后的可决系数这三个指标来评价与传统的逐步回归的优劣性,并将得到的结果与前人的研究成果进行对比,多筛选的解释变量的参数估计的正负性均符合理论,因此得到将惩罚函数的变量选择方法运用到寻找公司价值的重要影响因素是有效的、可行的。

英文摘要：

The method of penalty function was applied to the research about company value in China,based on the data of 50 companies listed on the Shenzhen SME from 2005 to 2007.The three indicators about mean square error,coefficient of determination and adjusted coefficient of determination were compared with that of the traditional stepwise regression. It is an effective and feasible method to apply penalty function for seeking the effecting factors of corporation value,because the signs of parameter are in line with the theory and the results is the same as the study of predecessors on the whole,and but beyond that,there are more new discoveries in this research.