Abstract

This is the third report on quality evaluation of China's listed Firms, which is completed by a united research team of National Institution for Finance&Development, Institute of Finance&Banking in CASS, and Tehua postdoctoral workstation. We develop an evaluation system for China listed firms' quality guilded by Porter's value chain theory, and collect more than 2500 firms' financial data and other public information during 2013-2016. With thoses materials, we evaluate the firms' quality from their value creation ability, value management ablility, and value distribution ability. The result shows that the slowdown of China economic growth and transformation of growth drivers actually impact the firm's quality. The impacts still exsit even after we use three years mean financial data. The firms' valuemanagement ability performs better than their value creation and distribution abilities. Firms in Growth Enterprise Market are in the first class, Ones in Middle and Small Enterprise Market are in the second class, and ones in Main Board are in the basic class. Software, envirment protection, electric equipment, auto and computer industries have more high quality firms. Actually, China's listed firms still have large space to improve their quality. They need more care about technology creation, investor protection, and taking social responsibility.

Keywords: Stock; Listed Firm; Quality; Evalution