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Ways to speed up the development of listed companies in Henan

Author: ZhengJian From: www.yourpaper.net Posted: 2009-07-12 14:56:56 Read:
Summary: Henan listed companies in the domestic Shanghai and Shenzhen listed has reached 34, the stock market capitalization of more than 1500 billion, of Henan Province, rapid and stable economic growth Kai huge role, but we should see a case like Xin Ann Henan Technology, Chundu the shares and Hikuma shares this company, because the results of long-term poor, forced to repeatedly acquisition restructuring, analysis of opportunities faced by listed companies in Henan, in order to make the listed companies to seize the opportunity, seeking rapid, healthy and stable development.
Keywords: Henan listed companies; opportunities; sustainable development
1 Henan status quo of the listed companies
Traffic hub area of ??Henan Province in China's central and western regions, and is the country's largest agricultural producing provinces, the most populous province, is also the country's economic big province. 2006 1.246409 trillion yuan of the province's total GDP, and in fifth place in the country. However, the development of the listed companies in Henan in a backward state in the country to Henan's position in the national economy, which obviously do not match. The data show that: the end of March 2007, the Shanghai and Shenzhen Second City issued stock 1461 (containing B shares), corporate finance more than 10,000 yuan, including 34 listed companies in Henan Province, ranks 16 in the national and provincial rankings for corporate finance amounted to more than 200 billion yuan, accounting for the total amount of financing 2.0%, A shares of the total market capitalization accounted for only 5% of the GDP in Henan Province (the national average is 18%). The same period, Shanghai has issued a total of 149 of stock, corporate finance 65.211 billion yuan, the A shares of the total market capitalization of more than Shanghai's GDP; total economic output is lower than Henan Province, Anhui Province 46 issue of shares, corporate finance 23.3 billion yuan, A shares The total market capitalization accounted for 27.1% of the GDP in Anhui Province. It is not difficult to see that the enterprises listed in Henan Province and other provinces are compared in a backward position.

2 Henan existing listed companies
(1) the number of listed companies is too small, poor operating results, continued weak financing capacity.
Since the establishment of the Shanghai and Shenzhen Stock Exchange in 1990, 1991, Chinese enterprises a new financing channels, a large number of enterprises to seize the opportunity of rapid development. Henan Province is no exception, of course, living in the leading position in the same industry enterprises like Yutong, Shuanghui Group, stimulating economic development in Henan, as well as to speed up the process of building a modern enterprise system. But, after all, like quality companies such as Yutong Bus and Shuanghui Group is one of the few, the overall stock market performance of listed companies in Henan is far from satisfactory, and some of them have been repeatedly reorganization, has even left Henan. 34 listed companies in Henan, four losses for (ST Hikuma, ST Xin An, ST Chundu, Ancaigaoke) 2006, losses amounted to 342 million. In addition, earnings per share of the four companies is less than 2 cents (Lianhuaweijing, Luoyang Glass, the Zhongyuan environmental, Yunengkonggu), at the edge of the loss. And some companies (like ST Hikuma, ST Xin An, ST Chundu) years of losses, many restructuring, still no improvement. Due to poor performance, lack of market appeal, refinancing function can not be given full play. While subject to the limitations of the results of operations and business scope, the listed companies in Henan Province industry concentration is low, significant size advantage, poor capital expansion, can not take full advantage of the rights issue, the issuance of new shares, refinancing policy, it is difficult to form the use of the market and extraordinary development virtuous circle.
(2) not prominent industrial advantages, first, the tertiary industry is too small number of listed companies, the lack of development potential.
