基于因子分析法的鞍钢股份财务分析

发布时间：2018-03-03 09:41

本文选题：鞍钢股份　切入点：钢铁行业　出处：《黑龙江八一农垦大学》2017年硕士论文　论文类型：学位论文

【摘要】：钢铁产业是国民经济基础性产业,是国防建设和经济发展的物质基础,然而,受2008年经济危机持续影响,世界经济复苏缓慢,钢铁行业下游产业如房产业一直萎靡,发展速度减缓,钢材销售量及销售价格下降,而上游原材料价格却不降反升,由于供大于求,钢铁行业产能过剩状态严重。鞍钢股份拥有悠久的历史和辉煌的业绩,为我国工业化进程作出了不可磨灭的贡献,然而自2012年以来,鞍钢股份资产总额不断缩减,加之钢铁行业产能过剩的大环境使得其销售不畅,净利润下降,尤其在2016年净利润出现了巨额亏损。鞍钢股份是国务院国有资产监督管理委员会旗下的控股子公司,鞍钢股份的亏损状态会造成国有资产的流失,如果亏损不能及时遏制,企业有破产威胁,在这样的经济环境下,对鞍钢股份进行财务分析显得尤为迫切。本文通过运用因子分析法这一统计学方法,在介绍财务分析理论基础的基础上,以鞍钢股份为研究对象,通过选择代表企业综合财务能力的五个层次的财务指标,以2016年A股正常上市的28家钢铁企业为样本,利用因子分析法并运用SPSS软件进行数据处理,构建出财务分析模型,通过横向的企业对比和纵向的企业内部对比,最后对对比结果进行综合分析,得出其财务问题成因。通过研究发现,鞍钢股份财务状况较差主要是受盈利因子得分低的影响,而通过对盈利因子的研究发现,造成鞍钢股份财务状况差的主要原因一是工艺浪费严重,物流费用高,二是管理费用高,三是原材料价格高,钢材销售价格下跌,四是产品品种结构不合理,五是对外投入力度不足,针对这五个方面的原因,本文从加大成本控制力度;全面提升管理水平;规避原材料及钢材销售价格波动风险;优化产品品种结构形成核心竞争力;加大境外投资这几个方面提出了相对应的改进建议。
[Abstract]:The iron and steel industry is the basic industry of the national economy and the material foundation of national defense construction and economic development. However, due to the sustained impact of the economic crisis in 2008, the world economy is recovering slowly, and the downstream industries of the steel industry, such as the housing industry, have been declining. The rate of development slowed down, steel sales and sales prices fell, but the prices of raw materials in the upper reaches did not fall, but instead rose. Due to oversupply, the overcapacity of the steel industry is serious. The shares of Angang have a long history and brilliant achievements. It has made an indelible contribution to the industrialization process of our country. However, since 2012, the total stock assets of Anshan Iron and Steel Co., Ltd. have been continuously reduced, and the environment of overcapacity in the steel industry has made its sales difficult and its net profit reduced. In 2016, in particular, there was a huge loss in net profit. Anshan Iron and Steel, a holding subsidiary of the State-owned assets Supervision and Administration Commission of the State Council, will lose state-owned assets if the loss cannot be curbed in time. In this economic environment, the financial analysis of shares in Angang is particularly urgent. This paper introduces the theoretical basis of financial analysis by using the statistical method of factor analysis. Taking the shares of Anshan Iron and Steel Co., Ltd as the research object, by selecting the financial indexes representing the five levels of the comprehensive financial ability of the enterprises, taking 28 iron and steel enterprises listed normally in A shares in 2016 as samples, using factor analysis method and SPSS software to process the data. The financial analysis model is constructed, and through horizontal enterprise contrast and vertical enterprise internal contrast, finally, the comparative results are synthetically analyzed, and the causes of financial problems are obtained. The poor financial condition of Angang shares is mainly affected by the low score of profit factor. Through the study of profit factor, it is found that the main reasons for the poor financial condition of Angang shares are serious process waste and high logistics costs. The second is the high cost of management, the third is the high price of raw materials, the lower price of steel sales, the fourth is the unreasonable product variety structure, and the fifth is the lack of foreign investment, in view of these five reasons, this paper increases the cost control; To improve the management level comprehensively; to avoid the risk of price fluctuation of raw materials and steel sales; to optimize the product variety structure to form the core competitiveness; to increase overseas investment these aspects put forward corresponding suggestions for improvement.
【学位授予单位】：黑龙江八一农垦大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.31;F406.7

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