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Henan listed companies there is a problem analysis

Author: HeKaMan From: www.yourpaper.net Posted: 2009-05-03 07:43:05 Read:
Abstract: The listed company is the core of the development of the securities market, the main force of a regional economic development, improve the quality of listed companies, optimize the structure of listed companies is of great significance to the economic development of Henan. Listed companies in Henan Province has reached 39, plays a huge role in promoting the economic development of Henan, but there are also some problems can not be ignored.
Keywords: listed companies; securities market; development

Enterprises are micro-regional economic body, the most basic unit of activity of regional economic system and its operation process, the basic form of optimal allocation of factors of production, the listed company as a cornerstone of healthy development of the securities market, reflecting the development of a regional market economy and the degree of perfection, on behalf of the level of economic development of the region, is a concentrated expression of the comprehensive economic strength. Listed companies in Henan Province after 10 years of development, has formed a certain scale. According to statistics, as of September 2008, only the A-share listed companies have 39. As a representative of the province's typical enterprise, a listed company has strong financing capabilities, and a standardized modern corporate system management mode, not only help to improve the image in the region to promote the industry and regional development, the formation of the province's dominant industries and pillar industries, more importantly, The capital market has become an important channel for enterprises to raise funds to make up for the shortage of enterprise funds.
From the country as a whole, Henan in enterprises listed speed, the use of capital market conditions and other aspects and between economically developed areas compared there is a considerable gap, there are some outstanding issues:

Henan listed companies there is the problem of structural defects

The first is the geographical structure is irrational, the province's 39 listed companies (only A-share companies), mainly concentrated in Zhengzhou, Luoyang City, the drift River City, Jiaozuo City, the uneven distribution of listed companies, individual provincial cities so far not a listed company. Followed by the equity structure is irrational, Henan listed companies, ownership structure is substantially similar, are state-owned shares or state-owned legal person shares occupy a position of absolute control, while the proportion of private capital holding very little. Only a few, including private capital components, such as Henan Star Bearing Science & Technology, Huanghe Whirlwind, and the size of these private holding listed companies are relatively small, is not conducive to vigorously promote the overall development of the economy in Henan. Again, the listed companies in Henan irrational industrial structure, from the situation in the province's industrial distribution of listed companies, the basic distribution in the secondary industry accounted for 90% of Henan as a big agricultural province, involving primary industry listed companies only less than 10%, in addition to Xu relay Bearing Science & Technology, Hualan several products with high-tech in nature, the other companies do not belong to high-tech enterprises.

Second, the presence of the company's operations are not standardized phenomenon

Listed enterprises in Henan, where there is no lack of good results of a number of high-speed growth, regulate the operation of listed companies, such as Xu relay, Yutong Bus, Shuanghui development. But there are also a number of listed companies there are not standardized operation, such as the operating mechanism is not perfect, imperfect corporate governance structure of listed companies, funds used is quite conspicuous, there is the phenomenon of related party transactions, corporate information disclosure is unreasonable, there is false information disclosure problems, Zhengbaiwen is an outstanding example.

Listed companies reserve insufficient resources

From the situation of the country, those who developed capital market, the number of listed companies, attaches great importance to the cultivation of listed companies back-up enterprises, such as Guangdong, Zhejiang and Shanghai. Henan province's more than 3,000 joint-stock companies, in line with the conditions and has been filed, but about 100. Some enterprises have insufficient understanding of the significance of the issue and listing of, especially in the lack of confidence in the securities market downturn. It can be said that a small number of listed companies in Henan, capital market development lags behind the status quo with the listed reserve resources, listed on the speed with which they have been prepared enough to have a great relationship. The listed reserve insufficient resources, has become a bottleneck restricting the the Henan development and use of capital markets to promote the listing of enterprises.

