croa 中文意思是什麼
croa
解釋
克羅阿-
Due to the special equity structure in china, company governance does n ' t pay attention to protect the investors, so the empirical results show as follows : ( l ) it exists the negative relation between the proportion of state - owned stocks and corporate performance ; it does n ' t exists the remarkable relation between the proportion of circulation stocks and corporate performance ; the function of corporation in company governance depends on its owned stocks. ( 2 ) the performance of equity - scattered company is superior to that of equity - gathered company, the performance of corporation - gathered company is superior to that of state company. ( 3 ) in the protective industries, the degree of equity d oes n ' t influence the performance, state - owned stocks play a leading role, there is a negative relation between the proportion of its stocks and croa, but there is n ' t a remarkable negative relation between the proportion of its stocks and roe ; in non - protective industries, the performance of equity - scattered company is superior to that of equity - gathered company, and the proportion of corporation stocks rise, the influence of proportion on corporate performance depends on its owned stocks. finally, it gives some reasonable suggestions and discusses the limits of research
由於在我國特殊的股權結構下，公司治理對投資者缺乏保護，實證結果表現為： （ 1 ）國家股股東持股比例與公司績效存在負向關系；流通股股東持股比例與公司績效之間不存在顯著的關系；法人股股東在公司治理中的作用依持股水平而定； （ 2 ）股權分散公司的績效優于股權集中公司，法人集中公司的績效優于國有集中公司； （ 3 ）在保護性行業，股權集中程度對績效的影響不顯著，國家股佔主導地位，其持股比例與績效指標croa存在負向關系，與績效指標roe存在不顯著負向關系；在非保護性行業，股權分散公司的績效優于股權集中公司，法人股比例上升，其持股比例對公司績效的影響依持股水平而定。最後，提出相應的政策建議並討論了研究的局限性。 -
On the basis of drawing lessons from the existing research results both at home and abroad, this paper observes the change law of the two financial indexes of nroa and croa from 1997 to 2001, studies the relations between the locations of listed companies and the m & a performance, between the structure of equity of listed companies and the m & a performance, between the industry nature of the listed companies and the m & a performance, between the type of m & a and the m & a performance, and then draws several conclusions that m & a performance is unsatisfactory on the whole, m & a performance of listed companies in eastern china is superior to that of the counterpart in middle or western china, m & a performance of listed companies that the country or the other corporations hold the most share of the listed companies is unsatisfactory on the whole, the growing or mature listed companies can achieve best m & a performance when they implement the m & a horizontally while the listed companies in declining phase may perform the conglomerate m & a the best
在借鑒國內外已有的研究成果的基礎上，本文考察了並購上市公司從1997年到2001年五年時間內凈資產收益率和主營利潤率兩項財務指標的變化規律，研究了並購公司所在的區域與並購績效、並購公司的股權結構與並購績效、並購公司的產業性質與並購績效、並購類型與並購績效等方面的關系，得出了若干結論： 1 、並購績效從總體上來說是不理想的； 2 、東部上市公司的並購績效要優于中部和西部上市公司的並購績效； 3 、國家股或法人股是第一大股東的上市公司的並購績效不理想； 4 、處于成長性產業和成熟性產業的上市公司發生橫向並購績效最好，處于衰退性產業的上市公司發生混合併購績效最好。
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