Financial Crisis, The Empirical Research On The Performance Impact Of Listed Companies

In 2007, the outbreak of financial storm overturned American financial structure, and rapidly sweept the globe, which not only heavlily hit Europe, Japan and other developed market economy,, but also influenced our country economic fluctuations. When the macro economic cycle fluctuation relay to the industry and enterprise level by conduction mechanism, the industrial fluctuation and the enterprise's financial volatility were formed.This paper takes listed companies as the entry point, combile economy cycle fluctuation with industrial wave and the enterprise's financial volatility, systematically study financial crisis impacting the influence on operating performance of listed companies from the macro, meso, microscopic three levels. The content mainly includes five parts:The first part reviews literature of existing economic cycle, industrial wave and enterprise financial volatility, aims to find out the thinking and the frame by carding the existing research, which pave the path to study the influence of operating performance of listed companies by this financial crisis.The second part theoretically analyze the relationship among macro economic cycle, industry volatility and enterprise financial volatility. This part comb the economy cycle of driving factors and basic types, and illustrate conduction mechanism taking by the macro economic cycle on industrial wave, then analyze the factors influencing the enterprise financial volatility by macro economic cycle based on BenLi analysis method, finally the paper presents a kind of interpretating economic cycle new ideas - the "balance sheet recession". Besides, summarize the relationship of macro economic cycle, industrial fluctuation and enterprise financial volatility.The third part is listed companies operating performance of industry characteristics under financial crisis. This partly based on industry categories and manufacturing industry, measure the impacting of financial crisis on macroeconomiy fluctuations through GDP real growth rate and the total assets contribution rate as proxy variable, using descriptive statistical methods to analyze listed companies profession character under the financial crisis, Verify macroeconomic volatility bringing industrial wave from industry level, listed companies operating performance industry characteristics existent under the impact of financial crisis.The fourth part is empirical analysis between the financial crisis and listed companies operating performance .This section apply 2006-2009 data of Chinese listed companies, study financial crisis influence on listed company accounting performance and stock gains using empirical analysis, research shows that the financial crisis with the listed company operating performance impact significant positive correlation. Verifiy enterprise financial crisis impacting influence of operating performance from enterprise level.The fifth part is policy Suggestion coping with a financial crisis. Stand of the government's macro-regulation subjects, the industry and enterprise influence rout based on the financial crisis on, and then gives policy Suggestions fighting against financial crisis.