| 摘要: | 鋼鐵產業可謂是所有產業之母。古今中外，凡有人文發展的地方，所有產業皆貣源
鋼鐵這個產業。現今全球化的作用下，資源共享，產業分工，並且在各國政府的領導下，
對於這個基礎產業賦予全新的定義。各國因經濟環境和資源條件等的不同，造就各自在
鋼鐵產業上和產品上之結構特性。中國自改革開放以來，經濟突飛猛進，內外需求強盛，
鋼鐵產業上的需求更是強大。
在經濟過熱的情況下，中國政府展開一系列宏觀調控措施，鋼鐵這個龍頭產業首當
其沖。本研究主要觀察宏觀調控政策實施的近 4年內，調控措施對上市鋼鐵企業之獲冺
和價值的影響。將A股上市鋼鐵公司共 38家在2004年至2007 年間做研究。分析經營
績效指標如資產報酬率和股東權益報酬率以及投資價值指標如本益比、市價對凈值比和
托賓Q值。
本研究搜集此38家上市鋼鐵公司的財務數據，演算得出以上指標結果並且進行推
理。證實了宏觀調控在鋼鐵產業發揮了效應。在此研究以前，大陸研究者如何誠穎、李
翔（2007），彭韶兵、李曉寒、黃益建（2007）和巴曙松（2008）等皆證實了托賓 Q值
在中國股市上有明顯的效應。本研究在證實了中國A股的鋼鐵產業板塊裏也得到相同的
結果。本研究發現托賓Q值對於大股東減少持股、公司增資、新股上市等動作為正相關。
托賓Q越大，這些動作也越頻繁。
;The steel and iron industry may be said to be the mother of all industries.
From ancient to modern ages, in China and abroad, in every place where
industrialization has occurred, the steel and iron industry forms the foundation.
Today, the effect of globalization has resulted in sharing resources and the
segmentation of labor, and therefore this fundamental industry has been
redefined. Every country, because of their economic and environmental climate,
has created different structural characteristics in the steel and iron industry.
Ever since the Chinese economic reforms, the economy has progressed by leaps
and bounds. Economic demands domestically and internationally have been
extremely high, and have resulted in especially high demands in the steel and
iron industry.
During this overheated economic period, the Chinese government launched a
series of macroeconomic regulation and control measures. The steel and iron
industry bore the brunt of these policies. This study analyses the impacts of
these policies from 2004 to 2007 on investment value and in profit achievements.
It focuses on 38 publicly traded companies within the steel and iron industry
(on the A-listing). The measures studied include rate of return on asset,
shareholders’ rate of return, the price earnings (PE) ratio, market-to-book
rate and the Tobin Q-value.
This study collected financial data from 38 publicly-traded companies in
the iron and steel industry. The above measures were calculated and then used
to confirm that the government’s macroeconomic regulations and control has an
impact in the iron and steel industry. Prior to this research, mainland Chinese
researchers such as Ho Chang Ying, Li Xiang (2007), Peng Shao Bing, Li Xiao Han,
Huang Yi Jian （2007） and Ba Shu Song （2008） have validated that the Tobin Q-value
has dramatic effects on the Chinese stock market. This study obtained the same
results from the steel and iron industry listed in China’s A listing.
It was discovered that the Tobin Q-value is correlated to the activities
of the biggest shareholder such as selling stocks, and more fundraising plans
for companies and/or as well as more initial public offerings（IPO） in the stock
market. The larger the Tobin Q-value, the more frequent these activities. |
