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This paper chooses residual income model to measure the cost of equity capital, and construct some index to represent the total disclosure quality and earnings disclosure quality of Chinese listed companies. Our analysis shows that for the whole sample of listed companies which conduct seasoned equity offerings in the stock market, controlling 6, company scale, B/M, leverage and asset turnover, there is positive relationship between the total disclosure quality and marginal cost equity capital; there is negative relationship between the earnings radical and marginal cost equity capita; there is no remarkable relationship between the earnings smoothness and marginal cost equity capital.

本文采用剩余收益模型计算公司的股权融资成本,分别以披露总体质量和盈余披露质量作为反映我国上市公司信息披露质量的指标,研究发现在控制β系数、公司规模、账面价值比、盈利水平等因素的条件下,总体来看,信息披露总体质量越高的样本公司的边际股权融资成本越高;盈余激进度与边际股权融资成本负相关;而盈余平滑度与边际股权融资成本的关系并不显著。

China petrochemical (600028): The company world-class scale's integrated energy chemical industry company, is Chinese first in Hong Kong, New York, London, the Shanghai four place going on the market company, is also the upstream, the middle reaches, the downstream synthesis integration energy chemical industry company; Is China biggest To be listed; Is also Chinese and the Asian biggest petroleum and petrochemical companies one of; Chinese and Asian biggest gasoline, diesel oil, jet fuel and other main petroleum product one of producer and distributors; The Chinese second big petroleum and natural gas producer.

中国石化(600028):公司世界级规模的一体化能源化工公司,是中国首家在香港、纽约、伦敦、上海四地上市的公司,亦是上、中、下游综合一体化的能源化工公司;是中国最大的上市公司;也是中国及亚洲最大的石油和石化公司之一;中国及亚洲最大的汽油、柴油、航空煤油及其他主要石油产品的生产商和分销商之一;中国第二大石油和天然气生产商。

The theme of this thesis is listed on China's household electrical appliance manufacturing company's capital structure and enterprise value of listed companies.

本文研究的主题是我国家电制造业上市公司资本结构与企业价值关系。

Second, and constantly improve the capital market structure, and actively and steadily promoting the construction of multi-level capital market, improve the structure of listed companies, optimize the incremental adjustment of the stock, and further enhance the returns of investors of listed companies, improve the structure of investors, has continued to grow multi - team of investors actively promoting various types of funds into the market, and promote the coordinated development of various types of investors, such as fixed-income products, the company gradually expand the size of them in the market to satisfy market demand for a wide range of financing to promote stable operation of the futures market, further play to the functions of futures markets.

二,不断完善资本市场结构,积极稳妥地推进建设多层次资本市场,提高上市公司的结构,优化增量的股票调整,进一步提高上市公司的投资者的回报,改善投资者结构,继续拓展多-投资者团队积极推动进入市场的各种资金,促进各类投资者,例如固定收益产品,协调发展,公司逐步扩大规模他们在市场上满足了广泛的融资市场的需求,促进期货市场的稳定运作,进一步发挥期货市场的功能。

In fact, over the past few years the profits of some listed companies there are indeed fake, I summarized some listed companies inflated profits mainly in the following 10 means: First, the establishment of law and in fact no correlation between control of the company, a large number of transactions, to do virtual income.

事实上,这几年部分上市公司的利润确实存在虚假成分,本人总结出部分上市公司虚增利润主要有以下十大手段:一、成立法律上无关联关系而实际上控制的公司,进行大量交易,虚做收入。

High-level participation in the company's IR, IR set up organizations, IR three aspects of the quality of personnel, in 2007 listed companies scored an average of 55.49,60.27 and 24.34 respectively, the management level, the average index score of 49.98, indicating China's listed companies in the quality of personnel there IR Less obvious.

高级别公司的红外参与,组织成立了红外,红外三方面的人员素质,2007年上市公司中,取得了55.49,60.27和24.34,平均分别管理水平,平均指数的49.98分,显示中国上市公司在人员素质有红外不太明显。

And then the paper analyses the influence of the preference of share financing about the Chinese listed companies. The paper sets up the mode of the debt financing-internal cash flow sensitivity by analyzing Has financing constraints theories. And it selects the listed non-financial companies of Shanghai and Shenzhen stock markets to do the demonstration. Two conclusions can be reached from the empirical study:(1) There is a remarkable negative relativity existing between china's listed companies' debt financing and internal cash flow. As the increase of the internal cash flow, the company's debt will decrease. The sensitivity between the two inclines to strengthen with the lapse of time.

通过对融资约束的理论分析,本文建立了债务融资与内部现金流量敏感性分析模型,并以沪市和深市的非金融类上市公司作为样本进行线性回归分析,得出以下结论:(1)中国上市公司债务融资与内部现金流量之间存在着显著的负相关性,即随着内部现金流量的增加,企业的债务融资额将会减少,且随着时间的推移,二者的敏感性有增强的趋势。

Being listed in Hong Kong and Shanghai simultaneously in 1993, the company was the first listed shipbuilder in China.

1993年6月7日,广州广船国际股份有限公司成立,其前身是1954年成立的广州造船厂,1993年,广船国际在香港和上海上市,是中国首家造船上市公司,中国船舶工业集团公司属下华南地区重要的现代化造船核心企业,曾先后荣获"中国制造业500强"、"中国品牌500强"等称号。

In addition, further excavation could also have a high value-added manufacturing, as long as the company's good quality, long-term growth relatively good, and can not be listed this year, next year, the year after also listed,"We tend to think that the market adjustment may be a more Good chance to pan for gold, because lower prices in the capital markets, private equity investment company market can adjust to a relatively reasonable level."

另外,还可以进一步挖掘有高附加值的制造业,只要公司的素质不错,中长期成长性比较好,今年不能上市,明年、后年也能上市,&我们反而认为,市场调整可能是一个比较好的淘金机会,因为在资本市场价格下调之后,私募市场可投资的公司会调整到一个相对比较合理的水平。&

Because our country is the exchange control country, our company pays foreign currency of USD9762.50 to your company through Industrial and Commercial Bank of China, need going to Administration of Foreign Exchange Control to cancel after verification according to the customs declaration of the goods at the Chinese customs, if did not go to Administration of Foreign Exchange Control to cancel after verification, this sum of foreign currency that our company pays to your company will be determined as the true-false method expenditure foreign currency, our company will be listed in the blacklist by Administration of Foreign Exchange Control, thus freeze all foreign currency operation of our company.

由于我国是外汇管制国家,因此我公司通过中国工商银行付给贵公司USD9762.50的外汇,需要凭货物在中国海关的报关单到外汇管理局去核销,如果没有到外汇管理局去核销,我公司付给贵公司的这笔外汇将被定为是非法支出外汇,我公司则将被外汇管理局列入黑名单,从而冻结我公司的一切外汇业务。

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