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In 2022, the global economic structure gradually recovered to the pre-epidemic, and globalization has also undergone rapid changes, making China's export-oriented industrialization more and more affected. In the past, China's large-scale and low-cost manufacturing industry driven by globalization and urbanization is facing transformation, which on the one hand puts forward urgent requirements for the high-quality development of domestic listed companies, and on the other hand requires the adjustment of domestic financial structure. In terms of the performance of listed companies and macroeconomic trends, as before the outbreak of the epidemic, after the outbreak, the performance of China's A-share listed companies continued to be highly consistent with the macroeconomic trends. In 2022, affected by the new coronavirus mutation strain that spreads faster, the overall market value creation ability of China's A-share listed companies has declined compared with the previous year, but under the care of reducing financing costs and tax reduction policies, the return on total assets (ROA) of listed companies has increased compared with the previous year. In 2023, after the smooth turn of epidemic prevention and control, the profit growth of A-share listed companies in various industries showed obvious differentiation. These profit growth changes are also reflected in the corresponding stock price index. Building a modern capital market with Chinese characteristics is an inherent requirement for taking the road of financial development with Chinese characteristics well. In the next step, we should focus on supporting scientific and technological innovation and steadily increase the proportion of direct financing. Focus on the construction of modern industrial system, cultivate the group of listed companies that reflect the requirements of high-quality development; At the same time, we must adhere to the concept of “large investment protection” and better protect the legitimate rights and interests of small and medium-sized investors.

Keywords: Financial Structure; Listed Companies; High-quality Development; Capital Market Reform