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1950 11 1982 1998 4 1 2 1 AAA 2001 Auditor-Government Associations and Auditor Independence in China British Accounting Research 1975 9 1997 1999 2000 3 30 1999
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" B B B 2001 5 8
A! 20 80 1983 7 13 1 300 84.6% 1984 7 21 3 12 8 1990 12 8 2000 12 31 1 211 10 150 ST ST ST 2000 1 028 # 2000 3 537.87 1999 3 179.17 2000 46 281.79 1999 # 2000 8 31 1 029
" B 39 194.42 2000 4 776.97 1999 4 064.08 2000 4.16%1999 4.09%2000 0.1079 1999 0.1026 1999 1 028 116 11.28% 35 STspecial treatment 7 PTparticular trade 2001 3 26 17 1 2 19851997 1985 1997 B
A # 3 4 5 IPO IPO IPO IPO
$ B 6 1997 224.33% 7 1993 1999 3 164 8 ROE ROE ROE 1994 1995 1996 1997 ROE10.0%11.0% 1996 1997 1996 1997 ROE10% ROE 1997 ROE ROE ROE10%
A % 9 10 B B 1997 1998 1999 B B 1998 1997 1999 1998 B A B 1998 1997 1999 1998 1999 B 11
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A! 1 1 1.1 2 1.2 4 1.3 5 1.4 6 1.5 8 1.6 9 1.7 11 1.8 12 2 19851997 15 2.1 15 2.2 16 2.3 18 2.4 19 2.5 20 2.6 B 21 2.7 22 2.8 23 2.9 23 3 25
" B 3.1 26 3.2 26 3.3 38 3.4 44 3.5 46 4 47 4.1 48 4.2 49 4.3 50 4.4 50 4.5 51 4.6 52 4.7 53 4.8 54 4.9 55 4.10 56 5 57 5.1 57 5.2 58 5.3 59 5.4 66 5.5 71 6 73 6.1 74 6.2 80 6.3 82 6.4 83 7 85 7.1 86 7.2 90 7.3 92 7.4 95 7.5 98 8 100
A # 8.1 101 8.2 ROE 102 8.3 7%0ROE < 14% 105 8.4 10.0%0ROE < 11.0% 108 8.5 110 9 112 9.1 113 9.2 114 9.3 117 9.4 118 9.5 127 9.6 133 10 B 137 10.1 138 10.2 140 10.3 145 10.4 146 10.5 147 10.6 1 2 151 10.7 152 10.8 154 10.9 157 10.10 159 11 160 11.1 161 11.2 ROE 6% 163 11.3 166 11.4 EPS 0 168 11.5 170 12 172 12.1 172 12.2 173 12.3 174 12.4 175
$ B 12.5 175 12.6 176 12.7 184 13 19922000 185 13.1 186 13.2 188 13.3 190 13.4 191 13.5 192 13.6 195 196 230 234
1 A!! 1978 12
" B 1.1 1982 9 1984 1984 7 8 10 < 1984 > 58 1986 807 1984 10 11 14 50 1985 1
1 A # 1988 1990 9 168 1988 400 1989 2 300 1990 17.6 1990 7 100 1990 20 - = = 15% 1987 1990 1% / 1990 12 4
$ B 1.2 1990 12 12 19 1991 5 1990 1990 1991 6 7
1 A % 1.3 1991 7 3 1991 1992 1 1992 2 1991 1992 2 1991
& B 9 6 45.66 11 14 136.94 187.35 237.46 27% 1% 1992 5 1.4 1992 1 16 19 1992 2 21 B 1992 2 28 A B 2 207 3 27 1992 5 100
1 A 1992 6 9 1992 6 25 1992 6 25 1992 1 1
( B 1.5 1992 10 1992 11 H B 1992 11 < 92 > 58 1993 4 < 93 > 19 < 93 > 18 20% 50% 20%
1 A!! 1998 < 98 > 66 66 1.7 1996 12 5.4 1996 1997 3 1999
!" B 3 1996 2 1996 4 1995 1995 0.54 1996 8 1996 1996 0.77 1998 1 1 1998 1.8
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"( B 31 273 515.5 205 441 8.57E + 10 32 140 1 530 000 23 328 148.8 223 000 8.01E + 10 57 517 956 023 24 221 405.3 151 100 4.28E + 10 0 931 994 56 366 430.3 204 356 1.53E + 11 0 1 410 106 32 283 772.1 255 840 4.26E + 10 0 894 735 61 214 145 177 998 2.23E + 10 0 828 000 74 271 599 197 891 3.71E + 10 0 1 038 128 66 299 048 232 755 9.56E + 10 0 1 460 463 24 230 009.5 188 517 2.74E + 10 28 996 720 000 24 166 829.4 127 649 2.68E + 10 0 715 529 31 248 300 138 500 6.36E + 10 92 600 623 600 4 232 783.1 187 000 2.61E + 10 0 655 300 15 279 286.6 220 800 5.6E + 10 0 1 098 448 89 317 797.2 278 552 5.1E + 10 0 896 300 23 209 240.8 144 445 4.05E + 10 0 957 133 46 142 809.8 146 950 4.97E + 10 0 271 169 13 294 816.6 221 868 5.82E + 10 40 688 1 345 000 28 278 554.6 193 872 8.06E + 10 0 1 622 318 132 261 952.7 193 872 5.66E + 10 0 1 622 318 765 # 1999 1 4 $ ( 1998 12 31 )
3 A 29 32 % 16 8 50.00 35 410.46 23 14 6 42.86 49 555.44 24 16 7 43.75 36 035.16 56 16 7 43.75 59 483.00 32 17 7 41.18 42 261.04 61 10 5 50.00 23 406.26 74 17 10 58.82 28 136.23 66 17 7 41.18 47 808.37 24 17 9 52.94 33 272.83 24 17 7 41.18 26 095.70 31 18 3 16.67 79 287.5 4 13 8 61.54 31 893.72 15 16 8 50.00 35 575.08 89 16 10 62.50 35 464.62 23 18 8 44.44 26 711.78 46 17 10 58.82 16 111.44 13 17 10 58.82 30 535.12 28 16 8 50.00 38 000.33 132 16 8 50.00 37 502.45 765
#* B # 1998 10 6 3.2.4 47 713.75 3 976.15 380 000 31 666.67 1 600 133.33 237.5 51 434.67 4 286.22 446 500 37 208.33 3 320 276.67 134.49 33 33 107 633.33 70 442.29 30 701.91 32398. 64 106954. 7 #
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3 A 37 37 % % 17 11 64.71 8 960.91 0.005 0 27 14 4 28.57 26 017.03 0.01 4 26 16 8 50.00 85 582.96 0.09 3 55 16 10 62.50 19 352.3 0.01 0 33 17 10 58.82 13 804.58 0.006 0 62 18 13 72.22 710.1 0.004 0 76 17 11 64.71 8 400.63 0.004 2 71 16 8 50.00 23 428.52 0.01 0 25 17 10 58.82 14 543.12 0.01 1 25 17 11 64.71 21 335.52 0.01 0 32 18 5 27.78 41 678.83 0.03 0 4 13 10 76.92 13 703.74 0.01 0 16 16 9 56.25 15 332.89 0.03 1 94 16 10 62.50 10 897.12 0.01 1 24 17 11 64.71 6 322.72 0.004 1 47 17 13 76.47 5 111.93 0.002 0 13 17 11 64.71 9 503.33 0.007 1 31 17 10 58.82 2 8475.99 0.007 5 130 296 175 59.12 19 620.12 0.014 19 791
#( B 3.3 3.3.1 1. 2. 3.
