和價值的影響。將A股上市鋼鐵公司共 38家在2004年至2007 年間做研究。分析經營
;The steel and iron industry may be said to be the mother of all industries.
From ancient to modern ages, in China and abroad, in every place where
industrialization has occurred, the steel and iron industry forms the foundation.
Today, the effect of globalization has resulted in sharing resources and the
segmentation of labor, and therefore this fundamental industry has been
redefined. Every country, because of their economic and environmental climate,
has created different structural characteristics in the steel and iron industry.
Ever since the Chinese economic reforms, the economy has progressed by leaps
and bounds. Economic demands domestically and internationally have been
extremely high, and have resulted in especially high demands in the steel and
During this overheated economic period, the Chinese government launched a
series of macroeconomic regulation and control measures. The steel and iron
industry bore the brunt of these policies. This study analyses the impacts of
these policies from 2004 to 2007 on investment value and in profit achievements.
It focuses on 38 publicly traded companies within the steel and iron industry
(on the A-listing). The measures studied include rate of return on asset,
shareholders’ rate of return, the price earnings (PE) ratio, market-to-book
rate and the Tobin Q-value.
This study collected financial data from 38 publicly-traded companies in
the iron and steel industry. The above measures were calculated and then used
to confirm that the government’s macroeconomic regulations and control has an
impact in the iron and steel industry. Prior to this research, mainland Chinese
researchers such as Ho Chang Ying, Li Xiang (2007), Peng Shao Bing, Li Xiao Han,
Huang Yi Jian （2007） and Ba Shu Song （2008） have validated that the Tobin Q-value
has dramatic effects on the Chinese stock market. This study obtained the same
results from the steel and iron industry listed in China’s A listing.
It was discovered that the Tobin Q-value is correlated to the activities
of the biggest shareholder such as selling stocks, and more fundraising plans
for companies and/or as well as more initial public offerings（IPO） in the stock
market. The larger the Tobin Q-value, the more frequent these activities.