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A Study On Counter一measures Of Perfecting Equity Finance Of Chinese Listing Compnnles

Posted on:2003-09-17Degree:MasterType:Thesis
Country:ChinaCandidate:W HuangFull Text:PDF
GTID:2156360062986085Subject:Forest management
Abstract/Summary:PDF Full Text Request
The theory of reform has been keeping developing and perfecting after the reform of state-owned enterprises started at 1979. But in the following ten years, the development of this theory hasn't overstepped the traditional franiet which favours allowing enterprises to have more autonomy and profit retention and separating the government from controlling the funds. The state - owned enterprises are still short of energy. At the beginning of 90's, a lot of excellent revolutionists and theorists take a broad and long-term view that the indistinctfunction between government and capital is the source of the indistinct function between government and enterprises. We must readjust the whole thinking on the reform of the state - owned enterprises and set up the modem enterprise system by reforming the property right, depending on the capita] market, seeking for the refreshment of system. After that, the equity finance of Chinese listing companies has made great progress. In recent ten years, equity finance has been making a great contribution to many problems. Such as solving the funds difficulty of enterprises, promoting the system refreshment and keeping the national economy developing quickly, steadily and continuously. Nevertheless, as the outcome of the dramatically development of the reform on state - owned enterprises, equity finance of listing companies is still a new thing and the study on its theory and practice is still at the exploratory stage. At present, we find that the function of equity finance is below the set objective when we look back on the course of development. Therefore, this article has extremely important practical and profound strategic significance on those problems of the macro development strategy of our stock market, the position of the role and function of the government on stock market and the orientation of stock market and market participant.This article uses the way of practical and standard analysis. In writing of this paper, the author make the choice of the reform on equity finance of our listing companies and use the clue of equity finance of listing companies and its evaluation, then put forward the counter - measures of perfecting equity finance of listing companies.Firstly, the paper narrates the history of the reform on the state - owned enterprises system and financing approach. It proves the source of the indistinct function between government and enterprises is the indistinct function between government and capital. Furthermore, it also proves that the equity finance is an important choice of the reform on state - owned enterprises and the equity finance of Chinese listing companies has two basic functions, which are raising funds and system refreshment. Secondly, the article sets forth the development of our listing companies and stock market, and emphasis on the analysis of its systemic defections. Such as complicated stock structure, weak fluidity of stock, special structure of corporate governance, weak validity of stock market, unreasonable system of stock issue, low correlation between stock market and economic development, over speculation, poor financing effect of foreign stock generally, and so on.The paper points out these defections have affected the function of equity finance greatly. Finally, it puts forward the counter - measures of perfecting equity finance of Chinese listing companies. That is in the view of the developing strategy of stock market, we must take strategyof "harness while develops" in short term and pay particular emphasis on the harness. In the long run, we should accelerate the integration and internationalization of stock market, weaken the function of government as the deputy of the state - owned property right, strengthen the function of supervisor of stock market, step on the reform of listing companies, improve the benefit of listing companies, standardize the service of intermediary organizations, recal...
Keywords/Search Tags:Chinese listing company, equity finance, counter- measures, stock market, the structure of corporate governance
PDF Full Text Request
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