3 A 39 4. 3.3.2 ROE AC MSR SIZE 1 ROE =*+ + AC +, 3.1 2 3 ROE =*+ + MSR +, 3.2 4 21 AC =*+-1 ROE +-2 SIZE +-3 MSR + -t IND t +, 3.3 t = 4
$* B IND -4-5 -6-7 -8-9 -10-11 -12-13 -14-15 -16-17 -18-19 -20-21 MINITAB FOR WIN- DOWS 3.3.3 1. 3.1 t ROE = 0.4634 + 0. 0000003AC +! 0.10 0.21 R 2 = 0.0000056 Adj - R 2 = - 0.00125 = 82.18 F = 0.83 3.4 3.1 AC t 0.21 1 32 37 502.45 1998 5 000 1998 2.7 63 293 5 274.42
3 A 41 3.1 1997 32.6% 32.7% 2. 3.2 ROE = 6.36 + 0.71MSR +! 7.53 0.36 R 2 = 0.000161 Adj - R 2 = - 0.00111 = 23.29 F = 0.72 3.5 3.2 MSR 0.71 t 0.36 2 37 19 620 0.014% 1980 371 10.6% Mock1988
$" B 1998 12 3. 3 3.2!. 00.01% 146 ROE = - 1.01 + 5.31MSR +! - 0.34 0.29 R 2 = 0.000568 Adj - R 2 = - 0.00637 = 35.68 F = 0.78 3.6 ". 0.01%0.05% 365 ROE = 3.66 + 150.01MSR +! 1.28 1.54 R 2 = 0.0065 Adj - R 2 = 0.0037 = 20.66 F = 0.13 3.7 %. 0.05%0.1% 158 ROE = 11.56-50.44MSR +! 1.44-0.44 R 2 = 0.0012 Adj - R 2 = - 0.0052 = 19.97 F = 0.66 3.8 &. 0.01%100% 122 ROE = 9.29-0.54MSR +! 8.32-0.51 R 2 = 0.0021 Adj - R 2 = - 0.0062 = 11.69 F = 0.61 3.9 3.6 3.7 MSR
3 A 43 5.31 150.01 t 3.8 3.9 MSR 3 4. 3.3 38 ROE 448.5t SIZE t 0.01 MSR - 3 134 MSR t 38 3.3 t 54 545 114 521 0.48 ROE -1 448.5 366.5 1.22 SIZE -2 0.000056 0.000014 4.10 HHH MSR -3-3 134 7 228-0.43-4 295 182 121 325 2.43 HHH -5 154 243 161 825 0.95-6 261 496 123 862 2.11 HH -7 191 243 127 200 1.50-8 200 676 118 178 1.70 H -9 158 128 123 556 1.28-10 223 382 122 284 1.83 H -11 225 898 123 685 1.83 H -12 207 661 116 141 1.79 H -13 163 785 128 739 1.27
$$ B t -14 212 888 116 994 1.82 H -15 243 050 123 929 1.96 HH -16 71 484 121 872 0.56-17 203 175 117 852 1.72 H -18 120 149 119 321 1.01-19 149 481 118 404 1.26-20 134 064 117 509 1.14-21 77 867 125 860 0.62 H 0.1 HH 0.05 HHH 0.01 R 2 = 0.066 Adj - R 2 = 0.04 = 228 761 F = 2.51 4 3.4 1.
3 A 45 2. 3. 4. 5.
$& B 3.5
4 A 47 $ 1978 11 1 12092 Watts and Zimmerman1986 2 10%
$( B 4.1 4.1.1 4.1.2 1999 1 91% 31% 44% 45% 4.1.3 10% 1993 1998
4 A 49 1993 1997 4.2 0030 1995 1 360 1996 687 7.31% 25% 7.31% 1996 1996 6006151996 7 19 10.08% 1996 9.99% 1997 10.41%1998 10.05% 10% 1993 1996 10.08% 0695 50% 1997 25% 47.5% 1997 259
%* B 1997 3 199 10.47% 10% 25% 4.3 ST 6008521996 00351997 3% 2% 10.19% 10% 10% 4.4 6006731994
4 A 51 1997 1997 189 1997 1994 1997 1997 4.5 600610 1996 2 434 2 434 436 0.0012 6006611996 1997 1997 1997 1996 39.15% 1997 1997 1996 5 263 4 884 47.43% 1 237
%" B 4.6 B24681997 254 10.02% 1997 10% ST 05481995 3% 966 1995 2 400 265 1 231 1 214 1995 1995 1997 0567 1997 1997 1997 1996 3 900 12% 1997 1996 86 9% 1997 10.49% 6006961996 1996 1996
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%$ B 4.8 280 1 475 10.02% 06151997 8.08% 6.47% 12 15 130 0.64 1996 15.53%12.98%11.35% ST 05691997 2 3 187 1998 1998 7 707 20 7 4 11
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5 A 57 % 5.1 IPO < > IPO IPO IPO IPO IPO
%( B 5.2 IPO IPO IPO IPO road shows # IPO Lee 1993 Pedwell 1994 Firth Smith1992Mark1989 IPO IPO Dev Webb 1972Ferris Kayes1977Keasey McGuinness1991 Dev Webb Ferris Hayes Keasey McGuinness IPO IPO Chan 1996 Jaggi1997 IPO 18%12.9% 0.14 0.05 Firth 1995 IPO # IPO IPO
5 A 59 Mohamad 1994 Je1ic 1998 Je1ic IPO 5.3 5.3.1 IPO FE = AP - FP FP FE AP 5.1 FP FP 5.1 AP FE AFE FP Keasy McGuinness1991Mak1989Firth Smith1992Mohamad 1994 Jelic 1998Chan 1996Firth 1995ClarkSon 1989Pdwell 1994 Jaggi1997 5.1 IPO AFE = FE 5.2 IPO FE FE
&* B IPO Brown 1987 [ ] SUP = ln AP t - AP t - 1 2 AP t - FP 5.3 t ln t - 1 t AP t - AP t - 1 AP t t SUP > 0 IPO SUP < 0 5.3 Inherent difficulty 5.3 GR0 ( ) AP GRO = AP t - 1 t - 1 AP t - 3 1/2 5.4 5.4 RSUP SUP [ ] RSUP = ln AP t - GRO t 2 AP t - FP 5.5 t RSUP > 0 IPO AP t - 1 AP t - 2 AP t - 3 SUP RSUP IPO 5.3.2 IPO AFESUP RSUP A
5 A 61 AFEK = " 0 + " 1 LSIZE + " 2 HOR + " 3 LEV + " 4 ROA + " 5 ACE + " 6 OWN + " 7 FOR 15 + BSLX "8 + B8 "9 + UND "10 + EX "11 + " iind i t = 12 ELIZE 20 + " iyear i t = 16 5.6 HOR LEV ROA AGE OWN FOR 1 IPO B 0 # BSIX 1 IPO 0 B8 1 IPO 0 UND 1 EO 0 $ EX 1 IPO 0 IND + 12 + 13 + l4 + 15 YEAR IPO 1992 + 16 1993 + 17 1994 + 18 1995 + 19 1996 + 20 SUP RSUP # B A A B A B B A $ 1999 8 17
&" B B A B B AFE AFE = "0 + LSIZE "1 + HOR "2 + LEV "3 + ROA "4 11 + AGE "5 + OWN "6 + EX "71 + " iind i i = 8 15 + " iyear i i = 12 5.7 Dev Webb1972Ferris Hayes1977Firth Smith1992Jelic 1998Lee 1993Pedwell 1994 Eddy Seifert1992 LEV ROA AGE Je1ic 1998 EO AGE OWN IPO 5.6 1991 3 B 1992 B SUP RSUP LSIZE HOR FOR B B BSIXB8 UND IPO
