您好,欢迎来到皮书数据库! 登录|注册
您现在所在的位置:首页 > 书籍
同系列图书
相关图书

中国上市公司发展报告(2021)

书 名: 中国上市公司发展报告(2021)
英 文 名: ANNUAL REPORT ON THE DEVELOPMENT OF CHINESE LISTED COMPANIES (2021)
作 者:  张鹏 杨耀武 黄胤英 杜丽虹 张磊 张平
I S B N: 978-7-5201-8738-1
丛 书 名: 中国上市公司蓝皮书
关 键 词:  上市公司 经济发展 市场创值能力
出版日期: 2021-09-01

中文摘要

本书认为新冠病毒传染和疫情防控能力的差异导致全球经济复苏的不一致性和全球政策协调的困难。受复苏的不一致性、通货膨胀迹象抬头影响,预计2021年第四季度发达经济体政策会适当收紧,对新兴经济体形成冲击,2021年依然是脆弱复苏的一年。中国经济在率先复苏的基础上保持着稳中求进的发展态势,全年增长预计8.1%。疫情的不确定性、各国复苏进程及政策力度的不一致性进一步导致全球资产市场波动加大,中国A股上市公司2020年的市场创值能力有所降低。但疫情冲击之下,A股上市公司的研发力度仍普遍上升,传统行业也在积极寻求新的发展之路。2021年上半年,随着经济的进一步复苏,上市公司利润明显提升,创新发展沿国家“双循环战略”、“双碳战略”和“数字化转型”等重大方向展开,中国资本市场注册制改革顺利推进,资本市场服务实体经济能力不断提高。

在此宏观背景基础上,从短期看,业绩仍是主导未来市场的关键,但要细化和细究业绩成长之源,我们需要明确业绩成长主要来自高成长还是来自高股息率,前者主要从PEG视角而后者主要集中于从周期或传统行业视角展开。从风格上,我们注重在成长与价值中动态调整,在充分控制风险基础上获得较为稳定的收益。在行业选择上,我们重点关注国家自主创新主战场的硬科技、蓝海市场,同时充分兼顾经济复苏下周期性和前期深度调整下可以适当布局的价值领域。从长远看,主要立足于创新带来的估值提升以及改革开放所带来的增量资金和投资者结构、投资风格的根本转变,通过优质资产的成长促进资本市场的长期健康发展。本报告基于之前形成的五维度价值评估模型,并使用公开数据对分行业上市公司进行了评估,筛选了分行业价值较高的主体构成“漂亮100”投资组合,该投资组合回测效果良好,这也提示该组合集聚了中国各行业较为优质的微观主体,是中国宏观经济情势在微观上的反映。

针对2020年房地产行业“三道红线”等重大政策影响,本书还从偿债能力、运营效率、融资能力、成长潜力和规模因素等五个方面对上市房地产企业进行分项评分和综合评分,分析了上市房地产企业的生存矩阵,为了解整个行业潜在风险和指导投资提供了科学根据。2020年对于中国债券市场亦是不平凡的一年,债券违约规模再创近五年新高,高评级的大型国企占比明显升高,中小型房企破产率升高,一些高杠杆、内需依赖度较高的行业,债券违约率较高,而严监管下城投债违约率有所下降。2021年上半年,经济稳步复苏,债券供给节奏放缓,债市利率以春节为分水岭,先升后降。展望下半年,在基本面稳中向好、货币政策保持稳健的背景下,债市利率或呈现区间震荡态势,仍需关注美联储或退出宽松带动全球流动性收紧、通胀持续回升以及国内政策空间受限等利空因素。此外,债券违约风险依然较大,仍需予以重点防范。

本书最后还分析了互联网和数字技术对金融市场的影响。由于最初的股东主义治理滞后于技术进步,金融科技不仅未能充分发挥互联网平台双边市场创造潜力,而且加剧了金融市场不稳定。2007年全球金融危机爆发以后,为了应对股东主义带来的治理缺陷,发达经济体对金融市场发展战略进行了重大调整,开始在世界范围内推广以ESG理念和实践为代表的利益相关者治理,试图弥补金融市场发展在社会资本积累上的短板,重构其本土社会关系,修复相应的新产业和市场创造能力,并由此实现金融市场的可持续发展。因此,中国亟须采用纳入ESG框架下的金融市场发展战略,实现从股东主义向包括股东在内的利益相关者治理发展和完善拓展,运用金融科技重构金融市场,应对发达经济体金融市场发展战略调整带来的冲击。

