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Shaanxi Listed Companies structural problems

Author: Anonymous From: www.yourpaper.net Posted: 2009-10-01 13:42:01 Read:
Author: Wang Xiaojun Wang Meimei Li new
[Abstract] since the development of the Chinese securities market, the Shaanxi enterprises listed some success, to enhance the image and influence of Shaanxi enterprises. However, the Shaanxi performance of listed companies, the slow development are many reasons. In this paper, the analysis on this issue from the perspective of equity structure, pointed out that controlling complex relationship, holding the chain length of five issues, proposed the introduction of institutional investors, to break the controlling shareholder of one to dominate the situation "solutions.
[Keywords] Shaanxi listed companies; ownership structure; problems; countermeasures

With the development of China's securities market, Shaanxi enterprises listed on the work achieved some success, a number of high-level driven through the listing, the starting point of the implementation of the technological transformation project, adjust and optimize the industrial structure, enhance Shaanxi external image and influence. Moreover, the enterprises through the stock public offering listed and allotment of ways, more than 100 billion yuan of direct financing, and enhance the capacity for sustained development, optimize the allocation of resources, and to promote the adjustment of industrial structure, promote regional economic development. Through restructuring, the number of state-owned enterprises listed on the initial establishment of a modern enterprise system to adapt to the requirements of market competition, changes in the organizational structure and operating mechanism, enhance vitality. Some listed companies have become the industry leading backbone enterprises to play a lead role in the development of pillar industries in Shaanxi, made an important contribution to the economic development of Shaanxi.
However, the achievements and problems tend to like the front and back of the coin and inevitably exist in the same system and environment, Shaanxi listed companies in terms of size and performance of listed companies and other provinces and cities of the country there is a big gap. The end of 2007, only 26 listed companies in Shaanxi, the total number of listed companies for 1530, accounting for 1.63% of the total number of listed companies, located in 24 provinces and cities ranked only above Gansu, Ningxia, Qinghai, Inner Mongolia, Guangxi eight provinces of Guizhou, Hainan, Tibet; total share capital of 6.297 billion shares, the country listed on the company's total share capital of 2.24 trillion shares, accounting for 0.28% of the total share capital of the national listed companies in the provinces and cities ranked in the first 26; The total market value of 100.707 billion yuan, the total market capitalization of listed companies was 3.27 trillion yuan, accounting for 0.3% of the national total market capitalization of listed companies, located in 30 provinces and cities ranked.
Shaanxi listed companies not only small-scale, and poor operating results. According to prepared and "2007 China A shares overall consolidated financial rating Report: 2007 Shaanxi annual listing of the company's total net profit of about 775 million yuan, accounting for 0.1% of the total net profit of the overall stock market, the total net profit in the stock market the proportion of extremely small, in the provinces and cities ranked in the first 31; Average net income per share of $ 0.13, a 61.7% lower than the average net income per share of the overall stock market, located in the provinces and cities ranked 29; Shaanxi per share ROE of approximately 7.9%, 9.1 percentage points than the low yield of the average net assets per share of the overall stock market, located in 30 provinces and cities ranked after qualifying poles. Operating results of listed companies in Shaanxi seriously affect the survival and development of the listed companies in Shaanxi, since 2004, there have been three stock delisting Dahlman, digital mapping, precision shares in Shaanxi, ST Changling, ST long letter, ST Construction Machinery, ST Qinling, ST Qin Feng, ST Jinhua, the company also faces delisting risk. There are many reasons for Listed Companies in Shaanxi status quo, this article only from the shareholding structure of a perspective to explore, to promote the development of listed companies in Shaanxi.

