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Listed companies in the manufacturing sector is the largest listed companies in Shanghai group of companies covering more than half of listed companies in Shanghai, from the overall perspective, the manufacturing sector in 2008 listed companies in the first three quarters year-on-year revenue 28% growth in net profit year-on-year increase of 16%, but the third quarter revenues increased 22 percent year-on-year, performance actually fell 16 percent,"Made in China" is facing a substantial decline in the performance situation.

制造业上市公司是全球最大的上市公司在上海的面积超过了上市公司在上海的一半集团公司从总体上看,2008年制造业中列出的今年前三季度公司同期收入的28%,净利润同期增长同比增长16%,但第三季度的收入增长了百分之二十二去年同期相比,性能反而下降了百分之十六,"在中国制造"正面临重大在性能下降的情况。

Corporate governance, together with management, technology and enterprise culture determine listed corporation competitive power, by way of mutual influence.This paper further studies each driving factor of listed corporation competitive power and sets up evaluation indicator system for listed corporation competitive power. Then, this paper chooses objective method of weighting based on coefficient of variability of indicant and subjective method of weighting based on AHP and adopts comprehensive index evaluation method to construct index model of listed corporation competitive power.

本文进一步对上市公司竞争力的每一个驱动因素进行了深入研究,建立了上市公司竞争力评价指标体系;然后,在详细梳理学者对企业竞争力进行评价的方法的基础上,确定了基于标志变异系数的客观权重法与基于AHP的主观权重法相(来源:A5dB2c2cC论文网www.abclunwen.com)结合的综合评价方法,利用综合指数法构建了上市公司竞争力指数模型。

With the controlling shareholders share the same trademark brands, large advertising expenses from the controlling shareholder of expenditure And the controlling shareholder with a brand share of listed companies is almost a common problem, some property owned by the controlling shareholders, some property owned by the listed companies, the controlling shareholder owned property rights in the circumstances, the listed companies only pay a small fee to use, and the brand Promotion of large fees from the controlling shareholder of expenditure, not to share listed companies, listed companies inflated the profits.

五、与控股股东共用同一个商标品牌,大量广告宣传费开支由控股股东开支与控股股东共享用一个品牌几乎是上市公司的一个通病,有的是由控股股东拥有产权,有的由上市公司拥有产权,在控股股东拥有产权的情况下,上市公司只需支付少许使用费用,而品牌宣传的大额费用由控股股东开支,而未让上市公司分摊,虚增了上市公司的利润。

In this paper, the bond market listed companies, from government policies, credit rating, the phenomenon of internal control, lack of security bonds, bonds and other varieties of single-level analysis of the corporate bonds of listed companies failed to become the main form of direct financing of the reasons,And from government control, regulate credit rating, improve the ownership structure of listed companies, the implementation of strict enterprise security and bankruptcy system, the bond layer breeds innovation by the listed companies to strengthen the bond financing measures.

本文通过上市公司债券市场的问题,从政府政策、信用评级、内部人控制现象、债券安全性不足、债券品种单一等层面分析了企业债券未能成为上市公司直接融资的主要形式的原因,并分别从加强政府调控、规范信用评级、改进上市公司股权结构、实施严格的企业担保及破产制度、债券品种创新等层而提出加强上市公司债券融资的措施。

The same year on August 24, the China Securities Regulatory Commission, the State Council, SASAC , The Ministry of Finance, the People's Bank of China, Ministry of Commerce jointly promulgated the "listed companies on the share reform of guidance" that the relevant government departments to promote the comprehensive share reform of the determination "at all costs, to be determined to succeed"; 2005 September 4, the Securities and Futures Commission promulgated "listed companies split share structure reform management practices," the legally binding document issued for the future reform of the overall market clearly expected the process is of great significance; on September 6, Shanghai , The Shenzhen Stock Exchange Clearing Corporation and China issued a formal "of listed companies split share structure reform operational guidelines" and "listed companies split share structure reform format specification guidelines."

于8月24日在同一年,中国证券监督管理委员会,国务院,国资委,财政部,人民的中国,商务部,财政部联合颁布了关于共享"上市公司改革的指导意见",有关政府部门促进不惜一切代价"的决心,全面股改,以确定成功",2005年9月4日,证券及期货事务监察委员会颁布的"上市公司股权分置改革管理办法,"具有法律约束力的文件,对整体市场发出明确今后的改革进程,预计具有重要意义,发表了9月6日,上海,深圳证券交易所和中国结算公司正式上市公司股权分置改革业务"的指导方针"和"上市公司股权分置改革格式规范指引。"

Arrie: In Britain, if a building is of special architectural or historical significance, it's given special status. We call it a 'listed building'.

her:在英国,如果一座建筑具有特别的历史意义或者建筑学价值的话,这所建筑会被授予特别的资格-我们叫它登录建筑 listed building。

Article 13 Where a listed company is taken over by agreement, if the purchaser continues to increase shareholding or aggrandizing the control of the listed company after he comes to hold or control 30 percent of the shares issued by the listed company, he shall issue a takeover offer to all shareholders of the listed company to be taken over, which indicates a proposal to buy all the shares held by all the shareholders; if the takeover offer complies with the provisions stipulated in Chapter IV of these Measures, the purchaser may submit an application to the SCRC for exemption; upon exemption, the listed company may be taken over by agreement.