<<
>>

文章列表

CommonID:DIR_71811567,ID:12902432,SiteID:14,Type:formerAidText,Code:null,ParentId:0,InnerCode:687717,Name:《中国上市公司发展报告(2021)》编委会,ShortName:,SubName:,EnTitle:null,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:12902426,AbstractCH:null,AbstractEN:null,KeyWords:null,EKeyWords:null,SubjectWords:null,LiteratureId:12902431,Fileref:null,OrderFlag:0,IsLeaf:Y,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:null,XmlID:null,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2021-10-26 08:42:19.0,ModifyUser:Admin,ModifyTime:2022-04-20 08:33:36.0,HitCount:0,ShowType:putong,LogoID:0,PdfID:0,DownCount:0,AuthorInfos:null,BookPublishDate:2021-09-01 00:00:00.0,SearchTitle:《中国上市公司发展报告(2021)》编委会,ISBN:978-7-5201-8738-1,BookTitle:中国上市公司发展报告(2021),BookStatus:7,AllowDownload:Y,BookVersionNum:null,ResearchOrg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:null,SearchTitle_2:《中国上市公司发展报告(2021)》编委会,_RowNo:1
CommonID:DIR_71811568,ID:12902434,SiteID:14,Type:formerAidText,Code:null,ParentId:0,InnerCode:687718,Name:中国社会科学院上市公司研究中心,ShortName:,SubName:,EnTitle:null,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:12902426,AbstractCH:null,AbstractEN:null,KeyWords:null,EKeyWords:null,SubjectWords:null,LiteratureId:12902433,Fileref:null,OrderFlag:0,IsLeaf:Y,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:null,XmlID:null,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2021-10-26 08:42:19.0,ModifyUser:Admin,ModifyTime:2022-04-20 08:33:36.0,HitCount:0,ShowType:putong,LogoID:0,PdfID:0,DownCount:0,AuthorInfos:null,BookPublishDate:2021-09-01 00:00:00.0,SearchTitle:中国社会科学院上市公司研究中心,ISBN:978-7-5201-8738-1,BookTitle:中国上市公司发展报告(2021),BookStatus:7,AllowDownload:Y,BookVersionNum:null,ResearchOrg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:null,SearchTitle_2:中国社会科学院上市公司研究中心,_RowNo:2
CommonID:DIR_71811569,ID:12902438,SiteID:14,Type:formerAidText,Code:null,ParentId:0,InnerCode:687719,Name:中国社会科学院上市公司研究中心组织架构,ShortName:,SubName:,EnTitle:null,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:12902426,AbstractCH:null,AbstractEN:null,KeyWords:null,EKeyWords:null,SubjectWords:null,LiteratureId:12902436,Fileref:null,OrderFlag:0,IsLeaf:Y,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:null,XmlID:null,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2021-10-26 08:42:19.0,ModifyUser:Admin,ModifyTime:2022-04-20 08:33:36.0,HitCount:0,ShowType:putong,LogoID:0,PdfID:0,DownCount:0,AuthorInfos:null,BookPublishDate:2021-09-01 00:00:00.0,SearchTitle:中国社会科学院上市公司研究中心组织架构,ISBN:978-7-5201-8738-1,BookTitle:中国上市公司发展报告(2021),BookStatus:7,AllowDownload:Y,BookVersionNum:null,ResearchOrg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:null,SearchTitle_2:中国社会科学院上市公司研究中心组织架构,_RowNo:3
CommonID:DIR_71811570,ID:12902441,SiteID:14,Type:formerAidText,Code:null,ParentId:0,InnerCode:687720,Name:摘要,ShortName:,SubName:,EnTitle:null,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:12902426,AbstractCH:null,AbstractEN:null,KeyWords:null,EKeyWords:null,SubjectWords:null,LiteratureId:12902439,Fileref:null,OrderFlag:0,IsLeaf:Y,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:null,XmlID:null,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2021-10-26 08:42:19.0,ModifyUser:Admin,ModifyTime:2022-04-20 08:33:36.0,HitCount:0,ShowType:putong,LogoID:0,PdfID:0,DownCount:0,AuthorInfos:null,BookPublishDate:2021-09-01 00:00:00.0,SearchTitle:摘要,ISBN:978-7-5201-8738-1,BookTitle:中国上市公司发展报告(2021),BookStatus:7,AllowDownload:Y,BookVersionNum:null,ResearchOrg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:null,SearchTitle_2:摘要,_RowNo:4