Fourth, a small number of listed companies' capital securitization rate is relatively low

Securitization rate refers to the ratio of the total market value of the gross national product of the various types of securities (stock market capitalization to GDP ratio of the total). The higher the rate of securitization, means that the stock market is more important position in the national economy, it is a measure of an important indicator of a country's degree of development of the securities market, can also be used to reflect the degree of utilization of the regional economy of the stock market. Henan Province as a GDP of more than one trillion yuan, the number of listed companies not to 40, in six central provinces, Henan Province's economy has been for many years in first place, but the number of listed companies was only Hubei half row in Hunan, Anhui, Henan enterprises in 54 industries across the country living in the vanguard position in the industry total 66, only 14 of the 66 companies is a listed company, the corporate capital securitization rate is far lower than the national average.

Fifth, the concept of hysteresis, the use of the market is not strong sense

The use of the market in Henan Province awareness needs to be improved. First, some government departments and enterprises responsible for the lack of sufficient knowledge of the use of capital market financing and listed by the enterprise, to promote the establishment of modern enterprise system. Second is the lack of personnel familiar with the capital market and stock market related laws and regulations, the lack of a comprehensive and systematic understanding of the securities market-related knowledge, laws and regulations, lack of knowledge and confidence to participate in the capital market competitiveness, Third, some local governments and enterprises even if an understanding of the role of capital markets, there is also the understanding is not in place, the method wrong way, the effect is not obvious.

To promote the sustainable development of listed companies in Henan ideas and suggestions

1 to change their thinking, speed up economic development in the province
With the continuous expansion of the economies of scale in the future economic development of Henan Province need more resources to support from the macro level, it is necessary to comprehensively implement the scientific concept of development, and strive to achieve sound and rapid development, and further enhance the comprehensive strength, the development of energy and regional competitiveness, it must maintain a good mental state, solid style of work; must further clarify ideas, to change the mode of development, innovation and development model. The micro level, on the selection of projects to strict implementation of the national macro-control policies, continue to encourage and optimize the investment structure, focusing on the implementation of the state's support of the construction of major projects. Must focus on improving the scientific and technological content, strengthen the management of new projects, to eliminate backward production capacity.

2 through policy guidance, strive to foster the company to be listed, to encourage more companies to the securities market
Listed companies reserve resources reserves principle is "listed a number of cultivating a number of reserve a number, Henan province should give full play to the leading role of the government macro-control, administration and state-owned asset owners, attaches great importance to the listing of enterprises . All levels of government in a timely manner to establish a specialized agency responsible for the listing of enterprises, determine the number of listed-based performance appraisal system, to clear their specific functions, the development of local enterprises listed on the planning, to reach a consensus with other government departments, and concerted efforts to jointly promote and develop enterprises to the securities market. Emancipate the mind, speed up the pace of listing, after all, listing more than bring in capital, the most important thing is to standardize the management and impact.

3 to further improve the corporate governance structure, strengthen
executives regulatory
Promote qualified companies to explore the way to resolve the split share structure, optimize the ownership structure. Urge listed companies to improve the Articles of Association, to lay a good foundation for corporate governance, the company constitution to become our shareholders, directors, supervisors, managers and other senior management personnel to abide by the Code of Conduct. Listed company to promote the development of relevant work rules, the Board of Directors and its special committees, the Board of Supervisors, the manager's job institutionalized and standardized, so that the perfect system to restrict the abuse of power, the general meeting, the Board of Supervisors and managers carry out their duties , to do his duty, a complementary and operational mechanism of checks and balances, and effectively solve some existing "arbitrary", "internal control", the non-existent problem of corporate governance structure, the establishment of a listed company executives personnel evaluation system, strengthen responsibility of executives, senior executives of listed companies do not remain faithful performance of their duties, breach of fiduciary duty, its behavior recorded in their credit file and to the public in a timely manner, in serious cases of non-compliance, the implementation of market exclusion, to listed companies losses and the public interests of the shareholders, shall be liable for damages. Further improve the system of independent directors to give full play to the role of independent directors. Individual listed companies the number of independent directors has not yet reached the standard as soon as possible.
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