股权分置改革是我国资本市场发展进程中的重要事件.股权分置改革后,市值管理成为我国上市公司的必然选择.以我国上市银行的市值为因变量,以GDP 增长率、沪深300 指数、资本充足率、每股收益、净资产收益率、净利润增长率、流通股比例等指标为自变量进行实证研究.研究表明:在1%显著性水平下,沪深300 指数、每股收益、净利润增长率与上市银行市值呈显著的正向关系,GDP 增长率和净资产收益率与上市银行市值呈不显著的正向关系,而资本充足率和流通股比例与上市银行市值呈不显著的负向关系.
Non-tradable share reform is a major change to China's capital market. After the share splittingreform, Market management has become an inevitable choice for China's listed companies. In thepaper, the models are set up, which include the dependent variable of the market value and the independentvariables of the GDP growth rate, the CSI300 index, the capital adequacy ratios, the earningsper share, the net return on equity, the net profit growth rate, the proportion of circulating stocks. Itdraws the following conclusion: At the 1% significance level, the CSI300 index, the earnings per share,the net profit growth rate has a significant positive relationship with the market value of listed banks;the GDP growth rate and the net return on equity has a non-significant positive relationship with themarket value of listed banks; the capital adequacy ratios and the proportion of circulating stocks has anon-significant negative relationship with the market value of listed banks.