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1、ProfitabilityofChineselistedcompanies1Profitabilitystudy:Significanceandkeyconclusions1.1SignificanceofprofitabilitystudyProfitsarethecoreofbusinessoperationsinamoderneconomy.Driveforprofitskeepproducersproducingandretailersselling.Ascompaniesexpand,capacityexpansionstartstogrowbe
2、yonditsownmeans.Fundraisingbecomesanecessity.Thiscanbeachievedthroughloans,bondsorstocks.Thekeyforbankloansorbondissuanceiscreditworthiness,orborrowers’abilitytopaybackdebt.Forthestockmarket,thefocusisonpresentandfutureprofitability,intermsofearnings,earningsgrowth,cashflows,margi
3、nsandmarketshares.Inthedirectcapitalmarket,capitalinvestmentdestinationsaredeterminedthroughcomparingreturnonequity(ROE).Companiesthatcandeliverearningsandcreatemaximumreturnoninvestmentdeservethetoppicks.Unliketheoriginalcapitalistorentrepreneur,moneyatthestockmarketlevelhasmanyc
4、hoicesofinvestment.Itismuchlessattachedtotheoriginalinvestmentplanandtypicallylesspickyaboutwhichindustryormanagement(smartinvestorsdocareaboutsectorandmanagement,butmainlyfromaninvestmentperspective,notfromapersonalone)itwillinvestin.Moneyiscommittedtomakemoney.Thehigherandthestr
5、ongerprofitsare,thebiggerthereturnstheinvestmentwillreap.WhileROEprofitabilityisatthecentreofequitymarketsworldwide,lessemphasistoithasbeengiveninChina.TheshortlifespanofChina’sstockexchange,excessivedomesticliquidityinthepastyearsandrestrictionsoncapitalflowallappeartohavedirecte
6、dattentionawayfromprofitability.ManagementofsomelistedChinesecompaniesmayalsonottobefocusingonthisissue.Inoverseasmarkets,Chinesecompanies’lackofprofitabilityisprobablythemostfrequentlycitedconcernamongstequityinvestors.Lessanxietyisexpressedin4thedomesticA-sharesmarkets,butarisin
7、gawarenessofearningsandotherfundamentalshasbeenevidentrecently.AsChineseequitymarketsdevelopandmature,webelievethatdomesticinvestorswillplaceastrongeremphasisonprofitabilityanddemandhigherreturnsonequity.Theprofitabilityissuegoesbeyondcapitalmarketsandinvestors’interests.Itisalsoa
8、centralpillarofacountry’ssustaina
