Department Of Building And Real Estate MSC In Engineering Management And Science

There are many problems in Chinese share market, especially in listed company. There is inherent limitation in listed company, which is that shares structure is not rational. This limitation counteracts long-run development of listed company.At first, author describes status in quo of shares structure in Chinese listed company, and indicates that There is fatal limitation in shares structure: (1) Current-share and uncurrent-share exists in share market, which makes the complexion of "the same share have not same right". So Current share' rights are aggrieved by uncurrent share. (2) The ratio of share owned by country is so high that it makes it impossible to build rational and scientific corporate government.Secondly, author observes the relation of shares structure and achievement by using data of 56 listed company as sample book and modeling according to time order; at the same time, author reveals that irrational shares structure has the influence on normal management of firms in Chinese share market. So,author draws conclusions:Shares structure of firm in share market is related to achievement of firm, and concentration degree of shares structure has negative relation with achievement of firm. That is to say: the higher concentration degree of shares structure is, the worse achievement of firm is; the bigger proportion of corporation share is, the better achievement of firm is; public share has influence a little on achievement of firm.Irrational shares structure has the influence greatly on normal management of firms in Chinese share market and on long-term development of firm.From the above-mentioned conclusions, we know that the influence of shares structure on share market is enormous. Author makes the outline of adjusting shares structure, and expounds thoroughly on the problems in the outline:At the entire train of thought in the adjustment of shares structure, Author combines the principle of government-owned corporation reformation (The principle of is: something should be advanced, something should be abandoned; something should be done, something shouldn't be done.), distinguish each industry, and analyzes one by one.At ways and means of adjustment, author introduces each one common approach, and points out: we should persist in the principle of seeking truth from facts, and draw up workable plan in the light of firm's status quo, not only adopt some "general" model.Share price is comprehensive manifestation of macro-economy, main circumstances of firms, and profit sharing, and so on. Because all circles understand differently on the above factors, share price varies greatly. On the basis of affirming above content, author ascertains share price by DDM (discounted dividend model), and determines ratio of basic price by fuzzy synthetic judge. It is a reasonable and feasible scheme on fixing share price, and distinct from other scheme brought forward by all circles.The adjustment of shares structure will arouse transformation tremendously in share market. It is a vital measure in regulating itself adjustment function of share market. For sake of sustained and coordinated development of share market, other effective measure should be published simultaneously. So author makes a profitable attempt on it.