《我国环保行业上市公司业绩与其股票价格的相关性研究_毕业论文》

《我国环保行业上市公司业绩与其股票价格的相关性研究_毕业论文》 诚 信 声 明 我声明～所呈交的毕业论文是本人在老师指导下进行的研究工作及取得的研究成果。据我查证～除了文中特别加以标注和致谢的地方外～论文中不包含其他人已经发或撰写过的研究成果～也不包含为获得其他教育机构的学位或证书而使用过的材料。我承诺～论文中的所有均真实、可信。 毕业论文作者签名: 签名日期: 年 月 日 Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 我国环保行业上市公司业绩与其股票价格的相关性研究 [摘 要]本文以2009年到2013年环保行业上市公司的数据为样本，对环保行业上市公司的公司业绩对公司股价的影响进行相关性分析和回归分析。研究发现在股票行情好的时候环保行业上市公司业绩中的盈利能力指标与公司股价相关性较大、回归分析中盈利能力指标对股价的解释能力较强;在股票行情不好的时候，环保行业上市公司业绩中的成长能力与公司股价相关性较大、回归分析中代表成长能力的指标对股价的解释能力较强。 [关键词]环保行业 ;公司业绩;股票价格; 相关性 Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 暨南大学本科毕业设计(论文) 我国环保行业上市公司业绩与其股票价格的相关性研究 1 绪论 ........................................................................................................................................ 0 1.1 研究背景及意义 ........................................................................................................ 0 1.1.1 研究背景........................................................................................................ 0 1.1.2 研究目的及意义 ........................................................................................... 0 1.2 研究难点、方法与论文结构 .................................................................................... 1 1.3 研究的创新点 ............................................................................................................ 1 2 国内外相关理论和实证研究回顾 ........................................................................................ 3 2.1 相关理论回顾 ............................................................................................................ 3 2.1.1 资本市场有效性理论的发展 ....................................................................... 3 2.1.2 环保行业上市公司业绩评估的各种理论与已有的业绩评价指标 ........... 4 2.2 国内外上市公司业绩与股票价格相关性的实证研究............................................ 6 2.2.1 国外的相关实证研究 ................................................................................... 6 2.2.2 国内的相关实证研究 ................................................................................... 9 3 环保行业上市公司业绩影响股票价格的理论分析 .......................................................... 14 3.1 环保行业上市公司业绩对其股票价格的影响 ...................................................... 14 3.2 影响环保行业上市公司股票价格的其它因素 ...................................................... 14 3.2.1 政府行为对股价的影响 ............................................................................. 14 3.2.2 庄家操作对股价的影响 ............................................................................. 15 3.2.3 股市投机者构成的影响 ............................................................................. 15 4 我国环保行业上市公司业绩对其股票价格的影响研究 .................................................. 16 4.1 变量定义与模型设计 .............................................................................................. 16 4.1.1 变量选择与定义 ......................................................................................... 16 4.1.2 模型设计...................................................................................................... 18 4.2 数据的来源和样本的选取 ...................................................................................... 19 4.2.1 数据的来源.................................................................................................. 19 4.2.2 数据的剔除和样本选取的 ................................................................. 19 4.3 样本相关性分析和回归分析 .................................................................................. 19 4.3.1 样本数据相关性的比较分析 ..................................................................... 20 4.3.2 样本数据的回归比较分析 ......................................................................... 21 4.4 实证结果 .................................................................................................................. 24 5 研究结论、分析及建议 ...................................................................................................... 