CommonID:DIR_71811587,ID:12902445,SiteID:14,Type:part,Code:null,ParentId:0,InnerCode:687721,Name:Ⅰ 总报告,ShortName:,SubName:,EnTitle:Ⅰ General Report,EnShortTitle:,EnSubTitle:,Level:1,BookId:12902426,AbstractCH:,AbstractEN:,KeyWords:null,EKeyWords:null,SubjectWords:null,LiteratureId:12902443,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:null,XmlID:b120210901X20214101001_001,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2021-10-26 08:42:19.0,ModifyUser:Admin,ModifyTime:2022-04-20 08:33:36.0,HitCount:0,ShowType:putong,LogoID:0,PdfID:0,DownCount:0,AuthorInfos:null,BookPublishDate:2021-09-01 00:00:00.0,SearchTitle:总报告,ISBN:978-7-5201-8738-1,BookTitle:中国上市公司发展报告(2021),BookStatus:7,AllowDownload:Y,BookVersionNum:null,ResearchOrg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:null,SearchTitle_2:总报告,_RowNo:5
CommonID:DIR_71811720,ID:12902450,SiteID:14,Type:part,Code:null,ParentId:0,InnerCode:687722,Name:Ⅱ 分报告,ShortName:,SubName:,EnTitle:Ⅱ Topical Reports,EnShortTitle:,EnSubTitle:,Level:1,BookId:12902426,AbstractCH:,AbstractEN:,KeyWords:null,EKeyWords:null,SubjectWords:null,LiteratureId:12902448,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:null,XmlID:b120210901X20214101001_002,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2021-10-26 08:42:19.0,ModifyUser:Admin,ModifyTime:2022-04-20 08:33:36.0,HitCount:0,ShowType:putong,LogoID:0,PdfID:0,DownCount:0,AuthorInfos:null,BookPublishDate:2021-09-01 00:00:00.0,SearchTitle:分报告,ISBN:978-7-5201-8738-1,BookTitle:中国上市公司发展报告(2021),BookStatus:7,AllowDownload:Y,BookVersionNum:null,ResearchOrg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:null,SearchTitle_2:分报告,_RowNo:6
CommonID:DIR_71811770,ID:12902454,SiteID:14,Type:part,Code:null,ParentId:0,InnerCode:687723,Name:Ⅲ 附录,ShortName:,SubName:,EnTitle:Ⅲ Appendix,EnShortTitle:,EnSubTitle:,Level:1,BookId:12902426,AbstractCH:,AbstractEN:,KeyWords:null,EKeyWords:null,SubjectWords:null,LiteratureId:12902452,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:null,XmlID:b120210901X20214101001_003,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2021-10-26 08:42:21.0,ModifyUser:Admin,ModifyTime:2022-04-20 08:33:36.0,HitCount:0,ShowType:putong,LogoID:0,PdfID:0,DownCount:0,AuthorInfos:null,BookPublishDate:2021-09-01 00:00:00.0,SearchTitle:附录,ISBN:978-7-5201-8738-1,BookTitle:中国上市公司发展报告(2021),BookStatus:7,AllowDownload:Y,BookVersionNum:null,ResearchOrg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:null,SearchTitle_2:附录,_RowNo:7
CommonID:DIR_71811771,ID:12902458,SiteID:14,Type:backAidText,Code:null,ParentId:0,InnerCode:687724,Name:Abstract,ShortName:,SubName:,EnTitle:null,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:12902426,AbstractCH:null,AbstractEN:null,KeyWords:null,EKeyWords:null,SubjectWords:null,LiteratureId:12902456,Fileref:null,OrderFlag:0,IsLeaf:Y,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:null,XmlID:null,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2021-10-26 08:42:21.0,ModifyUser:Admin,ModifyTime:2022-04-20 08:33:36.0,HitCount:0,ShowType:putong,LogoID:0,PdfID:0,DownCount:0,AuthorInfos:null,BookPublishDate:2021-09-01 00:00:00.0,SearchTitle:Abstract,ISBN:978-7-5201-8738-1,BookTitle:中国上市公司发展报告(2021),BookStatus:7,AllowDownload:Y,BookVersionNum:null,ResearchOrg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:null,SearchTitle_2:Abstract,_RowNo:8
