（会计学专业论文）股权分置改革对企业经营绩效影响分析.pdf

i ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 2005 ? 5 ? 9 ? ? !#$%#?=? abcdef?gh?i#j;?klm?nop?q? ?r#st?uv?wxj;?kl?y?z_a %buvcdefhg?uv7h?ijm?klemn ro?pq?fw;?kl?yz?rst?#$%uv #?kl?y?zxyz|b ?kly+uv|?pq?y_?j?v?r? c?_?ar?c?_zr?e:?uv? l?q :? 2005 ? 12 ? 31 ?h? 84 ?.?;?kl? ? 62 ?.?;?kl7?:? 200420052006 ?7 ? spss 7“?x t fi %fl m? ?7no8_?j”s?:? fi ?+%bm?zs=?oj?fi ? ? p?roal!?hy?t ?r?o?eps ?o?roe n ?j?crop ?naps?;? ?yy?;? ?t wxjs? (sscm)?s =?(ncfps)?hy?r?t?x?_ z?no? ?: ? ? z ii abstract the share capital segregation reform of listed companies , which started at may 9,2005,is a consequential event changing the operating pattern of stock market ,and concerned by each side . through the passed two more years , the reformation made the operating mechanism of chinese stock market are according with the international conventions step by step . therefore ,it changed the appraising system of uncirculating stock radicallyat present , the papers discussed the correlation of equity structure and corporate performance is more relatively, but the research on the share capital segregation reform of listed companies impact the corporate performance of listed companies is very few . although the fore study have drawed many useful conclusion for the share capital segregation reform ,the problem that how is the performance of operating after the share capital segregation reform of listed companies is concerned by more and more stakeholders . therefore , it is necessary that the problem weather the share capital segregation reform impact corporate operating performance is studied by systematic and scientific way so as to draw a more valuable conclusion .so ,after the share capital segregation reform if the corporation have improved their resource-using efficiency ,if have improved self value and operating performance is my research point . i chose 84 manufacture listed companies which have finished share segregation reform and 62 manufacture listed companies which have not taken part in reform as study samples .based on 2004,2005,2006 three years financial data ,through spss and descriptive statistics and t test and so on ,using indicators of solvency , profitability, the ability to obtain cash and so on to analysis . the empirical study demonstrates that except the rate of assets and liabilities (roal) changed obviously ,only earnings per share (eps) , net assets yield (roe) , the profit rate of main operating (crop) ,net assets per share (naps) have obvious changed in 2005 than in 2004 and passed t test . but it is not very obvious in 2006 than in 2005 and not passed t test . and as for security surplus cash multiples (sscm) ,net operating cash flow per share (ncfps) have not passed obviously t test . therefore the share segregation reform have no significant impact to corporate key financial indicators . key words: share capital segregation share capital segregation reform operating performance ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 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