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Profitability analysis of Chinese listed firms: 1992–2004


This research collects and analyses the profitability data of Chinese listed companies from 1992 to 2004. Results show that, on average, the profitability of Chinese listed companies has declined over the period. Post-IPO earnings also exhibit a downward trend. A further analysis reveals that changes in listed firms’ profitability ratio follow a strong mean reversion pattern.


根据历史数据, 研究分析了我国上市公司1992 年到2004 年间的盈利状况。 研究发现, 平均来讲, 我国上市公司的盈利水平在这一时间段内有显著的下降; 公司上市后的业绩也呈下滑趋势; 同时, 上市公司的盈利能力有着较强的均值回归特性。


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Correspondence to Jianjun Niu.

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Translated and revised from Zhongguo Kuaiji Pinglun 中国会计评论 (China Accounting Review), 2007, 5(2): 165–180

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Niu, J., Yue, H. & Jiang, G. Profitability analysis of Chinese listed firms: 1992–2004. Front. Bus. Res. China 2, 497–517 (2008).

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