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Capital market development: Based on the analysis of listed companies in Jiangsu Province

Author: LiRong LiYongFang From: www.yourpaper.net Posted: 2010-03-27 05:29:58 Read:
Abstract: The quality of operations of listed companies related to the healthy development of the securities market and regional economy. In recent years, Jiangsu Province, the listing of the company's research found that the listed companies in Jiangsu Province in the distribution of the degree of securitization, the quantity and quality of listed companies, finance functions and structures, regional and industry, as well as the main structure, there are many problems, eliminate the institutional and policy barriers from faster time to market, improve the quality of listed companies, and to promote the diversification of financing channels to improve and enhance the quality and level of listed companies is particularly urgent.
Keywords: securities of listed companies; capital markets; listed companies distributed

Abstract: Listed companies' operation quality relates to the healthy development of securities markets and regional economy.By investigating and studying on new listed companies in Jiangsu province, the article believes that they have many problems such as securitization degree, quantity and quality, financing function and structure, regional and industrial distribution and main structure.Therefore, it is urgent to upgrade quality and degree of listed companies by eliminating system and policy barrier, accelerating the pace of listing, enhancing listed companies' quality, promoting the diversification of financing channels.
Key words: listed companies securitization; capital market; listed companies distribution

Take considerable progress since August 1993, listed companies in Jiangsu Province, and further improve the corporate governance outstanding regional capital markets; investor sophistication, and constantly enhance risk awareness; constantly improve market supervision, the initial formation of certain market competitive advantage and The industrial concentration Jiangsu plate. " However, Jiangsu listed companies there is a large gap between other provinces and municipalities in terms of scale, quality, quantity, and other. How to change their ideas to improve the system, standardized operation, enhance the quality and level of listed companies, to promote their bigger and stronger, the problems to be solved.

