An Empirical Research On Asset Operating Efficiency Of Listed Companies In Our Country

State-owned enterprises Reform started from Year 1993 aims at constructing modern enterprise system, whose key is to construct corporate governance that can meets the need of economic development and improve operating & managing efficiency of state-owned enterprises. Improving the asset working efficiency is important to the reform. This paper develops its content concentrated on whether Market sees through the information about asset working efficiency. Firstly, this paper reviews relative theories and researches. Then, this paper studies the relationship between asset working efficiency and the profitability and market response to asset working efficiency.This paper chooses 1390 firm—year samples based on Year 1999-2004 financial data and Year 2000-2004 market trade data of manufacturing firms in Shanghai and Shenzhen stock exchanges. This paper applies the method of cross-section linear regression to test this paper's hypotheses. On the respect of relationship between asset working efficiency and the profitability, the research result shows that asset working efficiency is significantly and positively relative to current earnings and next period earnings from 2000 to2003.This indicates that asset working efficiency is the physical base of earning profit .As to how Market response to the information about asset working efficiency, this paper researches the relationship between asset working efficiency and stock return and the relationship between asset working efficiency and stock price. The results show that the relationship between asset working efficiency and stock return is unsteady from year 2000-2003 and the relationship between asset working efficiency and stock price is also unsteady, which indicates that stock return and stock price don't reflect the information about the asset working efficiency. These indicate that Market doesn't pay enough attention to the asset working efficiency.