5 A 63 Firth Smith1992Firth 1995Jelic 1998 EXIND YEAR 5.3.3 IPO De Bond Thaler1990 Capstaff 1995 AP t - AP t - 1 =#+ AP t - 1 " EP t - AP t - 1 5.8 AP t - 1 * *= 0 *> 0 *< 0 + = 1 + > 1 AP t - + < 1 Capstaff 1995 GRO 8 AP t - GRO t GRO t =#+ " FP t - GRO t 5.9 GRO t 5.9 *= 0 + = 1 8 5.9 5.3.4 IPO IPO IPO Firth1998 IPO
&$ B MV BV = "0 + " 1 PF BV + "2 FER BV + "3 EX + " 4 FOR MV 5.10 BV PF IPO FER PF/BV FER/BV EO FER/BV EX IPO FOR IPO B B B IPO A B B IPO FOR B A IPO IR = " 0 + " 1 FE + " 2 LSIZE + " 3 EX + " 4 FOR 5.11 R IPO FOR B FE 5.3.5 1991 1996 IPO 51 52 53
5 A 65 51 A A A B B B 1991 4 14 18 0 3 3 21 1992 74 21 95 10 6 16 111 1993 64 59 123 13 11 24 147 1994 19 19 38 11 4 15 53 1995 7 5 12 2 10 12 24 1996 82 79 161 6 9 15 176 250 197 447 42 43 85 532 A A A A B B 52 A A A B B B 40 21 61 3 2 5 66 21 12 33 3 7 10 43 9 18 27 3 3 6 33 42 17 59 4 3 7 66 138 129 267 269 28 57 324 250 197 447 42 43 85 532 53 LISE 19.67 19.61 0.94 HOR 5.00 4.80 3.13 LEV% 51.42 53.69 17.93 ROA% 8.17 7.00 6.09 AGE 1.73 0.42 2.84 OWN% 22.95 25.00 10.20 FOR% 13.00 BSIX% 4.92 B8% 32.00 UND% 45.00 EX% 56.00
&& B 5.4 5.4.1 54 55 A B FE AFE SUP RSUP 54 A 0 t 0.01 FE B 55 Jaggi 1997 Firth 1995 54 A n = 250 % A A n = 197 % A n = 447 % FE 23.24 HH 8.64 109.50 20.23 HH 3.58 83.76 21.92 HH 5.20 98.90 AFE 43.09 HH 21.38 103.29 36.35 HH 15.71 78.10 40.12 HH 20.47 93.01 SUP 1.51 HH 1.33 3.31 1.98 HH 1.51 3.13 1.72 HH 1.41 3.24 RSUP 1.81 HH 1.61 3.47 2.19 HH 2.03 3.54 1.98 HH 1.69 3.50 HH t 0.01 55 B B n = 42 % B n = 43 % B n = 85 % FE 12.65 5.63 92.54 16.37 HH 3.61 55.31 14.49 4.67 75.99 AFE 49.54 HH 29.73 78.79 34.52 HH 15.14 45.93 42.13 HH 20.57 64.71 SUP 0.99 H 1.13 3.52 1.32 HH 1.47 3.79 1.15 H 1.13 3.63 RSUP 1.53 HH 1.31 3.67 2.20 HH 1.63 3.45 1.86 HH 1.47 3.55 H t 0.05
5 A 67 54 55 Chan 1996Jaggi1997 Firth 1995 # IPO IPO SUP RSUP 0 IPO 56 34%A 39%B 56 A A A B B B %%%%%% > 100% 9 3.629 11 5.641 20 4.515 3 7.895 5 13.51 8 10.67 50% 100%25 10.08 20 10.26 45 10.16 2 5.263 1 2.703 3 4 20% 50%52 20.97 31 15.9 83 18.74 6 15.79 4 10.81 10 13.33 10% 20%31 12.5 15 7.692 46 10.38 4 10.53 2 5.405 6 8 0% 10%50 20.16 49 25.13 99 22.35 9 23.68 10 27.03 19 25.33-10% 0%18 7.258 25 12.82 43 9.707 1 2.632 5 13.51 6 8-20% - 10% 16 6.45 14 7.18 30 6.77 1 2.632 3 8.108 4 5.33-50% - 20% 31 12.048 23 11.79 54 12.19 4 10.53 6 16.22 10 13.33-100% - 50% 16 6.451 7 3.59 23 5.191 8 21.05 1 2.703 9 12 5.4.2 AFE SUP RSUP 57A 58B 57 6.6% AFE LSIZE Firth Smith1992 # IPO Jelic 1993 Mohamad 1994
&( B 57 1994 BS B8 UND t BSIX B C RSUP BSIX t 0.01 IPO LEV SUP 57 A IPO AFE SUP RSUP A B C AFE%t - SUP%t - RSUP%t - LISZE 12.513 2.194 H - 0.287-1.431-0.004-0.019 HOR 2.794-1.705-0.089-1.550-0.027-0.426 LEV - 47.053-1.689-1.793-1.833 H - 0.918-0.823 ROA 97.628-1.306-2.931-1.117 5.308 1.766 AGE - 0.169-0.103-0.046-0.790 0.082 1.305 OWN 32.664 0.544 2.412 1.143 0.379 0.160 FOR - 15.252-0.902 0.858 1.444-0.329-0.498 BSIX - 12.489-0.521 0.911 1.081 2.596 2.851 HH B8 15.35 1.440-0.018-0.049 0.514 1.244 UND 12.988 1.246-0.093-0.254 0.224 0.560 EX 1.073 0.103-0.43-1.178-0.629-1.580-5.256-0.256-0.819-1.133-1.09-1.380 95.818 4.239 HH - 0.92-1.158 1.656 1.811 23.025 1.330-1.075-1.768-0.649-0.974 11.856 0.870-0.852-1.779-1.123-2.153 H 1992-24.381-0.901 0.809 0.851-0.071-0.069 1993-32.599-1.275 0.787 0.876-0.082-0.008 1994-74.964-2.464 H 1.779 1.664 1.306 1.131 1995-70.11-1.854 1.046 0.787 0.82 0.561 1996-38.577-1.469 1.372 1.486-0.05-0.050-198.115-1.737 8.131 2.030 2.835 0.630 Adj - R2 0.066 0.018 0.028
5 A 69 A AFE B ME 60% 58 HOR ROA 58 1995 1996 B IPO SUP RSUP 58 B IPO AFE SUP RSUP A B C AFE% t - SUP%t - RSUP%t - LISZE - 1.967-0.256-0.971-1.425-0.415-0.548 HOR 3.349 2.042 H - 0.012-0.089-0.095-0.644 LEV - 30.731-0.957-1.072-0.379-3.561-1.232 ROA 324.76 3.142 HH - 10.345-1.161-5.927-0.549 AGE 0.103 0.047-0.061-0.318-0.339-1.542 OWN 149.062 1.936-6.332-0.929-5.485-0.705 EX 6.937 0.454 0.269 0.200-0.860-0.609 3.923 0.130-1.878-0.704-5.092-1.892 225.700 5.500 HH - 1.078-0.337-2.395-0.747 10.270 0.326-1.589-0.569-4.697-1.493 11.860 0.432-0.667-0.274-3.835-1.544 1993-16.278-1.123 0.335 0.264 0.638 0.485 1994-24.283-1.443-0.410-0.282 1.669 0.983 1995-56.246-2.315 H 3.231 1.511 2.593 1.144 1996-59.740-2.547 H 3.527 1.710 2.937 1.239 8.847 0.055 24.261 1.711 18.218 1.114 Adj - R2 0.601-0.056-0.055 57 58 B ME
* B 5.4.3 59 A B G A G A C G 59 A G 6.511 t 0.01 C G 59 IPO A 8 B 8 C 9 D 9 A B A B * + - 5.145 0.082-7.244 HH 1.629 6.511 1.015 119.8 HH 1.25 0.655 0.085 3.467 HH 0.676 0.363 0.829-9.95 HH - 5.18 HH Adj - R2 0.978 0.941 0.288 0.900 t 5.4.4 5.10 IPO 510 A B IPO A A IPO A IPO B
