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透过数据看“十四五”答卷： 夯实市场之基 公司治理水平稳步提升
Zheng Quan Shi Bao·2025-07-01 18:29

Core Viewpoint - The article discusses the improvements in the quality of listed companies in China's A-share market during the "14th Five-Year Plan" period, highlighting advancements in ESG disclosures, investor relations management, and overall corporate governance [1][2][7]. ESG Disclosure - The ESG report disclosure rate for listed companies reached 45.7% in 2024, an increase of over 17 percentage points compared to the end of the "13th Five-Year Plan" period [2]. - State-owned enterprises (SOEs) have significantly improved their ESG report disclosure rates, reaching 95.1% in 2024, a 37 percentage point increase from 2020 [3]. - By June 30, 2025, 20.08% of A-share companies received ESG ratings of A or above, a rise of over 10 percentage points since the end of 2020 [3]. Investor Relations Management - Over 40% of listed companies have established investor relations management systems by June 30, 2025, a significant increase from 17.48% in 2020 [5]. - The average response time to investor inquiries has decreased to under 10 days during the "14th Five-Year Plan" period, a reduction of approximately 16 days compared to the previous period [4]. - The effective response rate to investor inquiries has approached 67%, an increase of over 10 percentage points from the "13th Five-Year Plan" period [4]. Company Quality Improvements - The proportion of listed companies rated A or B in information disclosure assessments reached 85.09% in 2023, a 1 percentage point increase from 2020 [7]. - The average asset-liability ratio for A-share companies has shown a downward trend, with a median of 39.95% during the "14th Five-Year Plan" period, nearly 1 percentage point lower than the previous period [7]. - The average revenue per employee for A-share companies exceeded 210,000 yuan, reflecting an increase of over 20% compared to the previous period [8]. Market Structure and Trends - Over 90% of new listings on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange are high-tech enterprises, indicating a shift towards technology-driven companies [8]. - The total market capitalization of strategic emerging industry companies has surpassed 40%, showcasing the capital market's support for technological and industrial innovation [8].