26 5.1 研究结论 .................................................................................................................. 26 5.2 分析 .......................................................................................................................... 26 5.3 建议 .......................................................................................................................... 27 参考文献 .................................................................................................................................. 28 Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 1 绪论 1.1 研究背景及意义 1.1.1 研究背景 资本市场的有效性理论假说认为在强有效市场里，价格已充分地反应了所有关于公司营运的信息,这些信息包括已公开的或内部未公开的信息。我国的股票市场经过自1990年成立以来，已经经历了23年的考验，股民们也经历过了无数的风吹雨打，我国的股票市场也从最初的5家上市公司发展到至今的2406家上市公司，开户数从36.69万户增长到1.56亿户。随着市场监管体系和证券信息披露体系的不断完善，各种重大事件给予了投资者深刻的经验教训，广大投资者已经比过去更为理性成熟了，机构投资者所占的比例也越来越重。但由于中国股票市场股票的分红少等原因，导致许多投资者并不是抱着投资的心态去投资股票，而是抱着投机的心态。普遍观点认为我国证券市场上投机现象严重，价格失真，严重的炒作行为使股价不能很好的反应公司的真实业绩，造成股票的价格不能充分反映公司价值的情况。 1.1.2 研究目的及意义 环保行业是一个新兴产业，在生态环境遭受到严重破坏污染的中国，环保行业的未来具有良好的成长性，环保行业整体的股票市盈率也处在一个比较高的水平，公司股票的价格是否真实反映了公司的业绩，还是由于其它原因被炒高的。基于这一问题，研究环保行业上市公司业绩对其股票Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 我国环保行业上市公司业绩与其股票价格的相关性研究 价格的影响具有重要意义，不仅可以指导投资者更理性地去分析股票价格的走势，还可以了解环保行业股票价格涨跌背后真正的原因，本文深入研究一个作者比较熟悉的行业—环保行业，希望以点影响面，研究的成果对其它行业的研究者也有所帮助。 1.2 研究难点、方法与论文结构 研究的难点 (1)选取出能够有效反映公司业绩的指标并排除一些对环保行业上市公司股票价格产生影响的干扰因素，如政府行为;庄家操纵;股市投机者。 (2)在相关性回归分析中剔除ST股，送股，配股以及各种外部因素对股票价格的影响以及各业绩指标之间自相关性对研究结果的影响。 本文通过运用数量经济的方法，紧密集合理论研究与实证研究，借助SPSS统计软件，先进行相关性研究，分别从线性相关和非线性相关两个方面考察环保行业上市公司业绩指标与股票价格的相关性水平;接下来建立多元回归模型，使用公司业绩指标对股票价格进行回归分析，考察指标解释股票价格的能力。本文针对环保行业上市公司近5年的业绩对其公司股票价格影响进行研究，力图较为全面的分析环保行业上市公司业绩与股票价格的关系及其成因。 1.3 研究的创新点 已有的我国上市公司的业绩评估指标体系中更侧重盈利性指标， 1 本文在盈利性指标的基础上增加了偿债能力指标、成长性指标和现金 流量指标，再针对环保行业的特殊行业情况分析，力求更加全面地反 映公司业绩与股票价格之间的关系。 Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 我国环保行业上市公司业绩与其股票价格的相关性研究 2 国内外相关理论和实证研究回顾 2.1 相关理论回顾 2.1.1 资本市场有效性理论的发展 这一理论的最初由费玛(Eugene Fama)提出，他认为资本市场机制的运作效率在不同信息环境下有三种“有效”形式，即弱式有效、半强式有效和强式有效。其中弱式有效市场假说是在弱式有效的情况下,市场价格已充分反应出所有过去历史的证券价格信息,包括股票的成交价、成交量、卖空金额、融资金融等 ;半强式有效市场假说是指价格已充分所应出所有已公开的有关公司营运前景的信息.这些信息有成交价,成交量,盈利资料,盈利预测值,公司管理状况及其它公开披露的财务信息等.假如投资者能迅速获得这些信息,股价应迅速作出反应;强式有效市场假说是指价格已充分地反应了所有关于公司营运的信息,这些信息包括已公开的或内部未公开的信息. 迄今为止，有关这一理论的探讨并未就政府应当在证券市场效率方面起什么样的作用这一问题得出定论。但事实上，有效资本市场假说理论最重要的贡献并不在于它对应有什么样的证券管理体制和证券法规得出一个结论，而在于它作为一个描述性理论，表明了宏观、中观及上市公司层面的财务信息(包括任何影响金融指标的信息)的披露与证券价格之间的关系。这一理论建立了一个分析系统，让人们在该系统所设定的框架内，对股票价格本身的合理性，股票价格与信息披露和市场上其它各种因素的关系进行进一步的研究，从而得出自己的结论。过去二十多年来，经济、法律学界的许多学者对这一理论进行了深入、广泛的研究，写了大量的论著。 3 虽然至今各学者的说法仍是见仁见智、了无定论，但所有对证券法学理论的严肃研究都不能不涉及这一理论。各国强制信息披露政策的制定以及对强制信息披露制度成功与否的评判也大多以此理论作为出发点。 2.1.2 环保行业上市公司业绩评估的各种理论与已有的业绩评价指标 上市公司经营业绩的评估方法主要有以下几种: (1)杜邦分析法，这种方法是利用财务报表中的几个主要的财务指标来综合分析上市公司的经营状况，是从财务角度来评价企业业绩一种经典方法。净资产收益率是一个综合性最强的财务分析指标，是杜邦分析系统的核心。 (2)EVA(经济增加值)法，它是一种基于税后营业收入、产生这些收入所需要的资产投资和资产投资成本(或资本加权平均成本WACC)的经营绩效财务评定方法。 (3)综合评价法—非财务指标的引入。在公司绩效评价时不仅要考虑财务指标，还应该将非财务指标计入在内。美国学者罗伯特?卡普兰((Robert Kaplan)和大卫?诺顿(David Norton)创建了绩效评价的平衡记分卡。这种方法所采用的考核指标来源于组织的战略目标和竞争需要，它是一种综合性的绩效评定。霍尔(Robert Hall)认为评价企业的绩效应以四个尺度为标准:(1)质量尺度，(2)作业时间尺度，(3)资源使用尺度，(4)人力资源尺度。 (4)基于市场的评价方法。基于市场价值的估值方法是非常为人熟知和广泛使用的估值方法，主要有价格乘数((price multiples)和企业价值乘数(enterprise value multiples)两种。价格乘数是股票的市场价格与某些衡量每Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 我国环保行业上市公司业绩与其股票价格的相关性研究 股价值的指标的比率，企业价值乘数是公司所有资产市场价值与某些衡 量公司价值指标的比率。 自1996年5月3日起，中国诚信证券评估有限公司与《中国证券报》就己三度联合开展深沪两市的上市公司经营业绩综合评价的研究。根据各上市公司公开披露的有关资料，通过对上市公司当年的盈利水平、发展速度和财务状况三方面6个指标(包括净资产收益率、资产总额增长率、利润总额增长率、负债比率、流动比率和全部资本化比率)分别进行考核，然后按各指标的重要性不同确定各指标在综合评价时的权重。各上市公司的经营业绩综合评价总得分是各上市公司单项指标得分乘以该指标的权重的乘积之和。 在国内证券界有相当影响力的《上市公司》杂志从1999年开始进行了“沪市50强上市公司”评选活动，采用主营业务收入、净利润、总资产和市值4个指标。首先计算4个指标的各自的单项得分，然后计算综合得分，最后评选，根据综合得分排名，并剔除净利润亏损的上市公司。 徐国祥等(2000)从盈利能力(包括主营业务利润率，总资产利润率，净资产利润率，每股收益)，偿债能力(包括资产负债率，流动比率，速动比率)。 资产管理能力(包括总资产周转率，存货周转率，应收账款周转率)，成长能力(包括总资产增长率，主营业务收入增长率，净利润增长率)，股本扩张能力(包括每股净资产，每股公积金，每股未分配利润)，主营业务鲜明状况(主营业务鲜明率)这六方面17个指标来组成上市公司的业绩评估体系。 