上市公司经营杠杆的实证研究

发布时间：2018-08-25 19:30

【摘要】：伴随着经济增长的放缓,我国GDP的增速呈放缓趋势,由前些年的高速增长变为近几年的中高速增长,逐渐步入了发展的新常态时期,我国制造业作为支柱性产业也面临了巨大的压力与影响,制造业的发展速度也开始放缓,开始进入到新常态时期。随着国家提出的两化融合体系与颁布的《中国制造2025》,制造业又引起了各界的关注。制造业的高固定成本导致了其行业具有较高的经营杠杆,进而导致较高的经营风险,而经营杠杆可以反映企业对固定资产的利用率,通过研究企业经营杠杆水平,可以完善企业成本管理,合理控制投入与产出的关系,在生产经营过程中获取杠杆效益。然而,大部分的学者对我国上市公司的研究主要集中在资本结构方面,对经营杠杆的研究相对比较匮乏,所以研究企业经营杠杆对于企业调控成本结构、改善企业经营策略、提高企业经营效益具有重要意义。基于此,本文首先对经营杠杆的研究情况进行了全面分析,介绍经营杠杆的内涵并阐述经营杠杆的影响因素。其次选取国泰安数据库中A股制造业上市公司2010-2015年的数据样本为研究对象,通过成本结构分解模型得出固定成本与变动成本数据,进行制造业上市公司经营杠杆系数的计算。再次选择企业盈利能力指标,分析企业经营杠杆系数的总体水平、分布情况。最后通过企业整体财务状况与经营杠杆系数区间的对应关系,确定经营杠杆系数最优区间。本文研究结果表明:制造业上市公司2010-2015年经营杠杆总体平均值为3.998,其中经营杠杆处于[1,2.5]区间的制造业企业数量最多,占到总企业数的64.42%,企业经营杠杆最优区间为[1,2.5],在此区间企业财务状况达到最高水平。制造业上市公司应注重对资产结构的管理,保持合理的成本结构,加强对经营杠杆的控制,使经营杠杆保持在合理区间,同时制定合理的经营策略,使经营杠杆发挥正向的杠杆效应,保证企业可以持续健康稳定的发展。
[Abstract]:With the slowdown of economic growth, the growth rate of GDP in China shows a tendency to slow down, from the high speed growth in previous years to the medium and high speed growth in recent years, which has gradually entered the new normal period of development. As a pillar industry, the manufacturing industry of our country also faces enormous pressure and influence, the development speed of the manufacturing industry also begins to slow down, beginning to enter the new normal period. With the integration of the two systems and the promulgation of "made in China 2025", the manufacturing industry has attracted the attention of all walks of life. The high fixed cost of manufacturing industry leads to higher operating lever, which leads to higher operating risk, which can reflect the utilization rate of fixed assets. It can perfect the enterprise cost management, control the relation between input and output reasonably, and obtain the lever benefit in the process of production and management. However, most of the scholars' research on listed companies in China is mainly focused on the capital structure, and the research on the management leverage is relatively scarce, so the research on the enterprise management leverage to adjust and control the cost structure of the enterprise, improve the enterprise management strategy. It is of great significance to improve the operating efficiency of enterprises. Based on this, this paper firstly makes a comprehensive analysis of the research situation of business leverage, introduces the connotation of business leverage and expounds the influencing factors of business leverage. Secondly, the data sample of A share manufacturing listed companies in Cathay Security database from 2010 to 2015 is selected as the research object. The fixed cost and variable cost data are obtained by the cost structure decomposition model, and the operating leverage coefficient of manufacturing listed companies is calculated. Then select the profitability index to analyze the overall level and distribution of the business leverage coefficient. Finally, the optimal interval of the operating lever coefficient is determined by the corresponding relationship between the whole financial situation of the enterprise and the interval of the operating lever coefficient. The results of this study show that the average operating lever of manufacturing listed companies from 2010 to 2015 is 3.998, in which the number of manufacturing enterprises in the range of [12.5] is the largest. Accounting for 64.42% of the total number of enterprises, the optimal range of business leverage is [12.5], in which the financial situation of enterprises reaches the highest level. The listed companies in manufacturing industry should pay attention to the management of assets structure, maintain reasonable cost structure, strengthen the control of operating lever, keep the management lever in a reasonable range, and formulate reasonable management strategy at the same time. Make the management lever exert the positive lever effect, guarantee the enterprise can develop healthily and stably.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F425;F406.7

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