5 A 71 510 IPO 10 A A t B B t PF/BV 16.526 12.777 HH 9.181 3.602 HH FER/ BV 8.525 7.108 HH 9.630 3.626 HH EX 1.314 2.449 H - 2.399-1.931 FOR 2.779 3.547 HH 3.483 6.357 3.293 2.267 Adj - R2 0.314 0.201 511 A FE B FE t 511 11 A A t B B t FE 0.361 2.223 H - 0.057-1.290 LSIZE - 0.403-2.186 H - 0.024-0.547 EX 0.234 0.723 0.115 1.636 FOR 0.046 0.092 10.165 2.817 0.571 0.636 Adj - R2 0.014 0.029 5.5 IPO A B
" B IPO EO IPO B 59 B A A B B A IPO IPO IPO AharonyLee Wong 1997 IPO IPO
6 A 73 & Sloan1996 Ou Penman1989 Healey1985 MID LOW UPP LOW UPP MID
$ B 1997 224.33% 6.1 1997 772 153 2 19.74% 10 9 3 6 1996 100% 126 56 70 1 6 1 000% 6.1.1 1997 224.33% 87.74% 99 297.03% 16.99 % 61 3 244.91% 592.88% 16 343.88% 500 % 99 297.03% 8 796.91% 8 225.96% 653.31% 1997 10.09%10.03% 171.90% 431.76%
( B 6.1.4 1% 2% 30 耀 50 30 耀 50 64 1997 90 2.02% 1.45% 4.30 152 64 1998 1 5%1 耀 2 10%2 耀 3 30%3 50 % 1998 7 21 6.1.5 1997 61.12 % 65 95.29 39.71% 75.13 31.31%
6 A 79 64 1997 2 耀 3 3 % 53 3.88 3.41 1.68 2.54 0.60 12 26 6.56 4.79 2.27 3.29 0.90 3 27 14.11 12.37 12.73 16.03 2.02 6 73 4.34 4.06 4.61 3.87 1.03 16 31 6.30 6.12 4.57 3.76 0.43 5 64 5.10 5.95 1.60 1.14 0.56 23 25 3.79 3.21 2.59 2.25 0.48 4 62 5.91 5.64 5.81 5.00 1.00 6 26 4.62 3.42 3.87 3.50 1.07 2 11 2.29 1.77 7.02 1.71 0.43 3 10 2.22 2.10 2.80 1.27 0.48 1 4 17.06 14.94 7.54 7.29 0.40 0 20 5.18 4.32 4.65 2.89 0.49 5 24 7.06 6.14 3.13 2.82 0.68 2 44 4.59 6.65 5.59 4.91 1.03 7 91 5.37 4.93 7.06 6.34 0.39 27 154 7.10 6.42 6.79 6.21 1.45 30 745 5.89 5.64 5.99 5.87 0.90 152 65 1997 % 291 95.29 39.71 145 75.13 31.31 98 26.31 10.96 207 17.47 7.28 11 25.79 10.74 752 239.99 100.00
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!%* B 102 1 101 1997 77.63%1998 58.98%1999 70% 2 1998-603.17 1997-1 463.26 2.5 1 2 1997 22.37% 1998 41.02% 1 1998 1998 1999-2 088.48 1998-603.17 3.5 1 2 1998 41.02% 1999 30% 1999 1998 1999 900909 900901 1999-1 462.58 1999 1998 3 103 103 102 1998 1997 1999 1998 103 1997-0.006495825 0.016561 1998-0.002588985 0.03407 1999-0.008187646 0.023373
A!%% 10 B 10.8.2 1997 1998 1999 AB 1997 5 1998 7 1999 6 10.8.3 1997 1998 1999 1997 76.82% 1998 30.72% 1997 17.64% 1998 2.29% 9.34% 1999 15.5% 6.17% 28.57% 108 1997 5.29%1.30% 3.73%1998 1.38% 1.13%10.74% 1999 1998 16.53% 20%
!%& B 108 1997 1998 1999 X i Ws%Wa%X i Ws%Wa%X i Ws%Wa% X1-1 109.99 76.39-76.82-311.33 70.42-30.72-611.70 64.87-28.57 X2-254.95 51.39-17.64-23.17 47.89-2.29-331.95 37.84-15.50 X3-76.33 27.78-5.28 94.69 25.35 9.34-132.18 27.03-6.17 X4-55.44 37.50-3.84-57.14 39.44-5.64-137.73 33.78-6.43 X5-55.71 34.72-3.86 42.86 45.07 4.23-94.67 45.95-4.42 X6 76.37 26.39 5.29-13.95 25.35-1.38-353.78 22.97-16.53 X7-33.16 30.56-2.29-24.69 29.58-2.44 29.12 22.97 1.36 X8 17.30 20.83 1.30-11.49 12.68-1.13-59.22 13.51-2.76 X9 53.87 22.22 3.73-108.80 19.72-10.74-261.14 22.97-12.19 X10-135.86 18.06-9.40-142.41 19.72-14.05-3.61 4.05-0.17 X11-28.17 13.89-1.95-17.77 15.49-1.75-14.84 8.11-0.69 X12-209.68 22.22-14.51-200.44 28.17-19.78 34.05 21.62 1.59 X13-20.87 15.28-1.47-47.96 12.68-4.73-110.75 14.87-5.17 X14-32.84 9.72-2.27-2.39 8.45-0.24 17.92 9.46 0.84 X15 65.85 16.67 4.56-31.87 23.94-3.15 51.85 24.32 2.42 X16 450.12 2.78 31.15-72.83 5.63-7.19-335.46 6.76-15.66 X17-93.92 63.89-0.065-84.74 72.22-8.34 172.14 63.51 8.05-1 444.94-100 - 1 013.44-100 - 2 141.93-100 72 71 74 1997 1998-135.86-142.41 18.06% 19.72% 1999-3.61 4.5% 1994 5-20.87-47.96-110.75
A!% 10 B 10.9 10.9.1 4 1998 B 0.1 1998 1997 5 B 1999 0.1 1999 1998 10.9.2 Wilcoxon 109 4 Wilcoxon 0.05 0.1 1998 B 1998 1997 5 Wilcoxon 0.05 1999
!%( B 109 P D1 D2 D3 D4 E1 E2 E3 E4 68 69-738.92-107.3 0.058 H - 229.94 0 0.037 HH - 180.05 0 0.059 H - 1 148.91-153.8 0.015 HH 223.98 0 0.041 HH 389.95 0 0.008 HHH 239.19 0 0.011 HH 853.12 228.7 0.009 HHH #D1 = 1997 1998 D2D3D4 1997 1998 E1 = 1998 1999 E2E3E4 1997 1998 $H Wilcoxon 0.1 HH Wilcoxon 0.05 HHH Wilcoxon 0.01 1998 1999
A!%) 10 B 10.10 B 1997 1998 1999 1997 1998 1999 AB AB 1998 1997 AB 1999 1998 AB 1998 1997 AB 1999 1998
!&* B!! 1999
11 A!&! E= - # R=1-100% 11.1 11.1.1 1.1999 12 31 2. 1999 1999 3. 839 E E < 0 E = 0 #
!&" B E > 0 11.1.2 1999 111 111 1999 % 839 1 152.27 306 1 096.53 0 1 096.53 65 441.2-18 465 100 E < 0 73-885.27-113.94-32.46-452.36-419.9-0.1-18 465 8.70 E = 0 158 0 0 0 0 0 0 0 18.83 E > 0 608 1 696.35 601.87 1 689.77 219.78 1 469.99 65 441.2 0.02 72.47 1999 1. 1 2 907 839 1999 68 7.49% 2. E > 0 25% 452 600871 1.85 8.70% 452 3. E < 0 25% 1 689 600115 6.5 600642 3.79 72.47%
11 A!&# 11.2 ROE 6% 11.2.1 MuHawDaqing QiWoody Wuand WeiGuo Zhang1998 1996 1997 ROE10% 1998 ROE10% ROE6%1999 3 26 10% 6% 111 112 113 111 1997 ROE 112 1998 ROE 112 ROE10%11% 113 ROE 10%11%
