中国上市公司盈利能力研究英文(pdf 53页)
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Abstract
The aim of this project is to look into the profitability of A-shares, B-shares, H-shares and Red
Chips in the period of 1995~2001. We chose return on equity and net income margin as proxies
for profitability. We compare the results from Chinese listed companies with those from the US,
Europe and Japan. Further, we broke down the data into various categories, in an attempt to
capture the core and developing trends of listed Chinese companies.
In general, we found the profitability of Chinese listed companies was not that much lower
compared to its international peers. The A-shares seem to have better margins than Hong Kong
listed companies. However, there seems to be an alarming trend of decline in ROE amongst the
A-shares, and to some extent the B-shares as well. This reflects the view that Chinese executives
are not managing their equity bases well after proceeds are raised. Typically, Chinese executives
want to hold on to as much equity as possible and sometimes tend to spread their resources
beyond the core businesses of their own companies without proper returns, lowering the
efficiency of shareholders’ capital. The net income margins of the Chinese companies are
substantially higher than their international counterparts, but the ratios have been on the decline,
in a similar vein to the ROE ratios.
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