Situation and Operation of a listed company in Jiangsu Province characteristics

(A) listed companies marked improvement
118 listed companies in Jiangsu Province, as of April 2008. Jiangsu listed companies to seize the opportunity and give full play to the function of the capital market, a strong impetus to the regional capital markets and the positive interaction of the local economy.
Financing scale and gradually expand. In 2000-2007, Jiangsu listed companies to raise funds from the domestic capital market, 51.122 billion yuan, a sharp rise in the past three consecutive years, especially in 2007, the scale of direct financing accounted for 37% of the total domestic capital market financing since 2000, a record the Jiangsu capital markets over the years most of the total direct financing. The expansion of the proportion of direct financing, effectively promoted the Listed Companies in Jiangsu scale and regional economic development.
2. Variety of financing common highlights. In 2007, the first 11 enterprises financing for the issue of new shares of 11.145 billion yuan, three companies issuing raising 1.084 billion yuan, the seven companies private placement to raise 6.004 billion yuan, the 3 companies issuing convertible bonds to raise 440 million yuan; corporate bond financing to achieve the new breakthrough, the actual issuance of short-term financing bills in 2007 to 20.87 billion yuan, an increase of 10.62 billion yuan more than the previous year, the bonds issued by enterprises reached record levels. Since 1990 Jiangsu started to issue corporate bonds, as of the end of 2007, the province a total of 16.85 billion yuan of corporate bonds issued by 446 companies, emerged the timely and full payment of the maturity corporate bonds. Diversification of financing, changes the past over-reliance on single starting financing situation.
3 listed companies in the industry structure was further optimized. Jiangsu listed companies mainly in machinery manufacturing, textiles, chemicals, and other traditional industries. In 2007, in the above listed companies in traditional industries, while continuing to grow and develop, Jiangsu new number of listed companies in the tertiary industry, such as the Bank of Nanjing Jinling Hotel, Lianyungang, to further improve the industrial structure of listed companies in Jiangsu. Meanwhile, the Bank of Nanjing starter and long CAO Yun overall market, respectively, the highest record Jiangsu listed companies starting the financing and refinancing single record. These excellent performance, good growth, a prominent position in the industry leading enterprises lead the development of the regional industry, enhance the image of Jiangsu plate market.
(B) of the listed companies and the regional economy with strong correlation
Distribution from the province's 118 listed companies in the region, 94 in Southern Jiangsu Province, accounting for 80%, of which 39 in Nanjing, Suzhou, 22, 21 Wuxi, Changzhou 6, Zhenjiang 6 15; Soviet Union in the region, accounting for 13 percent, including 6 of the Nantong 7, Yangzhou, Taizhou 2; northern Jiangsu area 9 (7%), including four of Lianyungang, Yancheng three listed companies, Xuzhou, Huaian and Suqian. More obvious from the geographical distribution of the listed companies, regional disparities show the height of the regional economic development the Sunan region as a leading engine of economic development in Jiangsu and growth pole, the region has a number of listed companies in the province's economic position relative with match.
(C) listed companies involved in the field of wide distribution level widely
From the Industry, the main business of listed companies in Jiangsu Province, almost all over 17 industries, but mainly in machinery, equipment, and instrumentation industry, petroleum, chemical, plastic, plastic industry, wholesale and retail industries. These industries, a total of 67 listed companies, accounting for 56.8 percent of the listed companies, especially machinery, instruments, equipment topped the list, with 29, accounting for 25% of the total. Financial and insurance industry, only one is still blank, but agriculture-listed companies.
(D) operations of listed companies significantly improved the quality of
In recent years, the province listed companies closely rely on its capital and mechanisms advantages, expand production scale, the economic efficiency of enterprises, running to gradually improve the quality of listed companies in the province in the number of listed companies, total assets, net assets, total share capital were tested fast rising trend; total market capitalization, net profit showed a relatively large fluctuations, remains in the doldrums with the stock market from 2001 to 2005, the rising cost of business operations and increased competition is closely related to, and attention should be paid per shares of net income continued to decline.
(E) quasi-listed company capital the scale significantly improve
In recent years, the number of listed companies in Jiangsu Province to achieve rapid growth, as the scale of economic operations in Jiangsu, quality, improving efficiency. Enterprises run the macro, the improvement of the micro-environment, accelerate the pace of economic structure adjustment and optimization, and the apparent effect of the characteristics and advantages of industrial clusters, a number of large enterprises, large corporations, large companies protrusions are Jiangsu reserve listed resources.
Firmly grasp the capital of Jiangsu Province, listed companies, technical ties, and revitalize the stock assets through mergers and acquisitions, joint ventures, holding companies, equity participation and other forms, expanding the scale of corporate assets operators, enterprise size and strength steadily increased. As of the end of 2007, the assets of the listed companies in the province totaled 4 12.769 billion yuan, the average growth of 14.4% over the previous year. Operating income of listed companies is also on the rise. Listed companies in the province last year achieved operating income of 95.089 billion yuan, the average growth of 17.1% over the previous year, of which 43.6% year-over-year increase of real estate enterprises, ranking first in the Industry; wholesale and retail trade, transportation, post and grew 22.4% and 19%, the breakdown of the second and third. Listed companies in the province to achieve total profit and tax of 8.407 billion yuan, an increase of 1.1% over the previous year, which break even after a total profit of 5.129 billion yuan. There are 19 listed companies profitability billion yuan, total profitability Nearly nine out of the total profit enterprise breakeven JSE listed companies, Yangzi Petrochemical, Nanjing Iron & Steel profit of ranking the province's top three listed companies to the advantage of companies gather more obvious. Second, the problems existing in the development of listed companies in Jiangsu Province

(A) low degree of securitization, capital market functions and advantages of listed companies failed to fully release
The securitization rate refers to the listed companies in the market value of a share of GDP, it is the scale of indicators to measure the degree of development of the securities market, and reflects the status of direct financing in the financial system and the role of the securities market efficiency. The higher the level of securitization, means that the securities market is more important position in the national economy. In recent years, the average proportion of Jiangsu country's total GDP was 10.52%, Jiangsu GDP in 2004, the proportion of the country's total to 11.36%, leading the national average of 5.4 percentage points in the country's first phalanx. With the development and improvement of China's securities market, the securitization rate deepening of 132.65% in 2007, in recent years, Jiangsu securitization rate remained low, only 30.36% in 2007, less than Beijing, Shanghai, Zhejiang, Shandong, Guangdong, Hubei, Sichuan securitization levels, indicating the status of direct financing in the financial system and the role of the securities market efficiency has not yet been fully released.
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