5 2.2 国内外上市公司业绩与股票价格相关性的实证研究 2.2.1 国外的相关实证研究 国外的研究从Ball和Brown 1968年的实证研究开始，国外学者们选取了不同国家不同时期的上市公司的各项相关财务指标，或现金流指标与股票价格进行回归相关性分析，取得一定的成果。 Beaver (1968)选择了1961-1965年的143家NYSE上市公司作为样本，将盈余公告期间超额回报的方差与非盈余期间超额回报的方差进行比较，得出在盈余公告期，股票价格波动幅度比非报告期的平均水平约高出6796，在盈余公告期后的两周内，仍存在股票价格超常波动(高出10%-15%)。Beaver的股票价格反应研究表明盈余公告有明显的信息含量。 Ball 和 Brown (1968)及Beaver 和 Duke (1972)都发现股票收益率与会计盈余的关联度高于与经营现金流量的关联度。后来Patell和Kaplan (1977) 在控制了会计盈余变量后考察经营现金流量与股价变动的关系，发现现金流量数据不能向资本市场提供增量信息。 Ramand (1969)对资本机构与β系数之间的关系发现公司的盈余状况与财务杠杆对β系数有显著的影响。Bildersa (1975)以逐步回归的方法选出了对β系数具有重要解释力的会计变量，依次是负债比率，优先股比率，流动比率，财务杠杆的标准差，销货和普通股权益比。 Bernard和Thomas (1978年)用1974-1986年间接近十万个季报数据分析公司业绩公布的信息含量问题，得出以下主要结论:(1)持有季报业绩最好的企业股票，卖出最差的股票在业绩公布后的60个交易日内可以获得Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 我国环保行业上市公司业绩与其股票价格的相关性研究 4.1996的超常回报，这个超常回报值与市值大小有关，(2)持有的头五个交易日(一周)后上述资产组合回报为0.796, (3)持有超过180个交易日后超常回报消失。他们总结认为，趋势性异常现象反映了这样一个投资现象:企业盈利水平至少保持在现有所公告的业绩水平上。 Beaver, Clark, 和Wright (1979)将276家上市公司从1965年到1974年的数据分成25个投资组合，考察组合间会计盈余变动与股价变动的数量关系，发现盈余的变动百分比和股价的变动百分比具有显著的正相关系:对不同年度的研究，平均的相关系数等于0.74，并且在统计意义显著的异于零。 Livnat和Zarow (1990)发现如果把现金流量按照经营活动、筹资活动和投资活动以及更细的方式进行分类，可以增强会计信息对股票收益率的解释力。 Bernard和Stober (1989)对会计盈余、经营现金流量和股票价格的关系的研究，表明，从时间角度来讲;短期内会计盈余与股票价格的关系比经营现金流量与股票价格的关系更密切，但随着时间区间的延伸，两者逐步趋向收敛，它们与股价的相关性亦逐渐趋同。他们还发现成长型公司的会计盈余与股价的相关性比经营现金流量要高，对经营周期较短的公司，其会计盈余对股价的影响明显强于经营现金流量与股价的相关性没有明显的差异，但那些经营周期较长的公司，其会计盈余和经营现金流量信息与股价的作用就不同了，前者明显地强于后者。 Bernard (1992)以美国股票市场为样本，考察了受利好消息冲击时股票价格的反应，认为股票价格存在反应滞后和反应过度的现象。Bernard (1993) 7 又通过对一批美国上市公司的数据进行相关性回归分析，得出以下结果:(1)公司的账面价值对股票价格的解释力是55%; (2)公司的账面价值与权益回报率，对股票价格的解释力是64%。 Joos和Lang(1994)对法国，德国和英国1982-1990年间的上市公司的相关财报数据进行分析，他们发现德国公司的账面价值与收益率对股票价格的解释力为20%-38%，法国公司为480.78%，而在英国该结果为14%-42%。他们并没有研究相关性的增长。 Harris et al. (1994)分别对美国和德国1982至1991年间的上市公司的会计信息对股价的相关性进行研究，他们发现整体回归的拟合优度在德国和美国之间是相似的，然而对于账面价值，收益率对股票价值的相关系数来说，德国公司要大于美国公司。 Colins et a1.(1997)运用美国上市公司1953至1993年的财务报告等相关数据进行分析，研究表明账面价值和公司收益对股票价格的相关性是逐年增长的，同时他们发现，公司收益对股票价格的相关性是减弱的，而帐面价值对股票价格的相关性是增强的，所以整体而言，相关性是增强的。同时，BVPS和EPS对股价的回归系数从1953至1962年的52%增长到1984至1993年的69%。 King和Langli (1998)运用T德国，挪威和英国1982至1996年15年间的相关数据进行回归分析，他们发现德国公司的账面价值对股票价格的相关性是逐年显著则增长的，而EPS的相关性则是逐年下降的，同时其他数据的相关性没有很大的变化。挪威公司的帐面价值，EPS对股票价格的相关性在各年间并没有很大的波动。，在英国，账面价值的相关性Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 我国环保行业上市公司业绩与其股票价格的相关性研究 在增长，而EPS的相关性则没有变化。 Roger C. Graham和Raymond D. King (2000)运用印度尼西亚，韩国，马来西亚，菲律宾，台湾和泰国1987至1996年上市公司的相关数据，进行各种财务数据和股票价格之间的相关性分析，得出该六国的账面价值，留存盈余对股票价格是显著相关的。 从以上文献可看出，过去曾经有大量的学者研究过公司业绩与股票价格的相关性，得出了许多宝贵的结论，但是存在的问题是研究的年代较为久远，一般集中在20世纪且选取的公司业绩指标较为片面，不能全面地衡量一个公司的总体情况。 2.2.2 国内的相关实证研究 我国国内的学者选取不同的财务指标体系来反映上市公司的业绩，从各个不同的角度，运用不同的计量方法模型来研究了上市公司业绩与股票价格的相关性。 赵宇龙(1998)采用事项研究法研究表明在上海证券市场未预期会计盈余的符号与股票非正常报酬率的符号之间存在统计意义的显著相关。 李岳等(1998)对沪市A股市场价格波动与红利政策、财务指标以及产业特征的关系进行了截面数据分析，认为:红利率与股价波动负相关，股票价格的波动与股份公司的资产负债率正相关，股份公司的投资收益率与股价变动程度正相关。 陈晓、陈小悦和刘钊(1999)将净资产收益率作为代表企业盈余水平的指标，证实在中国A股市场这一独特的新兴资本市场上，盈余数字同样具有 9 很强的信息含量，在一定程度上存在着盈余的预示效应。 傅胜华，陈斌(2000)研究发现主营业务利润率，总资产利润率，净资产收益率，每股收益，股东权益比率，流动比率，总资产周转率，存货周转率，应收账款周转率，总资产增长率，主营业务收入增长率，净利润增长率，每股净资产，每股公积金，每股未分配利润，主营业务鲜明率，所属行业等18项基本面指标对股票价格的解释力只有43%. 魏兴耘(2002)研究得出上市公司股票价格与盈利之间有一定的相关性，但盈利的变动不必然地带来价格的变动。 穆良平、史代敏(2002)通过分析上市公司每股收益、净资产收益率与年末上证指数秩相关系数统计量和kendall检验统计量值，得出上市公司整体业绩的变化与市场波动不存在正向相关关系的结论。 史美景(2002)通过对2000年30只非亏损股票股价与每股收益，流动比率，速动比率，等7项财务指标的回归分析，发现这些财务信息对股票价格有一定影响，显著性强的是每股收益及速动比率。每股收益的影响作用强于速动比率，说明股价基本上是提前反映了年报的会计信息。一是因为某些机构投资者提前掌握了公司的盈利状况;二是因为投资者通过对过去公司财务状况的分析，对公司未来的盈利有了一定的预期。RZ= 0. 55，说明每股收益及速动比率对股价的影响的解释程度是55%。 黄应绘(2003)研究表明每股收益，净资产收益率与股票价格显著的线形相关;净利润增长率，资产负债率，流动比率对股票价格无明显的线形关系;单个变量的解释能力，每股收益最强;各变量与当年末股价的相关程度大于Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 我国环保行业上市公司业绩与其股票价格的相关性研究 各变量对次年S月末的股价的相关程度;资产负债率与当年的股价都是负相关的。 宫天宇(2003)发现股票价格存在着针对信息的超前和滞后的现象;股票价格存在着过度波动的现象，但仅限于净资产收益率靠前的公司;信息的强弱不同导致股票价格的反应程度不同。 陆静，孟卫东，廖刚(2002)研究表明每股收益比现金流量能更精确地解释股票价格;与国外成熟资本市场相比，我国上市公司的现金流量在股票定价中基本上不具备信息含量，特别是经营现金流量，竟然与股价呈相反趋势变化;发现了我国资本市场存在功能锁定的证据，投资者对上市公司价值的评估往往局限于每股收益，忽视了现金流量等其他财务指标。 