中国上市公司盈利能力研究中文.docVIP

Profitability of Chinese listed companies 中国上市公司盈利能力 1 Profitability study: Significance and key conclusions 1.1 Significance of profitability study Profits are the core of business operations in a modern economy. Drive for profits keep producers producing and retailers selling. As companies expand, capacity expansion starts to grow beyond its own means. Fund raising becomes a necessity. This can be achieved through loans, bonds or stocks. The key for bank loans or bond issuance is credit worthiness, or borrowers’ ability to pay back debt. For the stock market, the focus is on present and future profitability, in terms of earnings, earnings growth, cash flows, margins and market shares. In the direct capital market, capital investment destinations are determined through comparing return on equity (ROE). Companies that can deliver earnings and create maximum return on investment deserve the top picks. 1盈利能力研究：意义和主要结论1.1盈利意义的研究利润是企业经营在现代经济的核心筹款成为必然筹款可以通过贷款，债券或股票。由于银行贷款或发行债券关键是信用，或借款人的偿还能力对于股市，重点是对当代和未来的盈利能力，在收入方面，收入增长，现金流量，利润和市场份额。在直接资本市场资本的投资目标是通过比较确定的（ROE）。Unlike the original capitalist or entrepreneur, money at the stock market level has many choices of investment. It is much less attached to the original investment plan and typically less picky about which industry or management (smart investors do care about sector and management, but mainly from an investment perspective, not from a personal one) it will invest in. Money is committed to make money. The higher and the stronger profits are, the bigger the returns the investment will reap. 不同于原有的资本主义或企业家，在股票一级市场的投资很多的选择。（聪明的投资者和管理部门，但主要是从投资的角度来看，不是从个人的），金钱是致力于赚钱While ROE profitability is at the centre of equity markets worldwide, less Emphasis to it has been given in China. The short life span of China’s stock exchange, excessive domestic liquidity in the past years and restrictions on capital flow all appear to have directed attention away from profitability. Management of some listed Chinese companies may also no