CommonID:DIR_71811772,ID:12902461,SiteID:14,Type:backAidText,Code:null,ParentId:0,InnerCode:687725,Name:Contents,ShortName:,SubName:,EnTitle:null,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:12902426,AbstractCH:null,AbstractEN:null,KeyWords:null,EKeyWords:null,SubjectWords:null,LiteratureId:12902459,Fileref:null,OrderFlag:0,IsLeaf:Y,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:null,XmlID:null,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2021-10-26 08:42:21.0,ModifyUser:Admin,ModifyTime:2022-04-20 08:33:36.0,HitCount:0,ShowType:putong,LogoID:0,PdfID:0,DownCount:0,AuthorInfos:null,BookPublishDate:2021-09-01 00:00:00.0,SearchTitle:Contents,ISBN:978-7-5201-8738-1,BookTitle:中国上市公司发展报告(2021),BookStatus:7,AllowDownload:Y,BookVersionNum:null,ResearchOrg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:null,SearchTitle_2:Contents,_RowNo:9
CommonID:DIR_71811773,ID:12902465,SiteID:14,Type:backAidText,Code:null,ParentId:0,InnerCode:687726,Name:皮书数据库,ShortName:,SubName:,EnTitle:null,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:12902426,AbstractCH:null,AbstractEN:null,KeyWords:null,EKeyWords:null,SubjectWords:null,LiteratureId:12902463,Fileref:null,OrderFlag:0,IsLeaf:Y,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:null,XmlID:null,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2021-10-26 08:42:21.0,ModifyUser:Admin,ModifyTime:2022-04-20 08:33:36.0,HitCount:0,ShowType:putong,LogoID:0,PdfID:0,DownCount:0,AuthorInfos:null,BookPublishDate:2021-09-01 00:00:00.0,SearchTitle:皮书数据库,ISBN:978-7-5201-8738-1,BookTitle:中国上市公司发展报告(2021),BookStatus:7,AllowDownload:Y,BookVersionNum:null,ResearchOrg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:null,SearchTitle_2:皮书数据库,_RowNo:10
CommonID:DIR_71811774,ID:12902471,SiteID:14,Type:backAidText,Code:null,ParentId:0,InnerCode:687727,Name:基本子库,ShortName:,SubName:,EnTitle:null,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:12902426,AbstractCH:null,AbstractEN:null,KeyWords:null,EKeyWords:null,SubjectWords:null,LiteratureId:12902469,Fileref:null,OrderFlag:0,IsLeaf:Y,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:null,XmlID:null,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2021-10-26 08:42:21.0,ModifyUser:Admin,ModifyTime:2022-04-20 08:33:36.0,HitCount:0,ShowType:putong,LogoID:0,PdfID:0,DownCount:0,AuthorInfos:null,BookPublishDate:2021-09-01 00:00:00.0,SearchTitle:基本子库,ISBN:978-7-5201-8738-1,BookTitle:中国上市公司发展报告(2021),BookStatus:7,AllowDownload:Y,BookVersionNum:null,ResearchOrg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:null,SearchTitle_2:基本子库,_RowNo:11
CommonID:DIR_71811775,ID:12902475,SiteID:14,Type:backAidText,Code:null,ParentId:0,InnerCode:687728,Name:法律声明,ShortName:,SubName:,EnTitle:null,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:12902426,AbstractCH:null,AbstractEN:null,KeyWords:null,EKeyWords:null,SubjectWords:null,LiteratureId:12902473,Fileref:null,OrderFlag:0,IsLeaf:Y,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:null,XmlID:null,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2021-10-26 08:42:21.0,ModifyUser:Admin,ModifyTime:2022-04-20 08:33:36.0,HitCount:0,ShowType:putong,LogoID:0,PdfID:0,DownCount:0,AuthorInfos:null,BookPublishDate:2021-09-01 00:00:00.0,SearchTitle:法律声明,ISBN:978-7-5201-8738-1,BookTitle:中国上市公司发展报告(2021),BookStatus:7,AllowDownload:Y,BookVersionNum:null,ResearchOrg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:null,SearchTitle_2:法律声明,_RowNo:12