郭旭芬(2004)对A股上市公司财报中业绩指标与股票价格进行回归分析，发现它们之间具有一定的相关性。 李寿春(2004)通过对中美两国的上市公司基本业绩与股票价格相关的差异比较后发现:中国上市公司的利润与净资产对股价的综合解释力远远低于美国上市公司。 郭鹏飞，杨朝军(2003)基于行业特征对我国上市公司业绩与股价收益之间的关系进行实证研究后发现，不同行业的上市公司的股价的收益和风险并无显著的差异。 戴丽萍(2004)选取沪市上市公司2001年年报的相关财务数据:每股收益，每股净资产，主营业务毛利率，主营业务利润占总利润的比率，流动比率，速动比率，资产负债率，应收款项周转率，存货周转率，净利润增 11 长率，总资产增耸率等十项指标和2002年4月30日的收盘价进行回归分析，同时还按流通股规模将上市公司分为两个样本区间:4000万股--5000万股为第一区间，3亿股--4亿股为第二区间。得出如下基本结论:一是在第一样本区间，每股净资产值、每股收益、流动比率以及资产负债率指标对股价都有直接的显著影响，在第二样本区间，每股净资产值、每股收益、净利润增长率指标对股价有直接的显著影响，说明财务指标对股价是有影响的，市场是有效的;二是股东利益指标与公司股价呈正相关，企业的债务比率与股价是负相关关系;三是企业净利润增长率对股价有积极的影响。 于海燕，黄一鸣(2005)通过相关性分析得出股票价格与每股收益，资产报酬率，销售毛利率，权益报酬，每股股利等5个财务指标最为相关，而我国的股价和每股营业现金净流量，全部资金回收率等现金流量的指标的联系不紧密。 李礼，洪源(2005)通过对2001年至2003年我国上市公司的市净率与净资产收益率分19个行业进行相关性分析，研究结果表明，虽然当前我国股市中大部分的上市公司业绩仍与股价的变动相背离，然而投资者的行为正逐渐趋于理性化。 晏艳阳，胡俊(2006)通过对1993年至2000年沪深两市的上市公司的综合业绩与股票价格指数进行相关性分析，得出以下结论:1993年至2000年以每股收益和和资产利润率为指标的公司业绩呈现下降趋势，而股价指数却存在上升趋势，证券市场价格走势与上市公司业绩之间不存在长期均衡的关系。该结论表明，我国证券市场的价格是脱离其依托主体—上市公司Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 我国环保行业上市公司业绩与其股票价格的相关性研究 业绩的变化而变化的。 从以上文章可见，虽然总体上来说中国股票市场公司业绩与股票价格相关性不强，但有越来相关性越明显的趋势，以上国内文献存在的不足之处有研究的对象过于宽广，没有具体的针对某个行业进行深入分析，仅仅就大盘进行了分析。 13 3 环保行业上市公司业绩影响股票价格的理论分析 3.1 环保行业上市公司业绩对其股票价格的影响 在一个发达的资本市场中，公司的业绩和发展潜力是股票价格的决定性因素，公司业绩与股票价格基本上呈正相关，但在中国的股票市场中，由于发展的历史不是很久，制度相对不是很完善，投资者也相对不是很成熟，在股票投资的过程中，非理性的行为相对比较多，很多时候会出现追涨杀跌的情况，但随着多次牛市和熊市的洗礼，经过全民炒股的历练过后，广大的股民也从慢慢成熟起来，变得越来越专业。另外，由于环保行业是一个高成长性的行业，因此，本文假设环保行业上市公司业绩中反映的成长能力指标与其股票价格相关性较显著，回归分析中环保行业上市公司业绩中反映的成长能力指标对其股票价格的影响权重也较大。 3.2 影响环保行业上市公司股票价格的其它因素 3.2.1 政府行为对股价的影响 从1990年中国股票成立开始，每次政府较大的信息发布或政策变动就会对中国股票产生重大影响，从历史来看，政府在股票市场中扮演着举足轻重的作用，形成具有中国特色的“政府一托就涨，一压就跌”的现象。政府行为对股价造成重大影响，我认为主要有以下两个原因: (1)经济的余温并没有消退，证券市场功能定位扭曲，当年股票市场成立的很大一部分原因是为大量国有企业在股票市场上筹集资金进行股份制改革服务，融资的功能突出，但投资的功能不足。能够进入股票市场上市融资的企业也大部分是国有企业或者是与政府有着各种联系的企Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 我国环保行业上市公司业绩与其股票价格的相关性研究 业，所以政府为了保护国有企业或与自身有联系企业的利益，需要频繁地来干预股票市场。 (2)政策多变且不具有连续性，让投资者无所适从，投资者的投资行为随着政府政策的频繁变动而变动，这是“政策市”形成的一个重要原因。 3.2.2 庄家操作对股价的影响 庄家通过各种途径聚集资金，操纵股价，通过不断倒卖手中的股票，把股票价格拉抬到原来价格的几倍甚至10几倍，从中获取巨额利润，不但造成了股价价格的巨幅波动，而且还会让许多追高的投资者被套。庄家选择股票炒作的时候有时会选择一些垃圾股去炒作，违背了价值投资的规律，造成了很恶劣的影响。 3.2.3 股市投机者构成的影响 股票市场上的投资者可以简单地分成两种，一种是个人投资者，另外一种是机构投资者，个人投资者的资金较少，热衷于中短期投资，无法长期持有股票，他们对股票的基本面并不太关注，投资中的非理性行为影响会较大一些，并且由于个人投资者投资专业知识和时间不足，他们并没有充足的时间去研究股票的内在价值，所以个人投资者追涨杀跌的行为较为严重，而追涨杀跌的行为会导致股票价格的剧烈波动。 15 4 我国环保行业上市公司业绩对其股票价格的影响研究 4.1 变量定义与模型设计 4.1.1 变量选择与定义 (一)被解释变量:环保行业上市公司的每股价格。 (二)解释变量:本文选择了为人熟知和广泛使用的估值方法—基于市场的评价方法，选择了对环保行业上市公司具有代表意义的10个指标 (1)代表盈利能力的解释变量有每股收益、净资产收益率、每股营业总收入、每股净资产。 公司的盈利能力是上市公司业绩评估中及为重要部分，是公司价值的主要体现之处，本文选择在分析上市公司业绩，分析公司报表时较常用的也是投资者们很重视的每股净收益指标，每股净资产指标，净资产收益率指标。同时因为依据会计准则的规定，在净收益指标中常常会存在一些不稳定的因素，如一次性投资收益(如股权转让、股票债券投资)，一次性其他业务利润(如土地使用权转让)，一次性投资收益(如股权转让、股票债券投资)，营业外收益(如资产转让)，政府补贴性收入，免税等。这些因素在衡量公司盈利能力会对净收益指标产生干扰，而主营业务利润率指标能够排除以上的干扰，以它作为净资产收益率和每股净收益指标的良好的补充，能更充分全面的反映了企业的真实盈利能力。同时主营业务收入也是反映公司最为核心的盈利能力的一个指标。 (2)代表偿债能力的解释变量有资产负债率、流动比率。 Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 我国环保行业上市公司业绩与其股票价格的相关性研究 偿债能力是一个公司能否长期经营的重要指标，如果公司资不抵债时，就算公司的盈利能力很高的时候，公司的也容易出现财务运转问题而无法经营下去。本文选择资产负债率，流动比率这两个较能代表公司偿债能力的指标，资产负债率是总资产与总负债比率，体现了公司的长期偿债能力，而流动比率是流动资产与流动负债之间的比率，反映了公司的短期偿债能力，两者从整体到局部的来较为全面地考察公司的偿债能力和资产的变现能力。 (3)代表成长能力的解释变量有净利润增长率、总资产增长率、净资产增长率。 依照经验分析，公司的成长能力应该是对股价有一定的影响，它左右投资者对公司未来盈利的预期，从而应该与股价相关。本文选取净资产增长率，总资产增长率，净利润增长率作为描述公司成长能力的指标。这些指标能够从整体到局部，不同层次不同方面较为全面地反映公司的成长能力。 (4)代表现金流量的解释变量有每股经营现金流。 对于公司经营业绩的描述，除了运用资产负债表中的数据外，现金流量指标也是很重要的，而且现金流量不受具体会计方法影响。1986年美国财务会计准则委员会(FASB)决定用《现金流量表》取代《企业财务状况变动表》，以增加财务报表的有用性。在现代经济环境下，投资者和学者们更关注上市公司的现金流量。同时现金流量分析可以检验公司盈余的质量，由于目前上市公司运用会计方法的自由度开始变高，投资者对财务报表术 17 语的取得正确有效的认识越来越困难的情况下，利用现金流量分析公司业绩的方法日益盛行。本文选取公司经营现金流量作为现金流量的指标。 表4-1是本文的被解释变量与解释变量的选取汇总。 表4-1 本文被解释变量与解释变量的选取 模型 解释变量 被解释变量 回归方法 每股收益 每股净资产 净资产收益率 1 每股价格 全回归法 流动比率 总资产增长率 净资产增长率 4.1.2 模型设计 设公司的业绩(如每股收益、每股净资产)为X(i=1,2,„,n)，对应时i 间点的每股价格为P，β为常量，则本文的模型可表示为 P=β+βX+βX+„„+βX 11221010 Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 我国环保行业上市公司业绩与其股票价格的相关性研究 4.2 数据的来源和样本的选取 4.2.1 数据的来源 本文所使用的数据主要来自WIND数据服务中心，获得原始数据后对部分数据进行了相应的处理得到本文研究所需用到的数据。 