中国上市公司盈利能力研究

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1、ProfitabilityofChineselistedcompanies1ProjectexecutivesDongTaoWuBolingShiZhengfuProjectcoordinatorLuWenyingProjectMembersCreditSuisseFirstBostonDongTaoSheilaYipFudanUniversityWuBolingShiZhengfuYangMingqiuDongHongleiAbstractTheaimofthisprojectistolookintotheprofitabili

2、tyofA-shares,B-shares,H-sharesandRedChipsintheperiodof1995~2001.Wechosereturnonequityandnetincomemarginasproxiesforprofitability.WecomparetheresultsfromChineselistedcompanieswiththosefromtheUS,EuropeandJapan.Further,webrokedownthedataintovariouscategories,inanattemptt

3、ocapturethecoreanddevelopingtrendsoflistedChinesecompanies.Ingeneral,wefoundtheprofitabilityofChineselistedcompanieswasnotthatmuchlowercomparedtoitsinternationalpeers.TheA-sharesseemtohavebettermarginsthanHongKonglistedcompanies.However,thereseemstobeanalarmingtrendof

4、declineinROEamongsttheA-shares,andtosomeextenttheB-sharesaswell.ThisreflectstheviewthatChineseexecutivesarenotmanagingtheirequitybaseswellafterproceedsareraised.Typically,Chineseexecutiveswanttoholdontoasmuchequityaspossibleandsometimestendtospreadtheirresourcesbeyond

5、thecorebusinessesoftheirowncompanieswithoutproperreturns,loweringtheefficiencyofshareholders’capital.ThenetincomemarginsoftheChinesecompaniesaresubstantiallyhigherthantheirinternationalcounterparts,buttheratioshavebeenonthedecline,inasimilarveintotheROEratios.Thisismo

6、stevidentinthemanufacturingandconsumerproductsectors.TheChineseutilitycompanieshavethesteadiestmarginsamongstthesurveyedcompaniesandtheirprofitabilityissignificantlybetterthanthoseintherestoftheworld.ThereisnoclearevidencethatHongKonglistedChinesecompaniesareafflicted

7、bydecliningmarginslikethemainlandlistedones,despitehavinggrappledwithseverecyclicalpaincausedbytheAsianFinancialCrisis.MarginsofChinalistedcompaniestendtofalloncethelistingprocessiscompleted.Wedividedcompaniesbytheiryearoflisting.From1994to2000,eachandeveryclasssawthe

8、irROEpeakingineithertheyearimmediatelybeforelistingorinthelistingyear.Mostclassesrecordedconsecutivefallsinprofitabilitysinc