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Listed companies on China's economic development

Author: DuKunLun From: www.yourpaper.net Posted: 2010-04-22 07:32:35 Read:
China's listed companies and their associated securities market, with a view to achieve a breakthrough in economic development and institutional reform, the eastern coastal areas take the lead towards a modern, market-oriented, the initial formation of the country's distinctive pattern of regional economic conditions came into being gradually grow. We have seen a lot of problems, difficulties and risks in the development of companies listed on the stock market's twists and turns. After 10 years of cultivation, development, and gradually optimize the structure of China's listed companies, the majority to become the industry's leading enterprises, has become an important force to promote the development of the national economy, direct financing has expanded rapidly and significantly increase the proportion of direct financing, capital markets in occupy an increasingly important position in the market system. With the deepening of China's reform, development, capital market into the rapid expansion and structural adjustment phase, the early legacy of historical issues, the institutional flaws and deep-seated contradictions gradually exposed, had a negative impact on economic development. Vigorously develop the capital market and improve the quality of listed companies, linked to the production and management of listed companies, capital operation, social responsibility and modern economic development path, give full play to the listed companies in the new force in promoting sound and rapid development of China's economic and the leading pack role has important practical significance.

, Listed companies and the relationship of modern economic development

Listed companies first company, is the production of of operating certain products or services provided by economic entity, and then grow into the listed company, to become the cornerstone of the objects of the stock trading and securities markets. Dialectical unity of the real economy and the virtual economy is an important feature of the listed companies. Listed companies through earnings, book value and other indicators of a comprehensive reflection of the level of development of the real economy and the virtual economy and development is an important bridge and link of the product market and the capital market. Listed companies through the stock market to complete the business development of capital accumulation, efficient allocation of resources, to improve her through two levels of the real economy and the virtual economy and social development capacity, its own creative endogenous cumulative market competitiveness and the degree of social impact, and gradually become the main micro led the development of a modern economy the most dynamic. Object of the listed companies as stock trading, cross-regional, cross-border public company attributes, as the production of a product and service provided economic entity, they must rely on a certain geographical space, and its products and services in a certain radius of radiation engaged operating activities, and therefore they have a regional. A wide range of social and specific regional internal unity, which is an important feature of the listed companies. The attributes of a public company and an important feature of the listed companies, is the premise of the theoretical analysis of the status and role of the listed companies in the development of a modern economy.
1, listed companies through the capital market, to highlight its influence on the development of a modern economy. Since the establishment of China's securities market, by the pilot to become an important part of the national economic construction and development, most of the listed companies in its industry belongs to the leading pack, many listed companies have a supportive role in the economic development of the specific area. Listed companies involved in the construction of the world economy, further highlight the status of the right to speak in the international or regional economic development competition, economic "barometer" of the capital markets play a more obvious; industrial structure of listed companies presented to manufacturing, electronics, electricity, finance and other basic and pillar industries based pattern, consistent with the national economy layout; assets has expanded rapidly, the operating results of the simultaneous growth with macroeconomic gratifying trend. China's emerging capital markets, emerging as a big country, the total market capitalization of the Shanghai and Shenzhen by the end of 2007, ranking third in the world, asset securitization rate of 132.65 percent, leapfrog growth rate of the total market capitalization of China's stock market and the magnitude of the economic assets securitization The horizontal lifting speed of a miracle in the world capital market development.
2, the listed companies is an important source of modern economic growth. In three aspects: First, the contribution of fiscal revenue, including revenue from stamp duty on stock transactions in 1993 -2006 only accounted for 2.11% of the total revenue of the central finance over the same period, up to 7.21% in 2007. Second, the modern society of the listed companies in the production and management process for the creation of material wealth, all the listed companies to achieve the main revenue reached 38.57 percent of China's total GDP for the same period in 2007. Average return on equity was 17.07%. Third, the value of capital markets, the stock price is the future value of the listed companies are now embodied, earnings and book value can reflect and evaluate the price level and quality.
3, a listed company is advancing force in modern economic development pattern. The listed company is to achieve scientific and technological progress and innovation vitality force listed companies to promote resource-saving and environment-friendly economic development model construction force, effective operations and expansion of the capital is the performance of the modern movement of capital in the greater area, but also to achieve the listed company with modern economic common good and fast development path selection. The listed company's social responsibility is not just building a harmonious relationship of man and nature, but also including the building of harmonious relationships between people, and promote the harmonious development of all aspects of economic and social equity culture is important to the performance of the modern economic civilization.
Listed companies is the main channel of the main micro direct financing of the development of a modern economy. Capital formation is a decisive factor for economic growth and development, the amount of capital stock and capital increment the speed of the basic elements that tend to promote or hinder economic development. Capital accumulation and resource gathering, listed companies in the credit system, the complete enterprise development through the stock market to achieve efficient allocation of resources, and promote the development of enterprises, driven by regional and socio-economic development. The listed company has gradually become the main channel of direct financing by enterprises to reduce the over-reliance on bank and financial risks of enterprise development, direct financing of listed companies greatly improve the same period in the national economy and the corresponding region of the economic construction and development capacity. The same time, an important way for enterprises listed overseas are also the introduction of foreign capital, China's enterprises by foreign capital markets direct financing accounted for the same period the introduction of foreign capital ratio rose from 1.01% in 1995 to 69.83% in 2006, comprehensive comparison of 14.35%, and maintain high-speed growth trend.
5, a listed company is a bridge and link between modern economic development to achieve the development of the corporate body, guided by the government, the public participation. The listed company is the product of the development of the modern market economy, the dominant position in the modern economy is growing with the expansion of the scale of the listed companies and the growing influence and market economy development capacity and potential of micro-main. Historical experience shows that modern economic development in China, the modern economic development is inseparable from the development of listed companies, listed companies in their own development and the value of the listed companies jointly promote and determine the speed and level of development of a modern economy. Listed companies is also a combination of market economy and state intervention, capital markets, state intervention is usually to take the government to guide enterprises through market mechanisms to achieve the funds devoted to the most dynamic industries and enterprises, to reflect the approved standards and conditions that allows companies to issue listed, The regulatory effect of the implementation of the policy issue of institutional arrangements, capital operation, industry consolidation, cross-regional mergers and acquisitions standardized operation. As a public company, listed on the public to participate in the most extensive and thorough economic entity. Second, how the full realization of the listed companies in the modern economic development role in promoting

The development of China's securities market has great potential, but is relatively weak valid state to promote the efficient allocation of capital is still very limited. Current, regardless of the development of the western region, revitalizing northeast or central China, the eastern part of the first modern needs and growth of the micro-foundation of the modern economy, the need to nurture the listed companies, the health of the capital markets. The critical period in the current capital market environment, a major turning point in how to guide the overall scientific concept of development, cultivate and regulate listed companies in the economic and social development, more need to continue to explore the practice.
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