4.2.2 数据的剔除和样本选取的标准 本文的样本是A股环保行业上市公司在2009到2013年每年年末最后一个交易日有交易的上市公司。在这基础上剔除了两种类型的股票，第一是年末时有转配股行为的股票，因为这种活动会使股价产生剧烈的波动。第二是经营状况较差的ST股。按照以上三个标准，2009年选择了21个样本，2010年34个样本，2011年46个样本，2012年47个样本，2013年35个样本。 4.3 样本相关性分析和回归分析 本文相关性研究分为两个部分: 第一部分，本文首先用计量方法对样本中上市公司2009年到2013年的相关数据进行分析，分别研究各项指标与股票价格的相关性，以此得出股票价格与每一个指标的相关性，力求比较全面的了解股票价格和业绩指标的相关性水平。 19 第二部分，使用指标体系中的所有相关指标对2009年到2013年上市 公司的股票价格进行回归分析，使用全部回归法和逐步回归法，得出相关 业绩指标对股价的回归方程。 4.3.1 样本数据相关性的比较分析 为了对中国上市公司业绩与股票价格之间的相关性进行研究，首先对 2009年到2013年数据的相关性进行实证研究，选取了180个上市公司的样 本，运用SPSS软件分别分析了股票价格与每股收益、每股净资产、每股主 营业务收入、净资产收益率、资产负债率、流动比率、净资产增长率、总 资产增长率、收益增长率和经营现金净流量的相关性。结果如表4-2: 表4-2 2009年至2013年环保行业上市公司业绩与每股价格相关系数 每股每股净资每股资产流动净资总资净利每股 收益 净资产收营业负债比率 产增产增润增经营 产 益率 收入 率 长率 长率 长率 现金 流 Pearson系***********0.451 0.478 0.24 0.055 -0.285 0.163 0.306 0.319 0.135 -0.008 数 Spearman************0.462 0.517 0.219 0.135 -0.327 0.27 0.263 0.191 0.158 -0.069 相关系数 Kendall相********0.316 0.353 0.151 0.095 -0.215 0.174 0.171 0.123 0.11 -0.046 关系数 样本数 183 183 183 183 183 183 183 183 183 183 ** 为99%可靠度下，相关显著(双尾检验) *为95%可靠度下，相关显著(双尾检验) 数据来源:通过对上市公司相关数据统计分析而得 Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 我国环保行业上市公司业绩与其股票价格的相关性研究 由上表可以看出: (1)盈利指标中，每股收益、每股净资产和净资产收益率与股票价格存在显著的线性相关，而每股营业收入这项指标则不存在显著的线性相关。 (2)负债指标中，流动比率、净资产同比增长率、总资产同比增长率与股票价格存在显著的线性相关，而资产负债率和净利润同比增长率这两项指标则不存在显著的线性相关。 (3)现金流量指标中的每股经营现金流与每股价格不存在明显的线性相关。 4.3.2 样本数据的回归比较分析 在上一部分，本文使用了相关性研究的方法得出了我国上市公司业绩指标与股票价格的相关性关系。在选择的10个指标中，每股收益、每股净资产、净资产收益率、资产负债率、流动比率、净资产同比增长率和总资产增长率和每股价格的有显著的相关性，所以在下文的回归分析中选取与每股价格存在明显相关性的每股收益、每股净资产、净资产收益率、资产负债率、流动比率、净资产同比增长率和总资产增长作为解释变量，把每股价格作为被解释变量，详见下表4-3 21 表4-3 变量输入输出表 模型 解释变量 被解释变量 回归方法 每股收益 每股净资产 净资产收益率 1 每股价格 全回归法 流动比率 总资产增长率 净资产增长率 表1给出的是解释变量进入模型的方式，6个解释变量分别为每股收益X、每股净资产X，净资产收益率X、流动比率X、总资产增长率X和12345净资产增长率X这6个解释变量被强制纳入回归模型。 6, 表4-4 模型综合表 模型 相关系数 可决系数 校正可决系数 估计标准差 1 0.511 0.261 0.235 7.27341 2表4-4 显示了相关系数R = 0. 511, 可决系数R= 0. 261 及校正的可决 2系数R = 0. 235, 说明被解释变量y 与所选6个自变量之间的相关性一adj 般。 Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 我国环保行业上市公司业绩与其股票价格的相关性研究 表4-5 方差分析表 模型 平方和 自由度 均方差 统计量F 检验值P 3231.852 6 538.642 10.182 0.000 回归 1 9152.126 173 52.902 残差 12383.978 179 总偏差 表-5是方差分析表，回归平方和SRR=3231.852, 残差平方和SSE= 9152.126, 总偏差平方和SST= 12383.978, 对应的自由度分别为6, 173, 179, 回归均方差MSR= 538.642, 残差均方MSE = 52.902, 回归方程的显著性检验统计量F =10.182, 检验P=0. 000< 0. 05, 说明至少有1 个自变量的回归系数不为零, 所建立的回归模型有统计学意义。 表4-6 系数分析表 非标准化回归系数 标准化检验值 检验值 共线性统计 模型 回归系t P B 标准差 允许误差 VIF 1 数 6.401 1.494 4.284 0.000 常数项 0.861 0.414 0.310 2.080 0.039 0.192 5.210 每股收益 X 1 0.025 0.128 0.023 0.193 0.847 0.289 3.458 净资产收 益率 X 3 0.006 0.007 0.093 0.877 0.382 0.382 2.621 流动比率 X 4 -5.6650.012 -0.001 -0.005 0.996 0.353 2.833 总资产增 E-005 长率 X 5 表4-6为系数分析表，由表5可知按α=0.05显著性水平，除了每股收益X1以外，解释变量净资产收益率X、流动比率X和总资产增长率X这3个指标345 23 均与解释变量不存在较为显著的线性关系。其中解释变量每股净资产X和2净资产增长率X因为与其它的解释变量存在共线性所以没有被列入到回归6 方程里。 表4-7 共线性诊断表 模型 维数 特征值 状况指数 变异构成 常数每股净资产流动比总资产增 项 收益收益率率 长率 X X X X 1345 1 1 4.723 1.000 0.00 0.00 0.00 0.01 0.01 2 1.011 2.161 0.02 0.00 0.01 0.16 0.07 3 0.613 2.776 0.00 0.00 0.07 0.06 0.02 4 0.277 4.128 0.00 0.03 0.08 0.10 0.18 5 0.204 4.806 0.34 0.00 0.02 0.18 0.02 6 0.146 5.692 0.03 0.06 0.16 0.35 0.70 7 0.025 13.862 0.60 0.91 0.65 0.14 0.01 表4-7为共线性诊断表。回归模型中各项( 包括常数项) 的变异被各主成分所能解释的比例, 即各主成分对模型中各项的贡献。如果某个主成分对两个或多个自变量的贡献均较大( 如大于0. 5) , 说明这几个自变量间存在一定程度的共线性。由表可见, 第7 主成分的每股收益X与净资产收益率1 X严重的共线性问题。 3 根据回归系数分析表, 用全回归法最后得到的多元回归方程式为: y=0.861X+0.025X+0.006X-5.665E-005X+6.401 1345 模型的回归系数为R = 0. 511 4.4 实证结果 (1)盈利指标中，每股收益、每股净资产和净资产收益率与股票价格存在显著的线性相关和非线性相关，而每股营业收入这项指标则不存在显Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 我国环保行业上市公司业绩与其股票价格的相关性研究 著的线性相关和非线性相关。 (2)负债指标中，流动比率、净资产同比增长率、总资产同比增长率与股票价格存在显著的线性相关和非线性相关，而资产负债率和净利润同比增长率这两项指标则不存在显著的线性相关，但存在明显的非线性相关。 (3)现金流量指标中的每股经营现金流与每股价格不存在明显的线性和非线性相关。 (4)环保行业上市公司的业绩与股票价格之间存在较为显著的线性回归关系。但从多元回归分析的结果来看, 公司业绩各因素之间存在较为强烈的共线性问题, 如每股净资产、每股营业收入、每股经营现金流、资产负债率、净利润同比增长率和净资产增长率就因为和解释变量共线性的问题而没有被纳入到回归方程中。 (5)由于标准化偏回归系数 比较可靠的反应了自变量( X, X, X, X) 1345对因变量y 的贡献大小, 结合例中数据( 标准化回归系数Beta 依次为0. 310、0.023、0.093、-0.001) , 容易得出环保行业上市公司业绩对每股价格的影响权重, 即每股收益> 流动比率> 净资产收益率> 总资产增长率。 25 5 研究结论、分析及建议 5.1 研究结论 本文对2009年到2013年股票市场中环保行业上市公司的业绩指标与其股票价格的关系研究结果总结如下: (1)本文所选环保行业中上市公司的业绩指标中，每股收益、每股净资产、净资产收益率、流动比率、净资产同比增长率和总资产同比增长率与每股价格有显著的相关性。 (2)通过回归分析可知每股收益、流动比率、净资产收益率和总资产增长率这四个指标在用全回归方法回归时被纳入到回归方程中且每股价格影响的权重依次为每股收益> 流动比率> 净资产收益率> 总资产增长率。 5.2 分析 本文选取了环保行业上市公司业绩指标中具有代表性的10个指标来进行相关性分析，其中的6个在统计学上出现了与每股价格显著的相关性，与前人的研究相比，环保行业上市公司业绩与其股票价格相关性的水平相对较高，环保行业是一个新兴的行业，行业中许多的公司也是最近几年才上市的，历史不是很长，环保行业上市公司业绩与其股票价格相关性相对较高，可以从侧面说明股票市场的投资者越来越理性，更加注重股票的内在价值。 环保行业是一个成长性较高的行业，理论上来说应该是在相关性分析中公司业绩指标中成长能力的指标与股票价格的相关性较强，在回归分析中公司业绩指标中成长能力的指标对股票价格的影响权重更大，本文研究Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 我国环保行业上市公司业绩与其股票价格的相关性研究 得出的结果是在相关性分析中，选取的3个成长能力指标中有2个与股票价格有显著的线性相关性，有3个与股票价格存在显著的非线性相关，选取的4个盈利能力指标中有3个与每股价格存在线性和非线性相关性。回归分析中，公司盈利能力中的指标每股收益对每股价格的影响权重比公司业绩指标中的成长能力指标总资产增长率重。从结果中可看到在相关性分析中公司业绩指标中成长能力的指标与股票价格的相关性较大，但在回归分析中公司业绩指标中成长能力的指标对股票价格的影响权重不大，与理论假设不太吻合，说明目前股票投资者分析环保行业股票的时候还是以每股收益为首要的指标。 5.3 建议 环保行业上市公司业绩与其股票价格的相关性较显著，但从回归性分析中可以发现股票投资者最关注的指标是公司的盈利能力中的每股收益而不是公司的成长能力指标，这与理论分析有点背离，因此，后人可以继续做这方面的研究，关注投资者对环保行业上市公司业绩指标的偏好程度有没有发生变化。 27 参考文献 [1] Ball, R. P.Brown.An Empirical Evaluation of Accounting Income Numbers [J].Journal of Accounting Research, 1968(Autumn): 159178 [2] Beaver，W. H. The information Content of Annual Earnings Announcements [J]Journal of Accounting, 1968 (Supplement) [3] E. Fama. Efficient Capital Market: II [J].Journal of Finance, 199146(5): 1575~1617 [4] E. Fama. Efficient Capital Markets: A review of Theory and Empirical Work [J].Journal of Finance, 1970(25):383-417 [5] Livnat，J.，P. Zarow .The Incremental Information Content of Cash flow Components[J].Journal of Accounting and Economics., 1990 (13):25-46. [6] Roger C. Graham and Raymond D. King.Accounting Practices and the MarketValuation ofAccounting Numbers: Evidence from Indonesia, Korea,Malaysia, the Philippines, Taiwan, and Thailand [J].The International Journal Of Accounting 2002,35(4):446470 [7]陈晓.陈小悦.刘钊.A股盈余报告的有用性研究[J].经济研究，1999 (6) [8]傅胜华。陈斌。股票价格中会计报表信息含量的实证研究[J].新金融，2000 (5):3841 [9]宫天宇.上市公司的中报对我国股票价格的影响[J].财经科学，2003，增 刊:281-282 [10]李礼.洪源.我国上市公司业绩与股票价格之间关系的实证研究[J]。经济 问题探索，2005 (9):113-115 [11]林颖.上市公司经营状况与股票价格关系分析[J].工商管理，2004 (9): 48-50 [12]陆静.孟卫东.廖刚.上市公司会计盈利、现金流量与股票价格的实证研究 [J] .经济科学，2002 (5):34^-42 [13]梅君.股市第一案的罪与罚[Jl.中国审记，2003 (12) :25^27 [14]孙爱军.陈小悦.关于会计盈余的信息含量的研究一兼论中国股市的利润 Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development. 我国环保行业上市公司业绩与其股票价格的相关性研究 驱动特性[J].北京大学学报(哲学社会科学版)，2002(1):1526 [15]史美景.会计信息对股票价格影响作用的回归分析[J].统计与信息论坛， 2002(3):33^,62 [16]王进.张百祥.西方企业业绩评价方法评析[J].财会月刊，2004 (10) :50- 51 [17]徐国祥.檀向球.胡穗华。上市公司经营业绩综合评价及其实证研究[J].统 计研究，2000 (9) :44^51 [18]晏艳阳.胡俊.股票价格与上市公司业绩的关联分析一对中国证券市场的 研究[J].系统工程，2006(8):63-69 [19]阎金愕.李妹.会计信息披露、股票价格变动以及资本市场效率之关系研 究[J].财会月刊，2000 (2):02-04 [20]杨志中国上市公司业绩预告与股价变动分析[J].经济与管理，2005 (11):80^82 [21]杨淑娥.王小荣.我国上市公司信息披露监管体系框架分析[J].中国注册 会计师，2002 (9) [22]余银华.李中华.周应堂.企业经营业绩评价财务指标及其局限性[J].现代 经济探讨，2000 (4) :57-60 [23]颜志刚.企业业绩评价系统的设计逻辑[J].决策参考，2004 (9) :35-36 [24]张兵.中国股票市场有效性研究[M].南京:南京大学出版社，2004:4580 [25]赵宇龙，会计盈利披露的信息含量—来自上海股市的经验数据[J].经 济研究，1998 (7) [26]钟琳.上市公司业绩评价的探讨[J].武汉市经济管理干部学院学报，2004 (3):54^-57 29 [27]夏宏涛.公司业绩与股票价格的相关性研究 [D] 东北财经大学 [28]洪婷.