!&$ B 113 1999 ROE 112 113 ROE6% 7% 1997 8 1998 41 1998 1999 1 4 3 26 ROE6%7% 1998 114 1999 ROE 6% 耀 7% ROE 10% 耀 11% 1999 ROE 6% 11.2.2 1999 907 68 839 ROE6%7% 0 ROE4%6% 1 1 ROE7%9% 2 2 ROE9%11% 3 3 11.2.3 Mann - Whitney 112 Mann - Whitney 6% 6%
!&& B 200026 602.94 1999 6.52% 11.3 11.3.1 = / - 1 100% 1999 IPO 113 113 < - 20% - 20% - 10% - 10% - 0 0 10%> 10% 11 17 38 19 10 11.57% 17.89% 30% 20% 30.54% 77 12 5 1 0 81.05% 12.63% 5.26% 1.06% 0 115 IPO 10% 20% IPO 1999 1999 1998 IPO 1999 1999 IPO 1999
11 A!& 1999 IPO 1999 1998 IPO 1999 11.3.2 1999 0 1999 1 1 1999 12 31 1999 95 1 1998 1 1 1998 12 31 1999 102 11.3.3 T 114 114 T T P 0 95 17.76% 1 102 7.6% 1.82 0.071 H H 0.1 T 114 1999 IPO 17.76% 1998 IPO 1999 7.6% 0.1 T 11.3.4 600239 1999 1 152.70 1 113.92 96.64% 768.98 66.71% # 119 68 51 $ 225 225 167
!&( B 11.4 1999 6.6% 4.35% 09051999 19 789.45 8 957.21 220.93% 1999 IPO 8 341.40 18 304.48 8 857.61 9 446.87 8 450.23 692.57 304.07 98.89% EPS 0 11.4.1 1999 EPS 1999 EPS 114 114 0 < EPS00.05 0 < EPS00.05 87-0.30 < EPS < 0 29 EPS 0 < EPS00.05 0 < EPS00.05 87 29 33.3% EPS 839 61 7.27%
11 A!&) 114 1999 EPS 11.4.2 EPS 0 < EPS00.05 0.05 < EPS00.1 EPS00.04 68 EPS0.040.1 67 11.4.3 T 115 115 T T P 68 288% 67 62.9% 1.70 0.09 H H 0.1 T 4.5 0.1 t EPS 0
! * B 11.4.4 11.5 ST 600892 ST 1999 1999 ST 180.27-1 911.44 2 091.71 1 160% 0.036-0.3785 ST 1999 12 31 1 750.75 1999 12 31 1 191 340.96 ST 2 091.71 6006731998 1999 1999 246.51 0.02 1999 13.51% - 1 480.60-983.72 1 230.23 660.85 ROE 6% IPO
11 A!! EPS 0 1999 1999
! " B!" 12.1 A + B = C A B
12 A! # C A B A + B = A B A B A A B 50% A B A B A A B 12.2
! $ B 12.3 1998 66
12 A! % 12.4 12.5
! & B 5.14 1:1.8 2.85 1.50 12.6 12.6.1 121 122 123 124
12 A! 121 600100 600777 0702 0655 600635 90 096 35 246 73 918 58 405 144 485 14 707 26 227 7 158 19 929 6 802 16.33 74.41% 9.69% 34.12% 4.71% - 14.97% 1.96% - 0.46% - 9.05% 11.22% 2.34% 4.33% - 6.53% 235.02 154.56 3.6-418.56 55 094 27 915 52 025 20 701 104 220 6 798 22 610 5 517 5 716 3 658
! ( B 122 1998 6 30 1998 8 31 1998 6 30 1998 12 31 1998 12 31 1998 1 30 1998 12 7 1998 5 19 1998 5 22 1998 7 30 1998 11 30 1998 1 7 1999 6 25 1999 6 22 / / 1 + 1 + 1 + - - + 3.32 1.95 4.23 2.22 2.26 2.49 1.13 1.48 1.91 1.83 6.67% 8.11% 7.18% 22.77% 11.59% 1.60% 8.5% 7.58% 11.82% 11.93% 1.8:1 3:1 3:1 1.29:1 1.25:1
!(* B 12.6.2 General. Re 121 121 P/B P/B 1.9962.471.22
12 A!(! P/B 121 124 123 123 123
!(" B 1998 12.6.3 122 121 121 1998
12 A!(# 1 122 1.8 : 1 = / = 1/1.8 H 36.30/6.80 = 2.96 1 121 123 121 22 6.16.30
!($ B 12.7 121 250% 122 1998 10 1999 6
13 1992 2000 A!(%!# 19922000
!(& B 1992 2000 13.1 19932000 131 131 1. 1999
13 1992 2000 A!( 131 19922000 + + 1992 53 51 96.23% 2 3.77% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 1993 183 179 97.81% 3 1.64% 1 0.55% 0 0.00% 0 0.00% 0 0.00% 1994 291 285 97.94% 2 0.69% 4 1.37% 0 0.00% 0 0.00% 0 0.00% 1995 323 286 88.54% 3 0.93% 24 7.43% 10 3.10% 0 0.00% 0 0.00% 1996 530 484 91.32% 25 4.72% 18 3.40% 3 0.57% 0 0.00% 0 0.00% 1997 745 651 87.38% 57 7.65% 17 2.28% 18 2.42% 1 0.13% 1 0.13% 1998 851 698 82.02% 10111.87% 18 2.12% 18 2.12% 15 1.76% 1 0.12% 1999 949 759 79.98% 11712.33% 24 2.53% 43 3.58% 14 1.48% 1 0.11% 2000 999 976 97.70% 17 1.70% 3 0.30% 1 0.10% 2 0.20% 0 0.00% 2000 1 088 919 84.47% 99 9.10% 21 1.93% 34 3.13% 14 1.29% 1 0.09% www. wind. com. cn 2. 1992 1993 1994 24 6 3. 1995 1995 12 1996 1 1 1995 1996 1 4 1995 1995 4. 1997 A A 1997 1997 1
!(( B 13.2 5. 1998 1998 1 1 1998 6. 1999 1999 7 7. 2000 1999 1997 19972000 28 49 132 1. 28 2000 EPS 0 7 EPS 18 EPS < - 0.30 PT 6 2000 EPS - 1.06 ST 2000 EPS - 3.428 2000 PT 2. 28 20 15 ST 3. 1998 29
13 1992 2000 A!() 132 19972000 1997 ST A AST 1998 ST A ST ST ST A B PT PT PT AST 1999 ST ST ST ST PT ST ST ST B 2000 ST BPT PT APT APT PT ST PT 2000 PT ST ST ST BPT PT PT PT PT PT 1999 4 ST 2000 ST 2000 ST 4. 28 127.61% 100% 15 9 ST 600759 ST 0588 ST 600898 ST 0653 289.37%262.31% 235.75%216.31% 5. 28 14 ST 5 PT STPT
!)* B 13.3 1997 1998 1999 2000 92 137 154 175 ROE 1999 4 ROE ROE 1996 1 4 1996 ROE 10% ROE10% 10% 1997 26 ROE 10% 耀 11% 92 28.26% ROE 9% 耀 10% 2 1998 ROE ROE 10% 耀 11% 133 13.53% 1997 6% 耀 10% 1999 3 25 3 3 ROE 10% ROE 6% 1999 3 25 1998 1998 1996 1999 ROE 6% 耀 7% 161 11.80% 10% 耀 11% 10% ROE 7% 耀 2000 ROE 6% 耀 7% 25 10% 耀 11% 12 6% ROE 1997 1998 ROE 0% 耀 10% 32 61 1999 ROE 0% 耀 6% 38 2000 ROE 0% 耀 6% 36
13 1992 2000 A!)! ROE 0% 耀 1% 1997 1998 1999 2000 11 24 15 16 ROE 0% 耀 1% STPT ROE > 0 ROE 0% 耀 1% 9% 耀 10% 13.4 131 + 1992 2 3.77% 2000 99 9.10% + 1992 2000 34 3.13% + # $ # CPA
!)" B 13.5 CPA $CPA CPA ( ) CPA. 19922000 1. 2. 3.
