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上市公司的业绩增长能力对公司价值具有非常显著的影响,投资者希望找到市场上具有持续稳定成长性的公司。本文考察了公司业绩的增长水平,业绩增长的持续性以及市场对公司业绩增长的预测能力。本文发现公司业绩增长不具有持续性,呈现较大的波动性,投资者无法通过公司历史业绩增长情况预测未来业绩增长。市场对公司的未来业绩增长的预测能力较弱,只能预测大约未来3年时间的业绩增长情况,对更长时间的业绩增长无法预测。这可能与中国股市政策变动频繁,上市公司存在较多利润操纵行为有关。
The growth performance of listed companies has a very significant impact on the value of the company, and investors want to find a company with a steady and steady growth in the market. This article examines the company’s performance growth, the continuity of performance growth and the market’s ability to predict the growth of the company’s performance. This paper finds that corporate performance growth is not sustained, showing greater volatility, investors can not predict the future performance growth of the company’s historical performance growth. The market’s weak ability to forecast future growth of the company can only predict performance growth in the next three years and unpredictability of performance growth for a longer period of time. This may be related to frequent changes in China’s stock market policies and the existence of more profit-seeking behaviors in listed companies.