中国上市公司的业绩与股票价格的相关性研究 [D] 浙江大学 Opinions and suggestions on the party's mass line educational practiceAccording to the central and provincial, municipal unified deployment, according to municipal Party committee "about carrying out the party's mass line educational practice activity in the city's implementation opinions, the spirit of the party's mass line educational practice activities from 20** in January to 99 months, carried out at all levels of departments and directly affiliated institutions and grass-roots party organizations. According to my actual County, the county to carry out the education practice put forward the following implementation opinions.First, the overall requirementsCounty county education practice to the eighteen Party of eight, the spirit of the the third Plenary Session of the 18th CPC Central Committee as the guidance, conscientiously implement the spirit of general secretary Xi Jinping book series of important speech, earnestly implement the Central Committee really, opinions and advice > < < >, < party implementing the guiding ideology of opinions to determine the objectives and requirements, step method, in accordance with the "" look in the mirror, dress up, wash bath, cure treatment, the general requirements of "for the people pragmatic honest people as the theme, in carrying forward the spirit of Zhuanglang Zhuang, improve their work style, service to the masses of the people, the foundation of consolidating grassroots, promote transformation across efforts, to further implement the central eight regulations and < The opposition party and government austerity waste regulations "," double section "provincial regulations, municipal provisions of the" twelve "plan and the implementation measures for < on improving the work style of close ties with the masses law, highlight style building, carry out the whole wind spirit, resolutely oppose formalism, bureaucracy, hedonism and wasteful extravagance to solve the problems, Party members and cadres of the style and the masses of people strong, the Ministry of Party members and cadres to further improve their thinking and understanding, to further change the style of the wind, the masses to close, honest and pragmatic people honest image to further establish the foundation to further reinforce the basic level. Style of the building of the new results to promote the construction of a powerful force of the county and the ecological culture of the county and county construction.In educational practice activities of the unit is mainly: the county and below county departments under the organs, enterprises and institutions directly under the township, street, and community, village, non-public economic organizations, social organizations and other grass-roots organizations. Agencies and branches, each single unit, follow the rules on internal institutions. Educational practice with step by step.To adhere to the county leadership, leadership and leading cadres to focus on outstanding catch to directly contact the service of the masses of law supervision departments and window units, service industry, educational practice, pay attention to grasp the heavy towns, streets and villages, community education activities and the masses of grassroots groups in close contact to strengthen, and the majority of Party members, cadres and the mass line line Marx doctrine view of the masses and the party's education.Always speak seriously as a basic attitude, adhere to positive education, to carry out criticism and self criticism group, adhere to the pragmatic, more emphasis on leadership, pay more attention to the layers of the demonstration, more focus on the four winds, solve the problem, pay more attention to open the door, the participation of the masses, pay more attention to the classification guidance. Orderly, pay more attention to the cooperation and cohesion driven, more strict requirements on injection, really supervision practice, ensure education practice is not empty is not empty is not partial, not as a mere formality.Two, the key point of the taskThe main task of the county's education practice is to seize against "four wind" this focus on centralized solve outstanding problems asked County, township leadership and leading cadres of