Study On The Value Growth Of Listed Companies In Our Country

Listed Companies are the basis and body of security market, and the quality of the development of security market depends on these companies' value. But because of all kinds of reasons in our country, some listed companies have had bad performances for a long time, they have neither created great value for shareholders, nor added enough wealth for the society. The problem has brought serious effect on the healthy development of the security market. So the value growth of listed companies has become a primary subject that needs to study by those researchers of economics in our country.At present, more and more people accept a saying "sustainable development of society" and the concept tells us a new idea of development. This thesis considers that companies should take it as their aim, they should pay more attention to the future, not the present, and they should master how to realize the growth of value in future and how to coordinate with our society. Therefore, to listed companies, the profits of shareholders, creditors, staff, managers, government and other individuals and organizations all should be concerned.However, in our country, capital market is not perfect, the use of the methods to evaluate the growth ability of the value of listed companies will be affected, some traditional methods, such as Tobin's Q, are not suitable. According to the reality and basic theories, the thesis will construct a new index system to estimate the companies' future value, and discuss an appraisal method that through the component analytical method, we can compute the companies' comprehensive scores and consider them as the judgment of the enterprise growth capacity.Of course, only to set up the index system is not finished. To develop continually, enterprises should be familiar with how to realize the growth of value in the future, that is to say, the factors that influence the growth should be recognized. From the angle of corporate governance, core competence is the key factor. But this article is from the angle of finance to explain the influence factors, including the micro factors, the medium and the macro. And in the part of empirical analysis, some factors that are easy to collect are regressed, as well as the quantization factors. And the dependent variable is just the comprehensive scores which stand for the latent capacity of value growth of the firms. Then the conclusions are reached which go like this: the percentage of current, national or legal stocks, the stocks held by the first large shareholders and the stocks...