Empirical Research Of Pricing Behavior On China's Port And Shipping Listed Companies

This paper explores the pricing behavior of china's port and shipping listed companies by means of experience empirical research. The daily price data is collected from the 18 listed companies since 1994 and computed by weighted average yearly pricing method; the financial ratios are established based on the income statements and balance sheets, the characteristic of each variables and the relationships between them are studied; and finally a multiple pricing linear equation is set up in order to find the trace of the pricing behavior of the port and shipping listed companies. Then this paper analyzed results mentioned above from several aspects, as follows:Analyzed the proportion of marketable stock in the total equity;Analyzed the instinct value and the characteristics of the stock of port and shipping industry, described its developing history through such indexes, as total market value, net asset per share, EPS, and P/E ratio.Analyzed the relationship between the weighted average yearly price of this industry and ShangHai stock index from long term and short term respectively.Analyzed the dividend policy of port and shipping companies, and revealed the main factors influencing its decision-making.Analyzed the main factors which influences the price of this industry through Factor Analysis and Multiple Regression Model form vertical and horizontal respectively, in vertical aspect, GDP, M1, real interest rate, EPS, and net asset per share determines the weighted average yearly price of the this industry; in horizontal aspects, net asset per share and EPS makes the stock price of one company different from another.Finally, conclusions have been made which shall be of great help to the investors, creditors and government decision makers.