the four winds, the disadvantages of the style, scale behavior to a large scale investigation, overhaul, cleaning greatly. At the same time, respond to the concerns of the masses, safeguard the interests of the masses, pay attention to solve practical problems, solve the people around the unwholesome tendencies especially on eat, take the card, Yong lazy luxury, extravagance and waste fees, privileges and other issues, timely and effective, without any discount to solve, to improve the style of real implementation of the requirements of real to the grassroots, real let group Benefit the public.(a) focus on solving the "four winds" outstanding issuesThe central and provincial requirements, the county leadership and leading cadres of key performance concept is not correct, do not dare to play, to engage in "image project", "political project", a leadership guide, a set of ideas, orders and prohibitions, and a policy, there are countermeasures county. The units directly under the heavy focus on solving Yung lazy drag, buck passing skin, work is not implemented, the service is not active. The dynamic problem of law enforcement and supervision departments and window units, service industry mainly solve the door hard, ugly face, something difficult, and arbitrary charges, fines, levies, and breach of privilege, chinakayao, not the problem of law. The township, street The collar of leading bodies and leading cadres to solve key does nottheir own conditions to develop the correct road, the maximum to avoid investment risk, gain profit.(three) vigorously promote the brand. To establish brand awareness, awareness of the use of brand, brand value, brand acquisition performance, enhance the competitive strength. Concentrated manpower, careful planning, packaging and publicity of a number of unique, market influence and coverage of the brand, the implementation of key breakthroughs, to enhance the competitive strength, walking business road the competition of alienation and characteristics, the pursuit of stability and development of the market.(four) to promote the integration of resources. To further broaden their horizons, effective integration of resources within the group, the city resources, other industries and regional resources, mutual trust, mutual benefit, seeking win-win principle, in the framework of national policies and regulations, strict inspection and argumentation, legal consultation, examination and approval procedures, strict regulation of economic activities, attract injection the social investment to the industry group, to achieve leveraging the development, ensure that the value of state-owned assets.(five) to strengthen the construction management personnel. Strengthen the management of education and training of cadres and workers of the existing business, firmly establish the concept of the market, enhance the sense of crisis to adapt to market competition, the sense of urgency, improve the ability to respond to market competition, improve management and operation of the market. At the same time, according to the need of industrial development, vigorously the introduction of high-quality management management personnel, and strive to build a high-quality professional management team, hard work, and promote the entire workforce knowledge structure, age structure, structure optimization and upgrading ability, enhance core competitiveness, adapt to the need of market competition.(six) seriously study the policy for policy. Serious research about social support the development of cultural undertakings in the country and the XX policy, especially the policy of industrial development, financial investment policy, financial policy and tax policy, and actively seek policy, projects and funds, enterprise and industry group mission to promote leapfrog development.