基于因子分析法的山西省煤炭上市公司财务绩效评价研究

发布时间：2018-01-09 04:21

本文关键词：基于因子分析法的山西省煤炭上市公司财务绩效评价研究　出处：《天津商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：在历史发展进程中,煤炭一直占据了非常重要的经济地位。煤炭是赋存于地下的非再生性化石能源,素有“工业粮食”的美誉。煤炭是重要的燃料、能源产品、化工原料,极大地推动了世界清洁能源、低碳经济发展。煤炭公司是国民经济的重要支撑,集采矿、能源、基础原材料业特征于一身,在我国公司中占据着重要的战略地位。煤炭公司不仅有利于人民取暖、用电,为发电行业、运输行业提供强大的能源保障,还为我国出口创收创造了有利条件。特别是对于山西省这样一个以煤炭为主要能源的资源大省更是如此。总之,煤炭产业作为山西省经济发展的支柱产业,必然深刻地影响着山西省经济繁荣发展。通过研读国内外上司公司财务绩效评价相关文献,经过总结与梳理,分析出了公司财务绩效评价中所需要考虑的相关因素。本文研究的是山西省上市煤炭公司财务绩效对比情况,经过筛选,选择了11家煤炭上市公司。首先通过查阅2011-2015年新浪财经年度报表,选取偿债能力、运营能力、增长能力、盈利能力这四种财务指标,从横向角度和纵向角度作单指标评价,其次再基于一定原则选取16项指标利用spss20中的因子分析法,构建模型分别对2011-2015年11家煤炭上市公司财务绩效状况进行排名。最后,对得分情况进行综合分析并给出建设性建议。得出结论:第一,从2011-2015年,这11家山西省上市煤炭公司中大部分在盈利能力、偿债能力、运营能力、发展能力方面有所下降,整体财务绩效呈现下滑趋势;第二,盈利能力、偿债能力、运营能力、发展能力这四方面共同影响公司的整体财务绩效,不能单从一方面来考虑;第三,阳泉煤业、大同煤业、潞安环能、兰花科创整体来讲在11家上市公司处于领先地位,并且常常在某一方面的能力优势突出。例如:在2015年兰花科创总体财务绩效排名排在第一位,其营运能力得分也排在第一位,即营运能力较强;安泰集团、煤气化排名情况则常常处于末位并且常常在某一方面的能力略势明显。例如:在2014年煤气化总体财务绩效排名排在末位,其偿债能力得分也排在末位,即偿债能力弱。最后,结合单指标评价和因子分析法对得分情况进行分析,提出改善山西省煤炭上市公司财务绩效的对策建议:改进生产工艺,提高煤产品品质,实现降本增效,提高公司盈利能力;提高资产利用效率,改善公司营运能力;面临循环经济契机,要优化产业结构,从而提高公司发展能力;优化自身负债结构,发挥财务杠杆作用。
[Abstract]:In the process of historical development, coal has always occupied a very important economic position. Coal is a non-renewable fossil energy that exists underground, and it is known as "industrial grain". Coal is an important fuel and energy product. Chemical raw materials, greatly promote the world clean energy, low-carbon economic development. Coal company is an important support of the national economy, mining, energy, basic raw materials industry characteristics in one. Coal companies are not only conducive to heating and electricity consumption, but also provide strong energy security for the power generation industry and transportation industry. It has also created favorable conditions for China's export income generation, especially for Shanxi Province, a large resource province with coal as the main energy. In short, the coal industry is the pillar industry of Shanxi's economic development. It has a profound impact on the economic prosperity of Shanxi Province. Through the study of domestic and foreign supervisor company financial performance evaluation literature, through summary and combing. Analysis of the company financial performance evaluation needs to consider the relevant factors. This paper is listed coal companies in Shanxi Province financial performance comparison after screening. Selected 11 coal listed companies. First, through the 2011-2015 Sina financial statements, select solvency, operational capacity, growth capacity, profitability of these four financial indicators. The single index is evaluated from the horizontal angle and the longitudinal angle, and then 16 indexes are selected based on certain principles to use the factor analysis method in spss20. Build the model of 11 coal listed companies from 2011 to 2015 to rank the financial performance. Finally, the score of the comprehensive analysis and give constructive suggestions. Conclusion: first. From 2011-2015, most of the 11 listed coal companies in Shanxi Province have declined in the aspects of profitability, solvency, operation ability and development ability, and the overall financial performance has shown a downward trend. Second, profitability, solvency, operational capacity, development capacity together affect the overall financial performance of the company, can not only be considered from one side; Third, Yangquan coal industry, Datong coal industry, Lu'an ring energy, orchid branch overall speaking in 11 listed companies in the leading position. For example, in 2015, Orchidaceae ranked first in overall financial performance, and its operating ability also ranked first, that is, strong operational capability; Aetai Group, coal gasification ranking is often at the bottom and often in one aspect of the capacity slightly more obvious. For example: in 2014, coal gasification overall financial performance ranking at the bottom. Its solvency score is also in the last place, that is, weak solvency. Finally, combined with single index evaluation and factor analysis to analyze the score. The countermeasures to improve the financial performance of listed coal companies in Shanxi Province are put forward: improving the production process, improving the quality of coal products, reducing the cost and increasing efficiency, and improving the profitability of the companies; Improve the efficiency of asset utilization, improve the company's operational capacity; Facing the opportunity of circular economy, we should optimize the industrial structure and improve the development ability of the company. Optimize its own debt structure, play a financial leverage role.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.21;F406.72

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