惩罚函数下的我国中小上市公司价值影响因素研究
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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。
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.
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.
引文
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[2]段小萍.基于EVA法的中小上市公司绩效评价研究[D].长沙:中南大学,2007.
[3]刘丽杰.科技型中小企业资本结构与公司绩效关系的实证研究[D].广州:广东工业大学,2008.
[4]KATJA L,ANNE T.Financial performance in finnish largeand medium-sized sawmills:the effects of value-added creation and cost-efficiency seeking[J].Journal of Forest Economics,2008(6):1-17.
[5]JANE S.Advertising expenditure,intangible value and risk:a study of restaurant companies[J].International Journal of Hospitality Management,2008(27):259-267.
[6]高少龙.几种变量选择方法的模拟研究和实证分析[D].济南:山东大学,2014.
[7]FAN J,LI R.Variable selection via nonconcave penalized likelihood and its oracle properties[J].Journal of the American Statistical Association,2001,96(456):1348-1360.
[8]HUI Z,TREVOR H.Regularization and variable selection via the elastic net[J].Journal of the Royal Statistical Society,2005,67(2):301-320.
[9]HUANG J,BREHENY P,MA S.A selective review of group selection in high-dimensional models[J].Statistical Science.2012,27(4):481-499.
[10]BREHENY P,HUANG J.Penalized methods for bi-level variable selection[J].Statistics and its interface,2009,2(3):369-380.
[11]刘玮.影响我国中小上市公司价值的财务因素研究[D].无锡:江南大学,2009.
[12]杨宝珍.企业市场营销战略创新[J].企业经济,2011(5):76-78.
[13]方明,范烨,林卫.股权激励对公司价值影响及其原因研究综述[J].现代商贸工业,2016(16):86-89.