Research On The Sustainable Development Of Listed Companies

Listed companies'sustainable development is the cornerstone of the steady development of security market,and always a hot issue attracting great attention from investors, managers, regulators and researchers. At present, both domestic and foreign researchers has focused on this issue from the perspectives of long-term performance, growth ability, and internal governance respectively, few systematic analysis and research has yet been done on the sustainable development factors, and the reality of China listed companies. Based on the evidences from China securities market, this dissertation systematically investigates the issues related to listed companies'sustainable development, hence contributes considerably to the theoretical research, and has practical implications to sustain the healthy development of listed companies.By resorting to both normative and positive research methods, this dissertation investigates systematically the critical internal and external factors affecting listed companies'sustainable development in China, and further constructs a comprehensive, rational index system to evaluate the capacity of the sustainable development of listed companies comprehensively. The main research and innovations are as follows:Firstly, the status of sustainable development of China listed companies has been fully analyzed. On the analysis of financial data of all A-share listed companies from Shanghai and Shenzhen stock markets in the recent 10 years, the study reveals that although the operating ability has been marginally strengthened, the aggregate profitability tends to be on the decrease while the solvency becomes all the worse, lacking the ability to effectively control the costs, and suffering from the low operation growth rate. Additionally, thorough statistically analysis on the two opposite types of companies with the strong and weak potential of sustainable development, the dissertation categorizes all the determinants into two types: the external factors and the internal ones, the former including the macro economic environment and policies, industry structures and government behaviors, and the latter including internal governance, capital structure, multiple operations, brand strategy and enterpriser culture, and so on.Secondly, the relationship between internal and external factors and the sustainable development of China listed companies has been deeply investigated, and an integral performance measuring system has been established to reflect listed companies'sustainable development situation. Through qualitatively evaluating the external factors, the study suggests that the government could use different methods to improve the ability of the sustainable development of listed companies in different economic environment and policy background, but inappropriate government behavior would bring negative influence to the sustainable development of listed companies. In this study comparative analysis, regression analysis, correlation analysis, and case analysis are utilized respectively to discuss the internal factors. The research finds that to strengthen the listed companies'internal governance, optimize capital structure, avoid inappropriate multi-operation, increase innovation capability, adopt appropriately band strategy and to build a healthy corporate culture are the critical factors for the sustainable development of China listed companies. Based on the above-mentioned research, this dissertation constructs a measuring system of listed companies'sustainable development from following three dimensions: internal resources, ability levels and development environments. The dissertation extends to a certain extent the theoretical research on the listed companies'sustainable development.Thirdly, the dissertation constructs a comprehensive, rational index system to evaluate the capacity of the sustainable development of listed companies comprehensively. Regarding the evaluation of sustainable development capacity, the dissertation constructs the sustainable development index system of the listed companies according to the conclusion of internal and external factors that impact on the listed companies'sustainable development, determines all internal relative weight of the index system by resorting to the AHP method, establishes the fuzzy comprehensive evaluation model that combines fuzzy evaluation model and AHP model to make a quantitative evaluation on the capacity of the sustainable development of listed companies and show the ability of the sustainable development of listed companies with"Sustainable Development of listed companies comprehensive evaluation Index(SDI)". In addition, the dissertation evaluates the randomly selected sample companies by using the model, the result shows that the model is well fitted, reflecting to a great extent the relative sustainable development capability of the experimental companies. By means of constructing an evaluating model, it provides a useful method and tools to assess the listed companies'sustainable development ability, and assists stakeholders in comprehending the ability of the listed companies to achieve development fully and correctly, and helps them to make sound investment decisions. It is also of great help to the companies manager in assisting them recognize the critical internal and external factors alike, and hence enhancing their managing ability.Finally, the dissertation summarizes the results and proposes some policy suggestions. The main research can be expressed from macro environment and enterprise internal factors. The listed companies fund raising, operating, investing, and dividends paying are all under the influence of macro environment, so their sustainable development capability are integrated with macro economic conditions. In regards to the internal factors, defects in the internal governance, imbalance of capital structure, irrational multiple operations and weak innovative ability are main contra factors to the listed companies'sustainable development. Based on these conclusions, the dissertation proposes corresponding policy suggestions from the prospects of government, securities market, and listed companies, and so on.