Font Size: a A A

Stockholder's Rights Mounted Cylinder Reform To Be Listed Achievements Influence Empirical Study

Posted on:2009-12-18Degree:MasterType:Thesis
Country:ChinaCandidate:J X ZangFull Text:PDF
GTID:2189360242496734Subject:Accounting
Abstract/Summary:PDF Full Text Request
On May 9,2005 starts the stockholder's rights mounted cylinder reform, is changes the Stock market history movement pattern the big event, time the market all quarters attention. The stockholder's rights mounted cylinder reforms the lasted more than 2 years, it causes China Stock market's operational mechanism gradually with the international trail connection, on basic changed the non-circulation stock circulation estimate value system, then after stockholder's rights mounted cylinder reform, actually does the enterprise have raises the resources use efficiency, has promotes own value, has the improvement operating results is this research primary intention.This article uses take the financial data as the foundation empirical analysis method, to first, second revises the leather Experimental enterprise to manage the achievements research analysis. The findings indicated: Although the first two batch of Experimental enterprise overall operating results are not vulgar, after the reform, although the enterprise net assets returns ratio rises, but the increase rate is smaller than to be listed ensemble average; The enterprise sells the net profit rate to drop, but same time To be listed ensemble average actually great scope rise. At the same time, through to sample company each income, the net assets returns ratio, around the sales net profit rate three achievements target reform's data carries on the real diagnosis examination, not through significance examination. Therefore this article thought that after counting does not support the stockholder's rights mounted cylinder reform, enterprise operating results promotion anticipation.This article depends upon in the modern economic the enterprise theory, the property right theory, the market theory as well as governs the theory based on the incomplete contract rationale in company, altogether has studied four partial questions: First take analyzes the reason which the Chinese characteristic the stockholder's rights mounted cylinder structure forms as the breakthrough point, analyzes its malpractice as well as the stockholder's rights mounted cylinder reform necessity; Next has analyzed the stockholder's rights mounted cylinder reform from the theory stratification plane to the enterprise achievements influence; Is once more this article real diagnosis part namely take the first, second batch of stockholder's rights mounted cylinder pilot reform enterprise as the sample, the selection reflected that the enterprise manages the achievements each income, the net assets returns ratio, the sales net profit rate three financial norms, carries on around the concrete study reform the Experimental enterprise to manage the achievements the change. This article through the data comparative analysis thought that the enterprise achievements the enhancement needs the enterprise interior and exterior many kinds of factor sets, but so far, merely changed the non-circulation stock not to be able anticipated which could not circulate in the stock market, to promoted the enterprise achievements effect really micro. Finally this article thought that the current stockholder's rights mounted cylinder reform dynamics insufficient and proposed further carries on the substantive transformation the policy and the suggestion.
Keywords/Search Tags:Listed Company, Separated equities system Reformation, Financial Performance
PDF Full Text Request
Related items