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By Li Yifei, the Economic Research Institute of Management World & Wang Zhuquan, Ocean University of China

Research Report, No.38, 2019 (Total 5538) 2019-3-22

Abstract: As the basis of capital allocation and flow, information including capital efficiency and financial risks plays a guiding role in capital market. By innovating financial analysis system and based on the data of China’s listed companies, this report shows that due to the drawbacks of traditional financial analysis system, capital efficiency is underestimated by more than 30%, while financial risks is overestimated by more than 40%; the return ratio on business activities is undervalued by over 40% while that of investment activities overvalued by more than 50%. As a result, more and more enterprises’ internal capital is misled from real economic sectors to capital sectors. To fundamentally solve the problems which emerged in recent years, such as the deviation of financial sectors from real to virtual economy, the difficulties and relatively high cost of real economy enterprises in their financing activities, and the trend of financialization of real economic entities, policy options are offered here. Work needs to be done to rectify the information distortion resulted from the drawbacks of traditional financial analysis system and innovate it to ensure a scientific and reliable evaluation of the development and quality of China’s real economy, providing a healthy market and policy environment for the sound development of the real economy.

Key words: financial analysis system, return on investment capital, financial risk, deviation from real to virtual economy