2
3 abgq l I i ki k k e shanghai industry volatily MtoB P size MR Groa Geps roa eps roa eps R = λ θ α ) ln( ) ln( ) ln( ) ln( 5 4 3 2 6 5 4 3 2 b g I p
4 p II ki k k i i i i i i e industry volatily MtoB P size MR g Groa g Geps g roa g eps g roa g eps Groa Geps roa eps roa eps R = θ π π π π π π α ) ln( ) ln( ) ln( ) ln( 5 4 3 2 6 5 4 3 2 6 5 4 3 2 abgqlp
5
6 I I b
7
8 I
9 II II p
0
2
3
4
I 5
II 6
π π π π π π 7
8
9
R MR 2 3 4 5 2 ln( size ) 3 ln( P) 4 ln( MtoB ) 5 ln( volatily k θ k = α industry ki eps roa λshanghai e i eps roa Geps ) 6 Groa 20
2