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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。

Then the listed companies having the corrections of accounting errors in the period from 1999 to 2004 were collected as research sample. Then the incidence which spurred the listed companies adjust errors in time was testified by methods of mean value test and multivariate linear regression. The major empirical results are summarized below: the inspection of The China Securities Regulatory Commission, other supervision outside and income quality correlated positively with it. The effect on profits correlated negatively with it. The hypothesis of the CPA firm change and assets-liabilities ratio didn't correlate with it.

然后选取了1999-2004年披露了会计差错更正的深沪上市公司作为研究样本,运用均值检验和Logistic回归方法考察了上市公司立即更正会计差错的动因,实证研究结果表明:证监会的检查、其他外部监管、收益质量与会计差错的立即更正正相关,损益影响程度与会计差错立即更正负相关,而事务所的变更假设和资产负债率假设未能通过显著性检验。

Therefore, for those who need to improve financial indicators of listed companies in terms of listed companies or to be actively trying to put non-recourse to the bank for the discount.

因此,对那些需改善财务指标的上市公司或拟上市公司来讲,可积极尝试向银行提出无追索贴现申请。

Shanghai Electric: 601727,02727 HK yesterday published in the A-share listed Notice book, December 5, will visit the A-share market has become following the August 18 car after the listing of China Southern, 2008 A shares listed on the main board of another blue-chip industry.

上海电气集团股份有限公司(上海电气:601727,02727香港)昨天发表在A股上市公告书,12月5日,将访问A股市场后,已成为中国后,8月18日上市的汽车南区,2008年对另一蓝筹股行业主板上市的股票。

According to the analysis Bute Mawei companies in Europe and the United States have been difficult to see traditional Almighty developers as a listed company in Southeast Asia and the Mainland, there were developers, but no century-old store, and listed companies.

据弼马威公司的分析报告,在欧美已经很难看到传统的全能开发商作为上市公司出现,在东南亚和内地,存在全能开发商,但没有百年老店和上市公司。

In this case, the research and discussion on stock repurchase, not only can solve the standardization issue on capital structure of listed companies, but also have positive meaning of driving the development and innovation of Chinese listed companies and capital market.

因此,研究和探讨有关上市公司股份回购的理论和实际问题,可以逐步解决我国上市公司股本结构的规范化问题,对推动我国上市公司和资本市场的发展与创新有积极的意义。

With the development of the stock market and the growth of listed companies in China, it is becoming increasingly important to research on the listed company, including dividend policy, and cash dividend is one of the very important styles.

随着中国证券市场的发展和上市公司的壮大,对上市公司的研究日显重要,其中包括对股利政策的研究,而现金股利分配又是股利政策非常重要的一种形式。

Therefore, we believe that the power industry category of small and medium-sized groups of listed companies increased holdings of major shareholders and listed companies do not repurchase shares of the possibility, but did not rule out the possibility of overweight and repurchase.

因此,我们认为,小型和中型上市公司的集团电力产业类别增加了大股东和上市公司控股不回购股票的可能性,但不排除超重和回购的可能性。

In methods and so on debt reorganization cannot solve in the serious loss company's question situation, these companies draw back the city finally, will be the development necessity, will consummate our country To be listed's withdrawal mechanism to be advantageous to the optimization stock market resources deployment; Is advantageous in the introduction superior win and the inferior wash out competitive system, the inferior company sets up the crisis to realize, guarantee To be listed's overall quality; Is helpful in suppresses the Stock market excessively congenially, cultivation mature, rational investor.

在债务重组等手段不能解决严重亏损公司的问题的情况下,这些公司的最终退市,将是发展的必然,完善我国上市公司的退出机制将有利于优化证券市场的资源配置;有利于引入优胜劣汰的竞争机制,劣质公司树立危机意识,保证上市公司的总体质量;有助于抑制股票市场的过度投机,培育成熟、理性的投资者。

Since March 16,1998 security markets begin pursuing ST system, by the end of 2003, there are 178 special treated companies. Before these companies were special treated, 106 listed companies have offered debt guarantee for other companies. 43 companies of these 106 listed companies make the contingent liability become real debt because guaranteed companies default contracts.

从1998年3月16日起我国证券市场开始推行ST制度以来到2003年底,共有178家公司被ST,其中在被ST的前3年中,存在对外担保的上市公司有106家,在这106家上市公司中有43家公司由于被担保公司逾期未还担保贷款而使上市公司的或有负债成为实际负债。

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