平安证券：我国上市公司业绩增长的深层因素分析

—业绩正在步入高速增长期

2007 年03 月30 日 22页

目 录
一、我国上市公司业绩的发展趋势································································ 3
1.我国经济发展态势良好、企业利润拐点已经出现·················································3
2.我国上市公司的业绩正在步入高速增长阶段························································4
二、宏观经济环境向好是企业业绩提升的前提·············································· 7
1.世界经济发展的潜力仍然较大为我国经济的发展提供了条件·······························7
2.内需拉动为主的新经济增长周期是上市公司业绩提升的前提·······························7
三、企业微观环境的改善是其业绩提升的基础·············································· 9
1.市场化进程对企业业绩提升的基础作用——以装备制造业为例···························9
2.制度性改革对企业业绩提升的基础作用——以金融银行业为例························· 11
3.国有企业改革、国有经济战略调整已经逐步步入收获时期································13
四、制度创新是上市公司业绩提升的催化剂··············································· 14
1.股权分置改革对上市公司业绩提升的催化作用··················································15
2.股权激励制度对上市公司业绩提升的催化作用··················································15
3.外部制度性建设对上市公司业绩提升的催化作用···············································16
4.资产注入、整体上市等外延式增长方式对上市公司业绩的催化作用··················17
五、未来我国上市公司业绩增长的几个关键因素········································ 17
1.国内消费需求的爆炸式增长将促进相关公司业绩的快速提升·····························17
2.“两税合并”的企业所得税将大幅度提升上市公司的业绩水平······························18
3.新会计制度的实行将提升相关上市公司的估值和业绩水平································19
4.人民币升值将促进相关上市公司资产估值和业绩水平的提高·····························20
5.制度创新对上市公司业绩的催化作用也将延续和强化········································21
六、结束语·································································································· 21