第十三条以协议收购方式进行上市公司收购,收购人所持有、控制一个上市公司的股份达到该公司已发行股份的百分之三十时,继续增持股份或者增加控制的,应当以要约收购方式向该公司的所有股东发出收购其所持有的全部股份的要约;符合本办法第四章规定情形的,收购人可以向中国证监会申请豁免;获得豁免的,可以以协议收购方式进行。

The main conclusions are: [1] Rapid development of corporations engenders urgent demand of financing, conflict between capital market imperfection and demand of financing leads corporations to control listed corporations by purchasing "shell" and enhance it"s financing capability; [2] Two kinds of pricing institution of stock provides stirpses for controlling listed corporations by low cost, monitoring institution imperfections provides corporations for operating listed corporations. Adjust of national assets provides more "shells; [3] More private corporations purchase listed corporations, some of them form stirpses; [4] Stirpses have positive influence about adjusting industry and enhancing capital market financing function; [5] Stirpses magnify financial risk by controlling listed corporations, and transform listed corporations from shareholders benefit to block shareholder benefit, having tendency of infracting shareholders benefit.

本文主要的结论:[1]中国企业的迅速发展对融资有迫切的要求,中国国内资本市场发展不完善与这种强烈的融资需求的冲突导致了企业寻求通过买&壳&的方式控制上市公司,以此来提高自身的融资能力;[2]中国上市公司股票的两种定价机制为&系&低成本控制上市公司提供了可能,监管机制的不完善为&系&提供了操纵上市公司的空间,国有资产在调整过程中从部分竞争行业退出,为资本市场提供了一定数量的&壳&资源;[3]民营企业纷纷买&壳&上市,在这个过程中,部分实力突出的企业形成了&系&;[4]&系&现象对进行行业整合、提高资本市场融资能力等方面起到了积极的作用;[5]&系&通过对上市公司进行的操纵放大了金融风险,将上市公司的股东利益最大化变为大股东利益最大化,存在着侵害小股东利益的潜在倾向。

Third, this paper theoretically demonstrates and analyzes the four assumptions of the preference theory of guarantee behavior of Chinese listed companies:(1) On the condition of guarantee behavior preference of Chinese listed companies shaped, Chinese listed companies take on the risks, duties and functions on evaluating and supervising the debtors which Chinese banks transfer to listed companies;(2) On the condition of guarantee behavior preference of Chinese listed companies shaped, the irrational financial and investmental psychology of the debtors bourgeons, and then, results in the appearance of irrational behaviors;(3) On the condition of guarantee behavior preference of Chinese listed companies shaped, the security screening system of bank is deformed, the "relation-security system" forms, and results finally that the self-develop system of the debtors becomes flabby;(4) On the condition of guarantee behavior preference of Chinese listed companies shaped, the "guarantee chains" and the "guarantee nets" give birth, and the "tool" function of guarantee,"guarantee chains" and "guarantee nets" forms.

第三,对中国上市公司担保行为偏好理论的&四大假说&进行了理论分析和验证:一是在中国上市公司担保行为偏好形成的情况下,上市公司承担了由银行通过保证担保转移过来的、对借款人进行评判和监督的风险、责任和职能;二是在中国上市公司担保行为偏好形成的情况下,借款人非理性投融资心理倾向萌发,并进而导致其非理性投融资行为产生;三是在中国上市公司担保行为偏好形成的情况下,银行担保筛选机制扭曲、&关系—担保机制&形成,并最终导致借款人&自强&功能弱化;四是在中国上市公司担保行为偏好形成的情况下,担保链、担保网得以催生以及保证担保、相互担保和担保网的工具性功能得以形成。

Article 51 If any director, supervisor, senior manager, employee of a listed company or any legal person or any other organization under the control or entrustment of the listed company intends to take over the listed company or to obtain the controlling right to the listed company by the means prescribed in Chapter V of these Measures (hereinafter referred to as the management buy-out), the listed company shall have a healthy and well-operated organizational structure and an effective internal control system, and have 1/2 or more independent directors in its board of directors are independent directors.

第五十一条上市公司董事、监事、高级管理人员、员工或者其所控制或者委托的法人或者其他组织,拟对本公司进行收购或者通过本办法第五章规定的方式取得本公司控制权的,该上市公司应当具备健全且运行良好的组织机构以及有效的内部控制制度,公司董事会成员中独立董事的比例应当达到或者超过1/2。

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