中国境内主板上市公司绩效与影响因素分析——基于A、B股相关上市公司的对比

A Study on Performance Differences and Influence Factors of the Main Board Listed Companies in China——Based on Comparison between A-share and B-share Listed Companies in China

本文旨在对中国境内主板上市公司的绩效进行综合评价,分析导致境内主板上市公司绩效差异的原因,并提出改变现存状态、缩小上市公司之间绩效差异的政策建议。首先,本研究从境内主板上市公司中,选择98家B股上市公司及与这些B股上市公司所处行业大致相同的98家A股上市公司作为配比样本,共计196家主板上市公司2011—2013年度的14个财务数据指标,采用多指标面板数据下因子分析的方法对两类上市公司的绩效进行对比,发现A股上市公司在盈利能力、偿债能力和成长能力方面都优于B股上市公司。其次,本文采用典型相关分析的方法对样本上市公司绩效差异的主要影响因素进行了实证分析,结果显示,企业规模、股权结构、资本结构是导致绩效差异的主要原因。最后,本文提出了缩小两类上市公司绩效差异的政策建议。

During the early period of the construction of Chinese stock market, the Chinese government tried to open up a special channel to attract foreign investments by using stock market as a window opening to the outside world. As a result, the Chinese government released the B-stock market after the A-stock market get started, which was a special stock market corresponding to the ordinary stock market, the A-stock market. To attract foreign investors, by which means the enterprises could get stable foreign exchange funds, the B-stock market was the earliest window of Chinese stock market opening to the outside world. The showing up of the Chinese B-stock market played a significant role in helping the enterprises to solve the foreign currency exchange problems. However, with the intensifying of reform and opening up, the foreign ex- change management system of China was also getting matured, and after a brief period of glory, the B-stock market met more and more difficulties and was marginalized, besides it could not reflect the value of the enterprises, so the price has been being low for a long time. The IPO of Chinese B-stock market stopped in 2000, no enterprises continued releasing B-stock after 2004. The efficiency of financing of listed enterprises was getting lower and lower. Because the listed enterprises have lost the capacity in financing, and their application of financial leverage would lead great risk, the prospect of these enterprises were greatly limited and not optimistic. However, from the perspective of the capacity and position of B stock market, the B-stock market has become a market which mainly composed by the individual investors, and the effect of this market is getting smaller and smaller and losing its basic capacity in the stock market. Compared with A-stock market, there are apparent differences in the scale, position and representative between B and A stock market. How the performance of A-share and B-share listed companies were affected by these stock market differences？ The purpose of this paper is to evaluate the performance of the main board listed companies in China, to analyze the causes of such differences, and put forward the policy suggestion to change the current condition, narrowing the performance difference between listed companies. Firstly, this study choose 98 B-share listed companies and 98 A-share listed companies in roughly the same in- dustry with those companies aggregated 196 sample companies from the main board listed companies in China. This paper is based on 14 financial data index from 2011 to 2013 of 196 sample companies, adopting factor analysis under the multi-index panel data to compare the performance of two types of listed companies. This paper found that in terms of profitability, solvency and growth capacity the A-share listed companies are superior to B-share listed companies. Secondly, this paper used the method of canonical correlation analysis to researching the primary cause of this performance difference. The results show that the firm size, ownership structure, capital structure are the main cause of the company performance differences. This paper also point out that the defects of the Chinese Bstock market are the root causes of the performance differences between A-share and B-share listed Companies in China. Finally, this paper put forward the policy suggestion to improve the performance of B-share listed companies. It point out that the reform of B-stock market is the key to help the B-share listed companies get out of the trouble in refinancing and improve their performance. The innovation of the Chinense capitale market should be refleeted in the design of the B-stock market reform, and the uniqueness of B-stock market should be considered completely. The reform of B-stock market should choose different designs according to different situation to strike a balance among the listed companies and the investors.