13 1992 2000 A!)# 4. 5. 6.
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13 1992 2000 A!)% 13.6 1992 2000 1999 ROE10% 1999 ROE6% 19922000
!)& B 1992 1 600601 19921231 + 2 0002 19921231 + 1993 1 0005 19931231 2 0030 A 19931231 + 3 0031 19931231 + 4 0535 A 19931231 +
A!)) 81 0572 19971231 + 82 0588 A 19971231 + 83 0608 19971231 + 84 0622 19971231 + 85 0633 19971231 + 86 0650 19971231 + 87 0662 19971231 + 88 0669 19971231 + 89 0695 19971231 + 32 0516 19951231 + 33 0535 A 19951231 + 34 0548 19951231 + 35 600849 19951231 + 36 600858 19951231 + 37 0035 19951231 + 1996 1 600633 19961231 2 600637 19961231 3 600645 19961231 4 600660 19961231 5 600686 19961231 6 600831 19961231 7 600850 19961231 8 600852 19961231 9 0005 19961231 10 0008 19961231
"** B 11 0014 19961231 12 0023 19961231 13 0049 19961231 14 0503 19961231 15 0569 19961231 16 0570 19961231 17 0582 19961231 18 0638 19961231 19 0015 19961231 + 20 0030 A 19961231 + 21 0516 19961231 + 22 600615 19961231 + 23 600616 19961231 + 24 600620 19961231 + 25 600656 19961231 + 26 600661 19961231 + 27 600665 19961231 + 28 600695 19961231 + 29 600696 19961231 + 30 600699 19961231 + 31 600830 19961231 + 32 600835 19961231 + 33 600862 19961231 + 34 0002 19961231 + 35 0004 19961231 + 36 0006 19961231 + 37 0007 A 19961231 +
A "*! 38 0024 19961231 + 39 0027 A 19961231 + 40 0035 19961231 + 41 0062 19961231 + 42 0428 19961231 + 43 0502 A 19961231 + 44 0601 19961231 + 45 0819 19961231 + 46 2706 B 19961231 + 1997 1 0515 19971231 2 0413 A 19971231 3 0555 19971231 + 4 0584 A 19971231 + 5 600083 19971231 6 600645 19971231 7 600658 19971231 8 600659 19971231 9 600728 19971231 10 600763 19971231 11 600771 19971231 12 600831 19971231 13 0009 19971231 14 0049 19971231 15 0068 19971231 16 0518 19971231
"*" B 17 0521 19971231 18 0522 A 19971231 19 0548 19971231 20 0613 19971231 21 0615 19971231 22 600633 19971231 + 23 600670 19971231 + 24 600730 19971231 + 25 600813 19971231 + 26 600830 19971231 + 27 600840 19971231 + 28 600853 19971231 + 29 600862 19971231 + 30 600892 19971231 + 31 0007 A 19971231 + 32 0014 19971231 + 33 0015 19971231 + 34 0030 A 19971231 + 35 0031 19971231 + 36 0502 A 19971231 + 37 0626 19971231 + 38 2706 B 19971231 + 39 600091 19971231 + 40 600602 19971231 + 41 600606 19971231 + 42 600614 19971231 + 43 600616 19971231 +
A "*# 44 600622 19971231 + 45 600636 19971231 + 46 600637 19971231 + 47 600648 19971231 + 48 600650 19971231 + 49 600651 19971231 + 50 600661 19971231 + 51 600671 19971231 + 52 600673 19971231 + 53 600695 19971231 + 54 600708 19971231 + 55 600711 19971231 + 56 600762 19971231 + 57 600778 19971231 + 58 600779 19971231 + 59 600804 19971231 + 60 600808 19971231 + 61 600828 19971231 + 62 600835 19971231 + 63 600837 19971231 + 64 600855 19971231 + 65 600875 19971231 + 66 600896 19971231 + 67 600899 19971231 + 68 900943 B 19971231 + 69 0005 19971231 + 70 0011 19971231 +
"*$ B 71 0013 19971231 + 72 0024 19971231 + 73 0027 A 19971231 + 74 0034 19971231 + 75 0035 19971231 + 76 0527 19971231 + 77 0536 A 19971231 + 78 0546 19971231 + 79 0551 19971231 + 80 0556 19971231 + 81 0572 19971231 + 82 0588 A 19971231 + 83 0608 19971231 + 84 0622 19971231 + 85 0633 19971231 + 86 0650 19971231 + 87 0662 19971231 + 88 0669 19971231 + 89 0695 19971231 + 90 0717 19971231 + 91 0718 19971231 + 92 0819 19971231 + 93 2057 B 19971231 + 94 2468 B 19971231 +
A "*% 1998 1 600083 19981231 2 600758 19981231 3 600759 19981231 4 600833 19981231 5 600837 19981231 6 600874 19981231 7 600837 19981231 8 600898 ST 19981231 9 0015 19981231 10 0413 A 19981231 11 0502 A 19981231 12 0506 ST 19981231 13 0588 A 19981231 14 0613 19981231 15 0669 19981231 16 2057 B 19981231 17 600097 19981231 18 600667 19981231 19 600685 19981231 20 600728 19981231 21 600763 19981231 22 600817 19981231 23 600831 19981231 24 600873 19981231 25 600891 19981231 26 0008 19981231 27 0017 A 19981231
"*& B 28 0030 ST 19981231 29 0078 19981231 30 0504 19981231 31 0513 19981231 32 0550 19981231 33 0602 19981231 34 0803 19981231 35 600610 ST 19981231 + 36 600625 ST 19981231 + 37 600650 19981231 + 38 600687 19981231 + 39 600708 19981231 + 40 600715 ST 19981231 + 41 600852 19981231 + 42 600853 19981231 + 43 600869 19981231 + 44 0013 19981231 + 45 0031 19981231 + 46 0034 19981231 + 47 0409 19981231 + 48 0522 A 19981231 + 49 0551 19981231 + 50 0592 19981231 + 51 0685 19981231 + 52 2041 B 19981231 + 53 600057 19981231 + 54 600065 19981231 +
A "* 55 600069 19981231 + 56 600080 19981231 + 57 600092 19981231 + 58 600137 19981231 + 59 600152 19981231 + 60 600609 19981231 + 61 600614 19981231 + 62 600615 19981231 + 63 600618 19981231 + 64 600622 19981231 + 65 600627 19981231 + 66 600631 19981231 + 67 600633 19981231 + 68 600636 19981231 + 69 600638 19981231 + 70 600646 19981231 + 71 600648 19981231 + 72 600656 19981231 + 73 600657 19981231 + 74 600658 19981231 + 75 600659 19981231 + 76 600660 19981231 + 77 600661 19981231 + 78 600668 19981231 + 79 600669 19981231 + 80 600677 19981231 + 81 600679 19981231 +
"*( B 82 600699 19981231 + 83 600670 19981231 + 84 600711 19981231 + 85 600716 19981231 + 86 600751 19981231 + 87 600755 19981231 + 88 600764 19981231 + 89 600772 19981231 + 90 600775 19981231 + 91 600809 19981231 + 92 600813 19981231 + 93 600816 19981231 + 94 600822 19981231 + 95 600835 19981231 + 96 600838 19981231 + 97 600840 19981231 + 98 600842 19981231 + 99 600843 19981231 + 100 600848 19981231 + 101 600855 19981231 + 102 600875 19981231 + 103 600881 19981231 + 104 600892 19981231 + 105 600893 19981231 + 106 600894 19981231 + 107 600899 19981231 + 108 900936 B 19981231 +
