Empirical Analysis Of China's Listed Companies

Since the third plenary session of the Eleventh Party Central Committee, our country has made great progress in reform of the market. Especially after the aim of market economy system of the socialist was established at the Fourteenth Party's Congress in 1992, the step of the economy system transform was evidently quickened. During the short period of several years, the frame of new system has basically appeared, and the market action on resources configuration is obviously adding. The stock market, as the core of the whole market economy system, also obtain great development, not only the frame of the stock market has initially formed, but also the structure and the instrument have made considerable progress.However, with the deepening of economy system reform, the essential reasons that the state-owned enterprises and state-owned economy are confronted with difficult position are becoming more and more obvious, and become the great obstruction of further reform. That establishing modern enterprise system of property right clear, right and duty explicit, government and enterprise separate, management science put forward at the Fifteenth Parry's Congress is the ultimate aim of the state-owned enterprise reform. The listed company, as an important form of modern enterprise system, has active effect on transferring management mechanism, adjusting industrial structure, strengthening enterprise vigor, improving economy efficiency, promoting economy development. Especially, its "transferring mechanism and establishing system" function has very important realistic significance to the reform of our country state-owned enterprise.However, while we hail the rapid development of stock market scale and the number of the listed companies, the listed companies' development quality, i.e. the condition of management achievement, should become our concerning emphases, because it is the guarantee and mark of healthful development of our stock market.Based on real research, clue on management achievement of our listed companies and centered on the behavior of the listed companies, the thesis demonstrates the flaw of governance structure of the listed companies, and proposes the countermeasures of improving the quality of the listed companies. The thesis includes six parts:Part one, the background and development of the listed company appearance. The thesis points out the early stage of our listed company is to help state-owned enterprise solve the fund difficulty, and in reality is the measures that the government takes, i.e. raising capital funds for the enterprise at the fashion of issuing the stock when the original fashion of government's putting into funds, i.e. financial allocation and credit support, lands in a predicament in succession. It is progressively definite aim afterwards through the stock market changing state-own enterprises system. This background determines the development reality of our country listed companies paying attention to circulating funds and looking down on changing system. Soon afterwards, the thesis looks back on the course of the development of the listed companies and accounts for its rapid development from two aspects i.e. its quantities and the scale of circulating funds.Part two, the real analysis of the listed companies' outstanding achievement.Firstly, the part comes to the statistical characters of the listed companies over the years and really certifies the reality of the low quality of our country's listed companies through property index (total property, shareholder right and profit, total capital stock), relative benefit index (ROE, ROA, earning per share), absolute outstanding achievement index (net profit) and real analysis of per share net property after regulation. In the next place, the thesis analyzes outside environment of the listed companies in detail, and compares them with stated-own enterprises which still aren't changed system from four aspects, i.e. capital funds, tax burden, dividend, distribution, etc., and further accounts for the degree of low quality...