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本课题以净资产收益率和净利润率作标准,研究1995～2001年度 A 股、B 股、H 股和红筹股公司的盈利水平,并将中国的上市公司和美国、欧洲、日本的上市公司进行横向比较。另外,本研究将数据分解为若干类别以找出中国上市公司的主要发展趋势。总的说来,该报告通过研究,发现中国上市公司的盈利水平并不比国际上的上市公司低。中国上市公司的净资产收益率比美国低,和欧洲差不多,但是明显高于日本。A 股上市公司看起来比香港上市公司有更好的净利润率,尤其是中国的公用事业公司具有最稳定的净和润率,它们的盈利水平显著高于世界上的其他公司。中国证券市场必须重视提高上市公司净利润率和净资产收益率。利润是一个公司存在的基础,而净资产收益率则是在一个成熟的市场中进行投资选择的基础。随着中国向外国投资者开放国内资本市场和考虑允许国内投资者投资于海外资本市场,这些问题可能会变得更加迫切。资本市场开放的过程将会使投资者在选择投资于哪项资产的时候更挑剔。提高利润率,从“数量的扩张”转变为生产率的提高,对于确保中国增长基础的稳定是至关重要的
This topic uses the return on net assets and the net profit rate as the standard to study the profitability of A shares, B shares, H shares and red chip companies from 1995 to 2001, and compares the listed companies in China with the listed companies in the United States, Europe and Japan Horizontal comparison. In addition, the study breaks down the data into several categories to find out the major trends in Chinese listed companies. Overall, the report through the study found that the profitability of Chinese listed companies is not lower than the international listed companies. The ROE of China’s listed companies is lower than that of the United States, similar to that of Europe, but significantly higher than that of Japan. A-share companies appear to have better net profit margins than listed companies in Hong Kong. In particular, China’s public utilities companies have the most stable net profit margin and their profitability is significantly higher than that of other companies in the world. China’s securities market must attach great importance to improving the net profit margin and return on net assets of listed companies. Profit is the foundation of a company’s existence, and ROE is the basis for making an investment choice in a mature market. As China opens up its domestic capital markets to foreign investors and considers allowing domestic investors to invest in overseas capital markets, these issues may become even more urgent. The process of capital market liberalization will make investors more critical in choosing which asset to invest in. Increasing the profit margin, shifting from an “expansion in the number” to an increase in productivity, is crucial to ensuring the stability of China’s growth base