10/06/28 17:55:28
和訳をどうかお願いしたい！！
This does not mean that the tools for technical valuation have not been popularized, but rather that such the tools do not produce practical results in the Chinese context.
The market's current inability to value listed companies properly is a direct consequence of the Standard Opinion and the state's perpetuation of illiquid classes of shares.
The company, viewed through the prism of the stock markets, is a fragmented entity.
In turn, this fragmentation traces its origins back to state planning and fund accounting.
This earlier system also failed to treat an enterprise as an integrated whole, seeing it as three distinct parts that may, or may not, have represented a company from a financial viewpoint.
In any event sound financial management was not the goal of that system; production was and largely still is, the principal objective.