The Evaluation of Financing Efficiency of China’s Stock Market

Table 8

2008–2014 sample firms’ projection target (on average).

Year	Variable	Radical movement (on average)	Slack movement (on average)
2008	Equity value	−14836078554	−6592256410
	Equity concentration	−11.16	20.31
	Debt to assets ratio	−26.26	0
	Rate of return on common stockholders’ equity (ROE)	25.05	0
	Earnings per share (EPS)	0	13.75
2009	Equity value	−26721446619	−17757163590
	Equity concentration	−33.69	14.93
	Debt to assets ratio	−27.783012	−14.1940315
	Rate of return on common stockholders’ equity (ROE)	0	12.4
	Earnings per share (EPS)	0	13.2
2010	Equity value	−4184218	−28533851660
	Equity concentration	−14.7	−15.61
	Debt to assets ratio	−13.74	−16.5
	Rate of return on common stockholders’ equity (ROE)	16.92	13.43
	Earnings per Share (EPS)	0	20.47
2011	Equity value	−12781546988	−14037515163
	Equity concentration	−23.146	−19.06
	Debt to assets ratio	7.33	0
	Rate of return on common stockholders’ equity (ROE)	2.74	7.36
	Earnings per share (EPS)	0	9.65
2012	Equity value	−5815789891	1882011799
	Equity concentration	−26.97	63.70
	Debt to assets ratio	−12.46	−17.10
	Rate of return on common stockholders’ equity (ROE)	14.01	17.27
	Earnings per share (EPS)	17.9	11.25
2013	Equity value	−20760421263	−7056286009
	Equity concentration	−23.91	16.8
	Debt to assets ratio	−19.02	−10.29
	Rate of return on common stockholders’ equity (ROE)	11.04	29.713
	Earnings per share (EPS)	16	18.1
2014	Equity value	−32387016999	−13696692148
	Equity concentration	−23.85	−16.26
	Debt to assets ratio	−17.23	−5.91
	Rate of return on common stockholders’ equity (ROE)	17.3	12.6
	Earnings per share (EPS)	0.058	14.34