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Financial performance and financial risk of the listing Corporation

Author: GaoYong From: www.yourpaper.net Posted: 2007-11-20 06:53:29 Read:
A listing Corporation is a strong financial characteristics, the special enterprise

(a) the financial characteristics of listing Corporation is determined by its own characteristics of the

listing Corporation as the advanced form of modern enterprise system, which is essentially different with the general state-owned enterprise or unlisted companies.Among them, the most obvious difference is the listing Corporation with capital market the most direct support and facilitation, has directly with the financial market especially stock market financial pipeline is connected, this feature makes the listing Corporation was given the financial characteristics of special.

1 listing Corporation to provide the market with financial products -- stocks and bonds.

as a listing Corporation, in fact production two kinds of products -- the real product and financial products, and engaged in two kinds of management -- the production operation and capital operation.The listing Corporation for the market to provide financial products is the main kind of products and production and operation of enterprises as the foundation, which is backed by corporate stocks and bonds.The stock as the securities in the securities market and the capital market, financing, cash flow, movement, its value is reflected and circulation, realizable quality besides associated with macro political and economic environment, nature has positive correlation with enterprise benefit.Because, in fact, the listing Corporation of two kinds of products, two kinds of management are interdependent and promote each other.On one hand, listing Corporation and the common enterprise engaged in the general merchandise development, production, sales, assets of another listing Corporation are securities in order to stock the way of.As long as the listing Corporation production and its benefit is steadily rising, companies can continue through the means of financing by issuing new shares, share placements, from the capital market directly get the currency capital to put into operation and development of physical products and advantages of the project, to further promote the development of the production and business operation of the listing Corporation, and the listing Corporation of two kinds of products, two kinds of fully integrated management and leap.Visible enterprise stock as the listing Corporation's financial products is the combination of the listing Corporation, the value of tangible and intangible value of the body.

2 listing Corporation has from the financial capital market direct financing channels.

(1) one of the important functions of share-holding system is to raise the social capital, one of the most important aims of the listed company's financing.Enterprises to participate in the securities market through the issuance of shares of the company as a general way, is the enterprises pursue the expansion of the requirements, but also for the effective choice of the financial support of the company.Under the condition of market economy, the enterprise itself has an inherent desire to seek maximum benefits, it needs through a variety of means to raise funds, development advantages of the project, implementation exceeds groovy development, offering and listing is a shortcut.The enterprise public issuance of shares to raise funds, this method of financing compared with other methods, not only has the essential difference, but also has the characteristics of low cost, financing financing amount and quick etc..In a sense, financing from the beginning to become an important objective of listed companies.Therefore, the financial characteristics of listing Corporation since the listing date is given.

(2) the listing Corporation, with financing from stock market investment, financing, and investment function.Listing Corporation's operation and management performance as long as the corresponding requirements, you can from the securities market financing, many times in a variety of ways of financing.Listing Corporation has a special pipeline aggregation, attract social capital, it can everfount to obtain funds from the capital market.As long as the financing and production management company can be effectively combined and produce a virtuous circle, this financial straw will company smooth operator.In this sense, the listing Corporation is the production of enterprises and has the nature and characteristics of financial enterprises, the daily operation of its close relationship with capital market.

(3) in general, after the restructuring of listed companies, to have a certain amount of supernormal development capacity and support conditions, the bank credit rating will increase, enterprises will improve financial image (except for poor management or management of listing Corporation, listing Corporation) has not only direct financing function, but also its indirect financing of the enhanced functions, easy to realize the combination of production and management and credit capital.If the listing Corporation operating performance is good, this combination will be deeper and more closely, the commercial banks will be willing to take the initiative to listing Corporation, which is one of the many advantages of impulse listed companies and private enterprise reorganization of listed.

3 listing Corporation financial products -- the market performance in the enterprise stock as governed by the law of value and so.

the value of stock market reflects the enterprise stock price, stock prices should reflect the macro economic policy and its changes, but also reflect the listing Corporation tangible products and the production and operation of the achievement and efficiency.In a relatively mature and regulated securities market, if the listing Corporation operating performance, in small profit or loss situation, the stock price to fall, otherwise, the enterprise stock price will rise.But the enterprise stock price in a certain period is always fluctuating around its fundamental value.If the loss of listing Corporation have the reorganization of subject matter, to exclude the malicious speculation and non-standardized information disclosure of stock prices, as investors expected a performance enhancing recombinant high-quality assets and into the advantage of enterprise production and management efficiency; similarly, the fluctuation of stock price is also affected by the supply and demand rule control.When the decline in operating efficiency or shareholders of the listing Corporation listing Corporation production expected return bearish, investors will be selling shares in two markets, the stock market that the stock is begged for be more than, the formation of a buyer's market, the stock price will fall; on the contrary, when the listing Corporation production and operation efficiency promotion, growth, shareholders of the listing Corporation expected return call in the two stage, investors will invest cash purchase of stock market, the stock market will demand greater than supply, the formation of a seller's market, so, the stock price will rise.

(two) the listing Corporation's financial function is a double-edged sword for the development of enterprises, has a dual role and the   requirements of social economic development;

1 public corporation is different from the Private Companies and other companies.Listing Corporation is a public corporation, the public corporation's behavior must be accountable to the public, to accept the shareholders (investors) and public supervision and relevant aspects of the community, the listing Corporation performance, its social effects and the affected area is big, the investor and the social parties expected value and the constraint is also high on the; Private Companies and other company is in charge of a single owner or Co. main body of the owner, its social effects and the affected area is limited, the social expectations of the parties to the development of the company's value and the constraint is relatively low.

2 effective use of listing Corporation financial function must be established to standardize the operation basis.Enterprise restructuring and listing, first they have gathered the function of capital from the capital market, which has absorbed the financial channel of social capital.Listing Corporation can give full play to as public corporation capital raising function, to promote the development, advantages of the project and the key technology to promote the implementation of the capital expansion and supernormal development strategy.But at the same time, the investor and the social public transparency, the listing Corporation management decision-making scientific and public demands for higher performance of listing Corporation, the sustained and stable growth is more demanding, the constraint of the listing Corporation, more strict supervision.Why listing Corporation must strictly implement the "three" system, "three" system should be standardized, "three will" records, signing system should be perfected; why listing Corporation's major investment, the largest shareholder, the reorganization of assets and other major matters must report to the regulatory authorities for the record, information must be disclosed and specification......These are necessary requirements, the company after the listing and the meaning of title.

3 financial characteristics of listing Corporation is a larger enterprise risk, regional and macroeconomic risks.Listing Corporation as the self-contained financial straw, which has advantage of development projects and realize the efficient development of the first driving force, therefore, the local government and all circles of the society pay close attention to and support, this is a good thing; however, if the financial channel to absorb the social capital and at the same time not to shareholders to return, or even decline in the economic efficiency of enterprises, loss, then the financial power of the listing Corporation
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