A "*) 109 900939 B 19981231 + 110 900943 B 19981231 + 111 0005 19981231 + 112 0007 A 19981231 + 113 0024 19981231 + 114 0027 A 19981231 + 115 0029 A 19981231 + 116 0045 A 19981231 + 117 0056 19981231 + 118 0059 19981231 + 119 0404 19981231 + 120 0410 19981231 + 121 0411 19981231 + 122 0420 19981231 + 123 0505 A 19981231 + 124 0515 19981231 + 125 0518 19981231 + 126 0524 19981231 + 127 0526 A 19981231 + 128 0532 A 19981231 + 129 0535 A 19981231 + 130 0536 A 19981231 + 131 0539 A 19981231 + 132 0545 A 19981231 + 133 0546 19981231 + 134 0556 19981231 + 135 0559 19981231 +
"!" B 26 0597 19991231 + 27 0696 ST 19991231 + 28 0805 19991231 + 29 0885 A 19991231 + 30 2550 B 19991231 + 31 600097 ST 19991231 + 32 600157 19991231 + 33 600625 PT 19991231 + 34 600647 ST 19991231 + 35 600667 19991231 + 36 600692 19991231 + 37 600708 19991231 + 38 600743 ST 19991231 + 39 600745 ST 19991231 + 40 600759 PT 19991231 + 41 600762 19991231 + 42 600768 ST 19991231 + 43 600810 19991231 + 44 600818 PT 19991231 + 45 600822 19991231 + 46 600831 ST 19991231 + 47 600845 PT 19991231 + 48 600853 ST 19991231 +
A "!# 49 600899 19991231 + 50 0003 PT A 19991231 51 0008 19991231 52 0030 ST A 19991231 53 0410 19991231 54 0584 A 19991231 55 0608 19991231 56 0611 19991231 57 0721 19991231 58 0886 19991231 59 0929 19991231 60 0931 19991231 61 2041 B 19991231 62 2054 B 19991231 63 600065 19991231 64 600216 19991231 65 600228 19991231 66 600645 19991231 67 600650 19991231 68 600685 19991231 69 600728 19991231 70 600755 19991231 71 600812 19991231 72 600864 19991231 73 600891 19991231
"!$ B 74 0045 A 19991231 + 75 0007 ST 19991231 + 76 0011 ST 19991231 + 77 0013 A 19991231 + 78 0014 ST 19991231 + 79 0019 A 19991231 + 80 0024 A 19991231 + 81 0031 A 19991231 + 82 0042 A 19991231 + 83 0047 ST 19991231 + 84 0049 A 19991231 + 85 0416 ST 19991231 + 86 0428 19991231 + 87 0498 19991231 + 88 0515 PT 19991231 + 89 0522 ST 19991231 + 90 0524 19991231 + 91 0529 A 19991231 + 92 0535 ST 19991231 + 93 0545 19991231 + 94 0555 19991231 + 95 0561 A 19991231 + 96 0562 19991231 + 97 0567 A 19991231 + 98 0572 A 19991231 + 99 0600 19991231 +
A "!% 100 0603 19991231 + 101 0605 19991231 + 102 0607 19991231 + 103 0616 19991231 + 104 0620 19991231 + 105 0622 19991231 + 106 0626 19991231 + 107 0660 19991231 + 108 0662 ST 19991231 + 109 0685 19991231 + 110 0689 ST 19991231 + 111 0700 19991231 + 112 0718 19991231 + 113 0730 19991231 + 114 0769 19991231 + 115 0803 19991231 + 116 0826 19991231 + 117 0838 ST 19991231 + 118 0882 19991231 + 119 0900 19991231 + 120 0915 19991231 + 121 4005 19991231 + 122 4692 19991231 + 123 550517 19991231 +
"!& B 124 600052 19991231 + 125 600059 19991231 + 126 600075 19991231 + 127 600076 19991231 + 128 600078 19991231 + 129 600089 19991231 + 130 600095 19991231 + 131 600128 19991231 + 132 600130 19991231 + 133 600137 19991231 + 134 600139 19991231 + 135 600176 19991231 + 136 600179 19991231 + 137 600205 19991231 + 138 600206 19991231 + 139 600603 19991231 + 140 600614 19991231 + 141 600615 19991231 + 142 600618 19991231 + 143 600623 19991231 + 144 600631 19991231 + 145 600646 19991231 + 146 600648 19991231 +
A "! 147 600656 19991231 + 148 600658 19991231 + 149 600668 19991231 + 150 600669 19991231 + 151 600670 ST 19991231 + 152 600671 19991231 + 153 600673 19991231 + 154 600678 19991231 + 155 600679 19991231 + 156 600686 19991231 + 157 600687 19991231 + 158 600688 19991231 + 159 600699 19991231 + 160 600703 ST 19991231 + 161 600711 19991231 + 162 600715 19991231 + 163 600737 19991231 + 164 600749 19991231 + 165 600751 19991231 + 166 600763 19991231 + 167 600772 19991231 + 168 600783 19991231 + 169 600792 19991231 + 170 600793 19991231 + 171 600797 19991231 +
"!( B 172 600799 19991231 + 173 600813 ST 19991231 + 174 600817 19991231 + 175 600838 19991231 + 176 600840 19991231 + 177 600844 19991231 + 178 600846 19991231 + 179 600847 19991231 + 180 600848 ST 19991231 + 181 600852 19991231 + 182 600855 PT 19991231 + 183 600858 19991231 + 184 600865 19991231 + 185 600869 19991231 + 186 600886 19991231 + 187 600889 19991231 + 188 600892 19991231 + 189 600893 19991231 + 190 600894 19991231 +
A "!) 2000 1 2057 ST B 20000630 2 600898 PT 20000630 3 600762 20000630 + 4 0727 20000630 5 600728 20000630 6 600817 20000630 7 0025 ST A 20000630 + 8 0533 A 20000630 + 9 0555 20000630 + 10 0605 20000630 + 11 0620 20000630 + 12 0675 ST 20000630 + 13 0766 20000630 + 14 600128 20000630 + 15 600139 20000630 + 16 600216 20000630 + 17 600703 ST 20000630 + 18 600772 20000630 + 19 600797 20000630 + 20 600799 20000630 + 21 600863 20000630 + 22 600870 20000630 +
""* B 23 600899 20000630 + 24 600833 PT 20001231 25 0003 PT A 20001231 26 0015 PT A 20001231 27 0411 PT 20001231 28 0536 PT 20001231 29 0585 ST 20001231 30 0588 PT 20001231 31 0653 ST 20001231 32 0658 ST 20001231 33 2057 ST B 20001231 34 600083 PT 20001231 35 600625 PT 20001231 36 600633 PT 20001231 37 600837 PT 20001231 38 600898 PT 20001231 39 0008 20001231 +
A ""! 40 0025 ST A 20001231 + 41 0028 A 20001231 + 42 0030 ST A 20001231 + 43 0033 ST 20001231 + 44 0048 ST 20001231. + 45 0404 20001231 + 46 0409 20001231 + 47 0522 ST 20001231 + 48 0535 ST 20001231 + 49 0556 PT 20001231 + 50 0567 A 20001231 + 51 0592 ST 20001231 + 52 0597 20001231 + 53 0600 20001231 + 54 0660 20001231 + 55 0689 ST 20001231 + 56 0730 20001231 + 57 0909 20001231 + 58 0965 20001231 + 59 600051 20001231 +
""" B 60 600603 20001231 + 61 600647 ST 20001231 + 62 600667 20001231 + 63 600692 20001231 + 64 600698 20001231 + 65 600708 20001231 + 66 600743 ST 20001231 + 67 600745 ST 20001231 + 68 600763 20001231 + 69 600768 ST 20001231 + 70 600800 20001231 + 71 600831 ST 20001231 + 72 600853 ST 20001231 + 73 0017 ST A 20001231 74 0047 ST 20001231
A ""# 75 0058 20001231 76 0546 PT 20001231 77 0611 20001231 78 0613 PT A 20001231 79 0638 20001231 80 0662 ST 20001231 81 0696 ST 20001231 82 0707 20001231 83 0788 ST 20001231 84 0886 20001231 85 0921 20001231 86 600065 20001231 87 600123 20001231 88 600179 20001231 89 600650 20001231 90 600728 20001231 91 600759 PT 20001231 92 600822 20001231 93 600891 20001231 94 0014 ST 20001231 + 95 0005 20001231 + 96 0010 20001231 +
