The Study Of China Electric Power Industry H-share Stock And Capital Operation Strategy

The public offering of overseas listed foreign shares has provided Chinese electric power industry a new capital market to raise fund that it needs to expand and grow itself. But due to the competition in the international capital market,the amount of capital that a company can raise from investors is closely related to the performance of its share price. Furthermore,it is essential for a share-listed company to operate in the capital market with a view of market and value. Developing the share assessment model and the current financial report system of share-listed company,the study of the relation between the share price and operation achievement has been carried out by analyzing how the investors and operators deal with the operation information separately. Ultimately,the study provides power companies a theory to practice capital operation strategy.There're four parts in the thesis. In the first part,according to the performance of power companies' H-shares,factors relevant to the share price have been given. The most important element,operation achievement,has been introduced. Secondly,a share assessment model evolved from some traditional models has been established at the aspect of investor to study the relation between the share price and the company operation performance. Thirdly,finding that the current financial data has low efficiency in the capital market,operation under uncertainty has been pointed out to be the most important part of the capital operation . Then according to the ideas of capital operation in capital market,power generation's capital operation model has been introduced. In the last part,"''6apital operation strategies designed for a power H-share company demonstrate how to put the theory studied above into practice.In the paper,it is convinced that the share price of a share-listed company has been closely linked to the company's capacity of making profit in the future. Furthermore,as the most important view of capital operation,operation under uncertainty has become the linking point of making management strategy and increasing share price decision.Yang Xiaojun (Management Science and Engineering) Directed by professor LI CHUNJIE...