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利用剩余收益估价模型能提高股票价格的解释能力和预测价值的准确性,因此剩余收益的来源显得至关重要。以2001年~2005年中国A股制造业上市公司为研究对象,采用Panel Data和OLS回归方法,从竞争的视角对公司剩余收益的来源进行检验。研究结果表明,剩余收益确实来源于企业的经营活动,并随着产品市场竞争程度的增强而降低;公司不同性质的负债杠杆对剩余收益产生截然不同的影响,经营负债杠杆产生正面影响,金融负债杠杆产生负面影响,这种影响随着竞争程度的减弱而增强;同时剩余收益随着公司规模的扩大、市场份额的拓展、产品差异化和资产专用性程度的提高而提升。
The use of residual income valuation model can improve the explanatory power of stock prices and the accuracy of the forecast value, so the source of residual income is crucial. Taking the listed A-manufacturing companies in China from 2001 to 2005 as the research object, panel data and OLS regression method were used to test the source of the company’s residual income from the perspective of competition. The results show that the residual income does come from the business activities of enterprises and decreases with the increase of the market competition degree. Debt leverage of different nature has distinctly different impact on the residual income, and the leverage of the operating liabilities has a positive impact. The financial liabilities Leverage has a negative impact, this effect with the degree of competition weakened and enhanced; the same time the remaining income with the expansion of the company, the expansion of market share, product differentiation and increase the degree of asset specificity and enhance.