深市主板公司经营业绩情况分析

Analysis of 06’ Corporate Results of Shenzhen Main Board Companies

分析发现,2006年度深市主板公司盈利能力改善的同时,主营利润对整体利润的贡献程度下滑,投资收益等非主业因素影响趋增;资产管理能力有所增强,成本费用控制得力,但资产变现能力稳中有降,整体盈利质量和现金流动状况有所弱化。国家宏观形势持续向好和证券市场解决股改及资金占用两大痼疾是影响公司业绩提升的主要外因,其他刺激因素包括:资产整合、股改业绩承诺、股权激励和交叉持股及参股金融机构。交叉持股及参股金融行为对整体业绩水平有放大效应;新会计准则的影响低于市场估计。

Analysis reveals that in spite of rising corporate eamings, there is a decreasing proportion resulting from core business on the part of Shenzhen main board companies and increasing proportion from investment. Capital management and cost control improve, while asset cashability is slowly decreasing. The overall earning structure and cash flow are getting weaken. The strong macro-economic status and full listing reform are two major factors affecting corporate earning prospect. Other factors include consolidation, guarantee on corporate earnings, equity initiative, cross shareholding and equity investment in financial institutions. Cross shareholding and equity investment in financial institutions have a magnifying impact on the overall earnings level. The impact of implementation of IAS is weaker than market expectation.