Aeroelastic　properties　of　two-dimensional　panels　neglecting　and　considering　the　shear　deformation　in　supersonic　airflow　are　analytically　investigated.　The　two　types　of　panel　are　known　as　the　Kirchhoff　and　Mindlin　panels.　A　method　for　estimating　the　flutter　bound　of　the　aeroelastic　structural　system　is　proposed.　The　classical　plate　theory　and　the　first-order　shear　deformation　theory　are　used　in　the　structural　modeling.　The　unsteady　aerodynamic　pressure　is　evaluated　by　the　supersonic　piston　theory.　The　governing　equation　of　motion　of　the　structural　system　is　formulated　applying　Hamilton＇s　principle.　The　exact　solution　for　the　partial　differential　equation　of　motion　of　the　aeroelastic　structural　system　is　calculated,　and　the　aeroelastic　modes　(AEMs)　of　the　panels　are　obtained　and　compared　with　the　vacuo　natural　modes　of　the　structures.　The　correctness　of　the　present　methodology　used　in　the　aeroelastic　analysis　is　verified.　Aeroelastic　characteristics　of　panels　with　different　boundary　conditions　are　investigated,　and　the　time　response　history　of　the　panel　is　calculated　using　the　AEMs　obtained　in　this　study.　Moreover,　the　accuracy　of　the　assumed　mode　method　in　the　aeroelastic　analysis　is　also　researched.　Some　interesting　and　useful　results　are　obtained　and　analyzed.