A Comparative Study On The Companies Listed In Shanghai And Shenzhen Stock Markets In Different Areas And Industries

Chinese listed companies are representatives of Chinese companies. The positive study of Chinese listed companies is a positive study that represents total Chinese companies. The study is very important both in theoretical meaning and practical value for government to make macroscopical policies for administrating both companies and industries and for companies to make long-term strategies.Based on the researches both in home and abroad, the thesis pursued a positive analysis of the status quo of Chinese listed companies from 2002 to 2004 using the method of clustering listed companies and describing the distributions of all classes of listed companies. The current statements of each area and each industry are also described by the same method. And the differences among different areas and different industries are determined by comparison. Compared with the traditional method of contrasting different mean indices of listed companies in different areas and in different industries, the method used in the thesis could demonstrate better unitary synthesisive and systematic characteristics. And it can open out the different contributions made by different listed companies as well.In the thesis the statements of Chinese listed companies from 2002 to 2004 are synthetically evaluated by factor analysis. Based on the results Chinese listed companies are classified using cluster analysis. The characteristics of each class of listed companies are described. And the different areas and industries are compared based on the characteristics of the listed companies in the areas or in the industries. Further more, the scales, developments and the degrees of diversification of Chinese listed companies are in different areas and industries are compared and dynamically analyzed. The statements from 2005 to 2006 are roughly described based on supplementary data as well.In this study the factor reducing method is firstly presented. By fully using researchers'knowledge, experience and analytical ability the quantitative method of factor analysis is combined with quanlitative method to further reduce the number of factors resulted from factor analysis. In this study 24 original factors are reduced to 12 reduced factors. Therefore the workloads of data precessing and analysis are largely reduced.All listed companies studied are classified objectively using clustering method firstly. Then by comparing the scores of reduced factors of different listed companies each class of listed companies are analyzed positively. And the characteristics and statements of each class of listed companies are determined. By this study the listed companies are positively analyzed both in detail and in depthy. After that all listed companies are further synthetically analyzed in the basis of their characteristics. Based on the analysis all listed companies are classified into three types: superior, medium and inferior. The proportions of number of listed companies in each type can be seen as a more synthetical description of the current statements of listed companies. This is a higher level of synthetical positive description.In this article the defects of brilliance ratio of prime operating used currently is pointed out, and the improved calculation of the ratio is also presented. By the improvement the systematic errors resulted from mutual offset of positive and negative profits are eliminated. Therefore the measure of diversification is more precise.Besides the positive descriptions of current statements of listed companies the dynamic changes from 2002 to 2004 are also positively analyzed by describing the changes of proportions of number of listed companies in each type. And the changes from 2002 to 2004 are compared with the changes from 2005 to 2006.At the end of the thesis the researching works are summerized and the conclusions are described. The contents and the directions of further studying are pointed out as well.