Size And Performance Of Listed Companies Of China's It Industry

Among the high technologies, the degree of industrialization rate of information technology is the highest. Its development has a strong relationship with the capital market. The Chinese stock market has been setup more than ten yeas. In these years, from Feilo which IPO in 1990 to Sun-Create which IPO in 2004, lots of listed companies in information technology industries has been cultivated in the market. And the performance of some companies is good, the progress rate of some companies is fast.They are the excellent deputies in IT industries. Based on the detailed define of the Chinese IT industries listed companies , the paper studies the scale and performance of the plate.For the definition of the boundary of the IT industry plate, the theories of information industry economics are studied at first. Machlup and Porat floated the information industry economics. It is considered as a practical subject of information economics. It focus on many contents of the information industries, such as the formation , the development, the industrial structure, and the industrial distribution.Because of the strong penetration of the information and the information technology, the conception of IT or IT plate should be understood from two aspects: broad sense and narrow sense. On the base of lastest research results, the paper offers detailed catalogue of the Chinese IT listed companies.Inside the scope of the defined IT plate, according to the theoretic mode which describes the relationship of the scale of the stock market and the incensement of economy, the paper establishes a time series regression model. In the regression equation, the independent variables are numbers of broad sense Chinese IT listed companies; the dependent variables are added values of IT industries. The regression analysis indicates that from 1992 to 2000 there exists a very close positive relationship between the scale of broad sense Chinese IT listed companies and the IT industry output. In regard to macroscopic level, at least in the 90's of 20th century, theChinese stock market supports the development of IT industries.The main business of narrow sense Chinese IT listed companies are information transformation, computer hardwires and software. Most of them are high-tech corporations. The typical character of high-tech corporations is high risk with high repay. The paper analyses 70 IT companies' middle-year reports in 2003 with the factor and clustering statistics analysis methods, and classifies these companies into 4 groups according to the clustering results. The result indicates that on the microscopic level, the performance of most IT listed corporation decrease obviously. In the 4 groups, even no company earns enough profits for expansion. The factors of decrease are complicated, not only concerning the companies themselves, but relevant to the changes of IT industries environment.