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本文通过比较入选2013年《财富》杂志“全球500强企业”中的中国企业1与世界其他国家/地区的企业在各项经营指标上的差别,来分析中国巨型企业的盈利能力和国际竞争力。我们发现,入选的中国非金融企业在股本回报率(ROE)、资产回报率(ROA)、净利润率、资产周转率及人均创收等反映企业盈利能力和经营效率的指标上都远远落后于全球500强的平均水平,但杠杆率(或资产负债率)却远远高于国际平均水平。我们还发现,中国工业企业(尤其是国有企业)的利润率对经济增长率高度敏感,令人担忧中国企业在经济增长率进一步下滑的环境下是否还能保持盈利。因此,我们必须在市场准入、金融监管、资源与能源产品定价机制以及国有资产管理体制等方面做更大胆的改革,尽快放松各类不必要的行政管制措施,为中国企业进一步提高效率创造必要的制度条件和市场环境。
This article examines the profitability of China’s mega-corporations by comparing the differences in various business indicators between Chinese companies 1 selected in Fortune magazine’s “Global 500” and the rest of the world Competitiveness. We find that selected non-financial Chinese companies lag far behind those reflecting corporate profitability and operational efficiency in terms of return on equity (ROE), return on equity (ROA), net profit margin, asset turnover and per capita income, etc. The average global 500, but the leverage ratio (or debt ratio) is much higher than the international average. We also found that the profitability of China’s industrial enterprises (especially state-owned enterprises) is highly sensitive to the rate of economic growth and is worrying whether Chinese enterprises will remain profitable under the conditions of a further decline in economic growth rate. Therefore, we must make more bold reforms in market access, financial regulation, the pricing mechanism for resources and energy products and the state-owned assets management system, and relax all kinds of unnecessary administrative control measures as soon as possible so as to create necessary conditions for Chinese enterprises to further improve their efficiency The system conditions and market environment.