""$ B 97 0011 ST 20001231 + 98 0013 A 20001231 + 99 0023 A 20001231 + 100 0031 A 20001231 + 101 0038 A 20001231 + 102 0045 A 20001231 + 103 00049 A 20001231 + 104 0410 20001231 + 105 0412 20001231 + 106 0498 20001231 + 107 0514 A 20001231 + 108 0532 A 20001231 + 109 0533 A 20001231 + 110 0545 20001231 + 111 0552 A 20001231 + 112 0555 20001231 + 113 0561 A 20001231 + 114 0566 20001231 + 115 0572 A 20001231 + 116 0573 A 20001231 +
A ""% 117 0586 A 20001231 + 118 0602 ST 20001231 + 119 0603 20001231 + 120 0605 20001231 + 121 0620 20001231 + 122 0622 20001231 + 123 0656 20001231 + 124 0675 ST 20001231 + 125 0699 20001231 + 126 0701 20001231 + 127 0718 20001231 + 128 0750 20001231 + 129 0769 20001231 + 130 0803 20001231 + 131 0885 A 20001231 + 132 0893 20001231 + 133 0915 20001231
""& B 134 0957 20001231 + 135 2054 B 20001231 + 136 600052 20001231 + 137 600069 20001231 + 138 600075 20001231 + 139 600078 20001231 + 140 600088 20001231 + 141 600097 ST 20001231 + 142 600122 20001231 + 143 600128 20001231 + 144 600130 20001231 + 145 600137 20001231 + 146 600139 20001231 + 147 600167 ST 20001231 + 148 600176 20001231 +
A "" 149 600205 20001231 + 150 600216 20001231 + 151 600326 20001231 + 152 600614 20001231 + 153 600615 20001231 + 154 600618 20001231 + 155 600623 20001231 + 156 600629 ST 20001231 + 157 600646 20001231 + 158 600658 20001231 + 159 600663 20001231 + 160 600668 20001231 + 161 600669 20001231 + 162 600670 ST 20001231 + 163 600673 20001231 + 164 600679 20001231 + 165 600703 ST 20001231 + 166 600715 20001231 + 167 600733 20001231 +
""( B 168 600737 20001231 + 169 600755 20001231 + 170 600762 20001231 + 171 600772 20001231 + 172 600781 20001231 + 173 600793 20001231 + 174 600797 20001231 + 175 600799 20001231 + 176 600804 20001231 + 177 600812 20001231 + 178 600813 ST 20001231 + 179 600817 20001231 + 180 600818 PT 20001231 + 181 600828 20001231 + 182 600842 20001231 + 183 600845 PT 20001231 + 184 600847 20001231 +
A "") 185 600852 20001231 + 186 600855 PT 20001231 + 187 600863 20001231 + 188 600870 20001231 + 189 600878 20001231 + 190 600893 20001231 + 191 600894 20001231 + 192 600899 20001231 + 0014 2000 2001 4 24 + 2001 5 26 2000 +
"#* B 1. 1 45 耀 69 1997 2. 19985 38 耀 42 3. 1999-08 - 0507 4. 19991 24 耀 28 5. Watts and Zimmerman 1 2 耀 10 1992 6. 1998-05 - 086 7. 1 125 耀 130 1997 8. 1 32 耀 65 1998
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"#" B 23. De Bond W. and R. maler.do secllr1ty Analysts Overreact American Economical Review Papers and Proceedings 801990 pp.52-57. 24. Dev S. and M. Webb.The Accuracy of Company hat Forecasts. Journal of Business Finance 41972. pp.26-39. 25. EddyA. And B. Seifert.An Examination of Hypothesis Concerning Earnings Forecast Error. Quarterly Journal of Business and Economics1992 Spring pp.22-37. 26. FerrisK. and Hayes. Some Evidence on the Determinants of Profit Forecast Accuracy in the United Kingdom. The International Journal of Accounting Education and Research 1977 Sppring pp.27-36. 27. Firth M. and A. Smith.The Accuracy of Profit Forecasts In Initial Public 0fferings Prospectus. Accounting and Business Research 221992. pp.239-247. 28. Firth M. B. C. H. Kwok C. K. Lia11. Tan and G. H. H..Accuracy of Profit Forecasts Contained in IEO Prospectus. Accounting and Business Review 21995 pp.55-83. 29. Firth M.An Analysis of Stock Market Perfom1ance of New Issues in New Zealand. Pacific - Basin Finance Journal 51997 pp.63-85. 30. Firth M.IPO Profit Forecasts and their Role in Signaling Firm Value and Explaining Post - Listing Returns. Applied Financial Economics 81998 pp.29-39. 31. Haskins M. K. Feris R. Sack and B. AllenFinancial Accounting and Reporting Hornewood IL Irwin 1993. 32. Jaggi B.Accuracy of Forecasts Infom1ation Disclosed in the IPO Prospectus of Hong Kong Companies. The International Journal of Accounting21997 pp.301-19. 33. JelicR. B. Sadouni and R. Br1ston Prospectus Earnings Forecast and the Pricing of Issues on the Unlisted Securities Market. Accounting and Business Research1991 Spring pp.133-145. 34. Keasey K. and McGuinness.Prospectus Earnings Forecasts and the Pricing of New Issues on the United Securities Market. Accounting and Business Research 21 1991 pp.133-145. 35. LeeP. S. Taylor C. Yee and M. Yee..Prospectus Earnings Forecasts Evidence and Explanations. Australian Accounting Review 1993May pp.21-32.
A233 36. Mak Y. T.The Determinants of Accuracy of Management Earnings Forecasts A New Zealand Study. International Journal of Accounting 241989 pp.261-280. 37. Michael C. J. and Murphy K. J. Performance Pay and Top - management Incentive. Journal of Political Economics 981990 pp.225-263. 38. Mohamad S. A. Nassir T. K. K1ling and M. AdE.The Accuracy of Profit Forecasts of Malaysian IPOs. Capital Market Review21994 pp.46-99. 39. MockR. Management Ownership and Market Valuationan Empirical Analysis Journal of Financial Economics 201988 pp.295-315. 40. MurphyK. Corporate Performance and Management RemunerationAn Empirical Analysis. Journal of Accounting and Economics71985 pp.43-65. 41. Stickney C. Financial Statement AnalysisA Strategic Perspective 2ded. Fort worth TXThe Dryden press 1993. 42. PedwellK. H. Warsameand D. Neu.The Accuracy of Canadian and New Zealand Earnings ForecastsA Comparison of Voluntary Versus Compulsory Disclosure. Journal of International Auditing and Taxation31994 pp.221-236. 43. TruemanB. and S. Titman An Explanation for Accounting Income Smoothing Journal of Accounting Research Vol.261988 Supp pp.127-139. 44. ZhangWei - Guoand WeiGang Dividend PolicyCorporate Governance and Ownership Structure working paper 2000.
"#$ B 1998 5 10% 耀 11% 1999 2001 2001 5 18