Shaanxi listed companies share ownership structure problem

A state-owned holding company, owners supervision vacancy. As of the end of 2007, 26 listed companies in Shaanxi, 20 state-owned holding company, a private holding company of six state-owned holding companies accounted for 76.92% of all the listed companies, state-owned holding company far more than the private holding company. The state-owned holding company, the problems caused by the decline in the overall competitiveness of the listed companies in Shaanxi. The 15th Party Central Committee clearly suggested that public ownership should do something, do certain things, to withdraw from the non-critical industries and fields to space with greater play to our strengths, to other forms of ownership. In fact, the government as a shareholder to participate in the market, on the one hand, easily lead to abuse of rights, undermine the rules of the market. On the other hand easily lead to the absence of owners, the formation of the managers internal control.
Shaanxi listed companies in recent years, costs have been high in the absence of a relationship with the owner of the state-owned holding company supervision. Shaanxi expenses for the period of the state-owned holding company growth rate significantly higher than revenue growth, faster revenue growth, expenses for the period of growth, during the private holding company expenses growth rate is significantly lower than the state-owned holding company. State-controlled listed companies in Shaanxi operating income of the average growth rate in 2007 was 8.58%, the average growth rate for the 11S71% of the expenses for the period; average growth rate of operating income in the same period in Shaanxi private holding listed companies 10S42%, the average growth rate of expenses for the period was -1.26%.
The complex relationship of two controlling shareholders and actual controller holding the chain longer. Shaanxi listed company's controlling shareholder and the actual control is not the same person, and often there are many intermediate control between the actual controller controlling shareholder. As Industry Co. Ltd., its controlling shareholder Baoji Titanium Group LLC, its actual controller is the SASAC, in addition to the Aluminum Corporation of China, Shaanxi Nonferrous Metals Group Co., Ltd. intermediate control. Specific Holdings relations: SASAC has 100% of the equity of the Aluminum Corporation of China, Aluminum Corporation of China has a 72% stake in Shaanxi Nonferrous Metals Group Co., Ltd., Shaanxi Nonferrous Metals Group Co., Ltd. has Baoji Titanium Group LLC 100% of the shares, Baoji Titanium Group Limited Liability the company has Baotaigufen 56% stake. Shaanxi listed companies holding chain generally 2 - 3 intermediate controlling shareholder.
Holding chain is too long, a lot of indirect controlling shareholder, to increase the "leadership" of the listed companies, adding to the burden of listed companies, is not conducive to the development of listed companies. A control can interfere with the business of the listed company, its can require listed companies to transfer benefits. The multilayer Holdings relations also lead to a large number of related party transactions and related party transactions of listed companies, the transfer of benefits to related parties. The listed company's controlling relationship can be seen from Shaanxi, the holding chain length listed companies operating efficiency is generally poor.
3 controlling shareholding ratio is low, the operating results of listed companies. Shaanxi listed company's controlling shareholder stake. The highest stake Baotaigufen, Baoji Titanium Group controlling shareholder Co., Ltd. holds Baotaigufen 56% of the shares; stake lowest ST long letter, something An Wanding holding shares Kong (Holdings) Co., Ltd. held a 12.68% stake in ST long letter. More than 50% stake of the controlling shareholder l, 40-50% of the shareholding ratio of 6, 30% -40% of the stake four, 20-30% of the stake of 9 stake 10% -20% 6, the controlling shareholders' stake in the less than 30%, accounting for 57.69% of all the listed companies.
In fact, the highly dispersed ownership structure, only a small number of large companies in Britain and the United States exist, the dominant form of ownership concentration and family control (dominance) is the global company's shareholding structure. European Corporate Governance Network, the predecessor of the European Corporate Governance Association research report published early in 1997, "the separation of ownership and control: the investigation report of seven European countries: Austria, Belgium, Germany, Italy, the four countries of non-financial institutions listed companies first the voting rights of the largest shareholder (directly or indirectly) are higher than 50% of the voting rights of the largest shareholder of the listed companies in the Netherlands, Spain and Switzerland, 43%, 34.5% and 34.9%, respectively, while the UK this figure is 9.9%, this figure is 8.6% (NYSE) and 5.4% (Nasdaq).
Lower stake of the controlling shareholder, the controlling shareholder of the expense of the interests of listed companies access to their own interests to maximize the cost is lower. In contrast, higher stake of the controlling shareholder, the controlling shareholder through damage to the interests of listed companies and to obtain their own interests are often more harm than good, because the damage to the interests of listed companies is the damage to their own interests. In fact, from Shaanxi listed company in 2007 earnings per share and net assets yield can be seen, high stake of the controlling shareholder, the operating results are better, the controlling shareholder equity ratio is low, poor operating results .
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