Compared to developed regions such as Guangdong, Shanghai, Shandong, Henan Province, the listed company mainly in metal and non-metal, machinery and equipment, instrumentation and medical and biological products, such as several industries. The three industries listed 15 stocks accounted Henan Province, almost half of the stocks listed. As a major agricultural province, agriculture, forestry, animal husbandry, fisheries, wood furniture industry is not yet listed companies. Information services industry and, as a modern market economy features a listed company. Over the same period in Shanghai, Shandong, each in 16 and 30; total economic output is lower than Henan Province, Anhui Province, there are seven listed companies in the agriculture, forestry, animal husbandry, fishery, food and beverage, and furniture industries, three listed in the information services industry The company, in sharp contrast with the Henan Provincial. As we all know, the tertiary industry is a sunrise industry, not only by the support and encouragement of the government, has also been in hot pursuit of the investment fund market, it is easy to refinance, and accelerate the pace of development of the enterprise.
(3) The operation of the company is not standardized, poor quality, lack of core competitiveness.
Governance structure of listed companies in Henan Province imperfect, due to the dominance of the shareholding structure of the phenomenon is very prominent, plus the information opaque and market supervision is not in place, the big shareholders are listed companies as a cash machine, from vicious misappropriating market, by This reduces the competitiveness of enterprises, and even a threat to the survival of the enterprise. Are numerous examples in this regard. Almost all of the ST PT class companies are major shareholders emptied due. If not the largest shareholder emptied behavior, these enterprises will not loss is a billion dollars, tens of millions of small. Makes the business direction of the unknown, lack of investment in research and development of new products to keep up with changes in society, makes difficult for enterprises to remain competitive, then gradually becomes the losses are a living example of the Zhengbaiwen Chundu Group, Lianhuaweijing.
3 comments and suggestions to accelerate the development of listed companies in Henan
(1) make full use of the favorable opportunity of China's rapid economic development, formed the core competitiveness through specialization. China's economy continued to maintain high-speed growth, improve the external environment to the listed companies do masterpiece strong. For an enterprise in the end is the good specialization or diversification inconclusive. Specialization and diversification dilemma on enterprise development strategies. Diversified risk, high failure rate. Yutong Bus, Shuanghui Group through specialization masterpiece strong Chinese enterprises are mostly young enterprises the main industry market share is not high, core competencies, lack of capacity and resources for implementation of the diversification strategy, specialization should be the basic strategy. Core competitiveness is the foothold of the significant signs of a business is different from other enterprises. More and more evidence that the low degree of specialization diversified continued enterprises lack the core competitiveness, reduce the enterprise's ability to resist external risks, there are diversified trap. The face of increasingly fierce global competition has been lost in the transition of the diversification of the economy and the emerging market countries, low-level living space.
(2) clutching shareholder-oriented corporate governance structure of the enterprise system environment, creating sustainable development. Currently, state ownership on the ownership of listed companies in China is neither in the traditional sense, but also non-international standard AG shareholders ownership, but the employee ownership of the shares of the Company and its holding company. The controlling shareholder of misappropriation of funds of listed companies, related party transactions, external guarantees against the interests of minority shareholders phenomenon prominent is reflected. At present, public opinion generally fraud behavior of listed companies classified as "dominance" is the largest shareholder of endangering the interests of the minority shareholders. But I believe that, "due to the dominance of" false phenomenon rather than nature. Equity of more than 50% of China's listed companies are state-owned shares, the state shares with ordinary state-owned assets, worthy of the name, and no exercise of shareholders' rights and obligations, that is the largest shareholder of the listed companies in China is "false major shareholders "" major shareholders "are attached to the listed parent company is the real big shareholders. As employees of the listed company does not hold the company's stock, and thus theoretically the phenomenon of large shareholders against the interests of minority shareholders in China has evolved into a phenomenon of employees against the equity. This means that only really establish a shareholder-oriented corporate governance model to overcome the fundamental acts of fraud and acts to harm the interests of the shareholders of the listed company, will it be possible to form a sustainable development of the enterprise system environment. Improve the governance structure of listed companies first to solve the problem of the independence of the listed companies, the real implementation of the personnel, financial assets separately, especially two (purchases and sales) outside of the listed companies to solve the problem, which really reduce connected transactions to improve the reliability of the results. Followed by listed companies should be the establishment of a modern enterprise system as an important task for the supervision of listed companies, listed companies restructuring and refinancing to be strictly implemented.
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