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一、上市公司经营业绩继续滑坡 股份制从初期试点运作至1988年我国第一家股份公司股票公开发行,发展至目前已433家(截止96年6月30日),上市公司在经历了一段由注入大量资金而引发的外延式投资、拉动型快速扩张之后,基本进入了稳定发育期。上市公司管理日趋规范,所选上市公司的业绩为同行业中的佼佼者。 但是,由于第四个经济周期后阶段的从紧宏观环境对经济运行的滞后影响,从1996年中期业绩报告中我们看到,上市公司经营业绩在1995年出现大滑坡的基础上仍在继续滑坡。纵览上市公司96年中期业绩报告,除少数主业鲜明的绩优公司仍能保持一定幅度的增长水平外,大部分上市公司其经营业绩与去年同期相比都呈下降趋势。经统计,在深沪两地上市公司中,每股收益下降的有236家,占总数的54.5％,深市的有101家,占其上市公司总数的55.8％。两个市场间的平均每股收益大体持平,但均比1995年同期有较大幅度的下降,其中
First, the operating performance of listed companies continue to slide joint-stock system from the initial pilot operation to 1988 China’s first joint stock public offering, the development has now 433 (as of June 30, 1996), listed companies have gone through a period from injection Extensive funding triggered by the extension of investment, pull-type rapid expansion, the basic entered a stable period of development. Listed companies increasingly standardized management, the performance of selected listed companies for the industry leader. However, due to the lagging impact of the tight macroeconomic environment on the economic operation in the post-fourth stage of the economic cycle, we can see from the 1996 interim report that the operating performance of listed companies continues to decline on the basis of the large landslide in 1995 . Looking at the 96-year interim results of listed companies, the operating performance of most listed companies shows a downward trend as compared with the same period of last year except for a few high-performance companies whose main businesses are distinct and still maintain a certain level of growth. According to statistics, among the listed companies in Shenzhen and Shanghai, there are 236 declines in earnings per share, accounting for 54.5% of the total, while there are 101 in Shenzhen, accounting for 55.8% of the total number of listed companies. The average earnings per share between the two markets remained broadly the same, but all of them dropped significantly from the same period of 1995, of which