基于价值提升的家电企业资产结构优化研究

发布时间：2018-02-22 12:21

本文关键词： 资产结构企业价值经济增加值(EVA) 家电上市公司回归模型　出处：《合肥工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：资产是企业生存与发展的基础,是企业获得收益的源泉。在企业生产经营过程中各项资产发挥着不同的作用,各项资产占总资产的比重以及各项资产之间的比例关系构成了企业的资产结构。合理的资产结构不仅能够有效的减少成本,降低风险,更能提高经营绩效,实现企业价值最大化。目前,我国家电行业经过了近四十年的市场积累,已经成为世界家电行业的制造中心。但关于我国家电行业资产结构是否合理,是否会对企业价值产生影响等问题,理论界和学术界研究的甚少,所以本文试图探寻家电上市公司资产结构与企业价值之间的内在关系,并且为家电上市公司优化资产结构,提升企业价值提供相关对策。基于上述目的,本文选取在沪深两市上市的A股家电上市公司作为研究对象,用经济增加值(EVA)作为企业价值的评价指标,用流动资产占比、货币资金占比、应收账款占比、存货占比、固定资产占比、长期股权投资占比、无形资产占比七个指标作为资产结构的评价指标,建立回归模型,采用多元回归方法进行实证研究。本文运用Eviews8.0软件对采集的样本数据进行相关性检验及多元线性回归分析,以探索家电上市公司资产结构与企业价值之间的内在联系。本文通过理论分析及实证研究得出结论:货币资金和企业价值之间具有显著的正相关关系,应收账款和企业价值之间呈弱负相关关系,存货和企业价值之间具有显著负相关关系,流动资产和企业价值之间呈微弱正相关关系,固定资产和企业价值之间呈微弱负相关关系,长期股权投资和企业价值之间呈弱负相关关系,无形资产和企业价值之间具有显著正相关关系。最后,本文基于家电行业的发展现状和实证研究结论,从八个方面提出了优化资产结构,提升家电企业价值的相关对策。
[Abstract]:Assets are the basis for the survival and development of enterprises and the source of income for enterprises. In the process of production and operation of enterprises, the assets play different roles. The proportion of assets to total assets and the proportion of assets constitute the asset structure of an enterprise. A reasonable asset structure can not only effectively reduce the cost, reduce the risk, but also improve the operating performance. At present, after nearly 40 years of market accumulation, China's home appliance industry has become the manufacturing center of the world electrical appliance industry. However, whether the asset structure of China's home appliance industry is reasonable or not, There are few theoretical and academic studies on whether it will have an impact on enterprise value, so this paper tries to explore the inherent relationship between the asset structure and enterprise value of the household appliance listed company, and optimize the asset structure for the household appliance listed company. Based on the above purpose, this paper selects the A-share household appliances listed companies listed in Shanghai and Shenzhen stock markets as the research object, uses EVA (Economic value added) as the evaluation index of the enterprise value, and uses the current assets as the proportion. The proportion of money funds, accounts receivable, inventory, fixed assets, long-term equity investment and intangible assets are taken as the evaluation indexes of asset structure, and the regression model is established, which includes the proportion of money funds, accounts receivable, inventory, fixed assets, long-term equity investment and intangible assets. In this paper, we use Eviews8.0 software to test the correlation and multiple linear regression analysis of the collected sample data. In order to explore the internal relationship between the asset structure and the enterprise value of the household appliance listed company, this paper draws a conclusion by theoretical analysis and empirical research: there is a significant positive correlation between the monetary capital and the enterprise value. There is a weak negative correlation between accounts receivable and enterprise value, a significant negative correlation between inventory and enterprise value, and a weak positive correlation between current assets and firm value. There is a weak negative correlation between fixed assets and firm value, a weak negative correlation between long-term equity investment and enterprise value, and a significant positive correlation between intangible assets and firm value. Based on the current situation of household appliance industry and the conclusion of empirical research, this paper puts forward the relevant countermeasures to optimize the asset structure and enhance the value of the household appliance enterprise from eight aspects.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.6;F406.7

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