上市公司结构变化与经济发展特征比较分析

Structural Changes and Economic Development Characteristics of Listed Companies

上市公司多维度的结构变化是一国宏观经济特征的微观投影,也反映了该国资本市场与经济发展之间的关系。从历史回顾角度看,上市公司行业变迁的逻辑受到宏观经济、政策变化的综合影响,其"增长-估值"特征包含了行业的前景信息。中国上市公司的产业结构、要素结构和区域结构与宏观层面的结构特征有所区别;上市公司海外收入呈现一定的内循环特征;多元化经营特征近年来有所减弱。从国际经验角度看,美国大型企业的崛起与制造业结构的分化、日本经济衰退下投资机会的缺失、韩国制造业的稳定发展、德国"再工业化"战略的践行均为我国经济发展提供了经验教训。基于此,本文从产业结构发展、培育有竞争力企业、扩大内需、区域结构平衡等方面提出了相应的政策建议。

The multi-dimensional structural changes of listed companies reflect the macro-economic structural features from the micro perspective, and the relationship between the capital market and economic development. From the perspective of historical review, we have several main findings. The development logic of listed companies’ industries is influenced by the macro-economic environment and policy changes. The “growth-valuation” feature of listed companies include the information of future prospects of industries. The listed companies’ industrial structure, factor structure and regional structure are different from macro-level structural features. The foreign revenue variations of listed companies show that is appears certain characteristics of internal circulation in recent years. The listed companies are less inclined to adopt diversification strategy. From the perspective of international experience, the structural features of the developed countries’ listed companies provide experience for China’s economic development. We analyze the rise of large American corporations and the structural diversions of American manufacturing industry,the lack of investment opportunities in Japan’s recession, the steady development of Korean manufacturing corporations, and practice of German “Reindustrialization Strategy”. Based on the analysis, we propose policy recommendations from perspectives of industry structure development, enterprises cultivation, domestic demand expansion and region structure balance.