| It has been more than ten years since our country set up the capital market. During these years, the number of the listed company has soared to more than one thousand from several at first. This giant market offers spacious room for money-collecting, and, at the same time, gives listed companies the stage for them to demonstrate their charm, which come from their financial quality. Investor's description and appraisal of asset management and utilization quality, debt risk and credit capacity, profit ability and profit quality, and capital expanding and corporate growth potential is directly reflected by the fluctuation of the stock price. Such factors as domestic and international economic and political situations, the country's macroscopic policies and regulations, business trends, single corporation's significant profits and one of the most important factors, financial quality have definitely influenced the stock price of the listed company. The price grows when the financial quality is better. At present, as the capital market expands and speeds, a great number of companies crowd into it. Although most listed companies are excellent representatives of their businesses, the working rule of market economy, which is the competition mechanism of the superior winning and the inferior washing, leads to the different financial qualities, and some of the differences are even big. Company's financial quality can reflect their development condition. Therefore, carrying on the objective analysis and the appraisal of their financial quality condition has the extremely profound theoretic and practical meaning of grasping the listed company's development trend, and seeking for the strategy of improving and the promoting their financial quality.Our country is also a large agricultural nation, and rural population accounts for 75% of the overall population. To adjusting the structure of agricultural production, to strengthen the countryside infrastructural facilities and increase the rural labor force employment, to increase the farmers' income, has been one of the party and government's work centers. Pushing agricultural enterprise to form an industry and certain size, to grow strongly and greatly, and more leading ones to enter the market after the joint stock transformation, are the important actions of solving the"Three Agriculture"problem. However, the series of problems of low profit capacity and property quality caused by the business's own characteristics, weaknesses as well as the management environment, have affected the listed companies' sustained development to a large degree. Thus, analyzing objectively and appraising the financial quality condition of the listed companies of agriculture, which is an important area which relates to our nation's thriving and our people's surviving, discovering the primary factors that influence the finance quality of agricultural listed companies, proposing constructive policy to support the development of agricultural listed companies, is a vital practical thing.This research bases on the elementary theories and the framework of rating of listed company's financial quality, and evaluates objectively the listed company's financial quality by general contrasting the major financial indicators and analyzing the factors (that is principal components analytic method and so on). I embark on the factor score, use the contrastive analysis, the regression analysis, the average value analysis and the case analysis, and inquire into the listed company's financial quality and the primary factors one by one. At the same time, 2007 was the first year of executing the new accounting standards. In addition to the analysis and appraisal, I will carry on the case analysis of the influence of the new accounting standards on the financial quality of the listed company, especially the agricultural listed company. On the basis of factorial analysis of the financial quality of the listed companies as a whole and the agricultural listed ones, I will further study stock price on our country's capital market and the co relational dependence between the price change and financial quality. Finally, I will draw the basic research conclusion based on the above analysis and evaluation and propose suggestion that will facilitate the improvement and the enhancement of the listed company's financial quality. This essay primarily contains the following six parts:Chapterâ… : introduction. On the basis of the brief introduction of the background and the significance of selecting this topic, I will briefly describe the theoretical basis of this paper, clarify the research goal and the method of this essay, summarize the relevant research literature, and describe concisely the train of my thought, the content structure of this article, innovations and weaknesses.Chapterâ…¡: the elementary theoretic question of the evaluation of the financial quality of listed company. This content of this chapter, is special theoretical question, and the foundation which the following several chapters launch as well. This chapter first defines the concept and the interior characteristic of financial quality. We will analyze the demand of each kind of related benefit who concerns about the financial quality separately. Basing on the analysis of all components of the financial quality, we cleared off the financial norm system, more over; we discussed the proper method of commenting the financial quality.Chapterâ…¢: the comprehensive evaluation of listed company's overall financial quality. I will statistically describe and analyze major indicators of the listed company's financial quality condition, take the listed company's financial data, which has been disclosed publicly, as the basis, base on the general contrast and analysis of the major financial indicator's of the listed company, and analyze the factors and the main factors, which influence overall quality, of the year 2006's financial quality condition of the sample company; I will analyze the factors that cause the change of financial quality under the background of 2007, in which year the new accounting standards had been executed, compare the financial qualities of the sample company in these two kinds of accounting policy environment, and, at last, analyze and summarize the changes of listed company's financial quality and their reason.Chapterâ…£: the comprehensive evaluation of agricultural listed company's finance quality. On the base of definition of agricultural listed company, I will introduce the birth and development process of agricultural listed company to help with the understanding of the following content. This chapter also uses the major financial indicators to carry on the general contrast and analysis, evaluate the agricultural listed company's financial quality during the last three year (2004-2006) with the analyzing-factor method, and analyze the cases of the key listed companies, with the purpose of obtaining the accurate the conclusion. In addition, this chapter will also carry on the theoretical and the empirical analysis of the influence of execution of the new accounting standards ---The biological property standards on the financial quality of listed company.Chapterâ…¤: relevant analysis of listed company's financial quality and stock price. Basing on the comprehensive score and various factor score of the sample company's financial quality, I will carry on the Spearman to examine the listed company's stock price, financial quality, the co relational dependence and the tendency of the two, explain the relativity between the stock price and the corporate financial quality in our country's capital market, and carry on the reason analysis. Chapterâ…¥: main conclusion and suggestion. Based on the above research and the result, the main conclusion this chapter obtains are: 1st, generally speaking, our country listed company's financial quality has been on recent years the way of improving unceasingly; 2nd, diversified community differences exist in the listed company's financial quality; 3rd, regardless of being generally speaking or looked from the individual, listed company's financial quality should still be subject for further enhancements; 4th, the reasons causes our country's listed company to form the present financial quality are various; 5th, the situation of agricultural listed company, as a whole, is not ideal, but the development is worth anticipating; 6th, overall, the listed company's stock price rises when it's financial quality is better. The author proposed certain countermeasures and suggestion: 1st, the importance of full understanding of improving the financial quality; 2nd, we should reform and consummate the system and the mechanism, which is the impetus to solute and improve the corporate financial quality; 3rd, we should develop main business, thus improve company's financial quality; 4th, we should pay special attention to innovation, and rely on the product innovation and the management innovation to enhance enterprise's core competitiveness; 5th, we should continue to increase the force to support agricultural enterprises, especially listed ones, is agriculture, allowing them to truly display their lead role in the socialist new rural reconstructions; 6th, we should strengthen the education of investors , improve the quality of investors, and build mature and stable stock market. |
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