上市公司财务策略管理与盈利能力的关系研究

发布时间：2018-02-10 09:11

本文关键词： 上市公司财务策略盈利能力回归分析　出处：《首都经济贸易大学》2012年硕士论文　论文类型：学位论文

【摘要】：财务策略管理是上市公司监管、支配企业内外资源维持其健康运行的重要工具，盈利能力则是上市公司长期发展的必要条件。通过研究上市公司财务策略管理与盈利能力相互关系，制定行之有效的财务策略，对我国上市公司的长远发展具有深远意义。本文以国内外财务策略与盈利能力相关理论为基础，通过数学统计中的回归分析法以澳大利亚股市中ASX200的200家上市公司的真实财务数据为样本，深入研究上市公司财务策略管理与盈利能力间的相互关系。研究范围不局限于财务策略管理中的某一方面，而是创造性地综合融资策略、投资策略、营运资本策略和股利分配策略和盈利策略的重要方面进行相关分析。数据处理上借助EXCEL与Statplus等实用的数据分析软件努力使研究结果更加准确、真实。研究结果表明，，上市公司融资策略中的负债融资比例与其盈利能力间具有明显的相互促进关系；短期融资中过高的流动资产或过低的流动负债不利于盈利能力的增强；扩张性的投资策略通常不能有效提高上市公司盈利能力，这一结论同样适用于着重提高营运资本周转速度的营运资本策略管理；增长性的股利策略与上市公司的实际盈利能力无直接关系，但间接上通过促进融资策略的灵活性对其盈利能力产生积极影响。以上实证结论对于我国上市公司的发展壮大具有重要的参考价值，促使其重点通过优化融资结构、改善股利分配策略等有效方式实现企业盈利能力的增强与真实价值的增长。
[Abstract]:Financial strategy management is an important tool to supervise and control the internal and external resources of listed companies to maintain their healthy operation. Profitability is a necessary condition for the long-term development of listed companies. It is of far-reaching significance to study the relationship between financial strategy management and profitability of listed companies and to formulate effective financial strategies for the long-term development of listed companies in China. Based on the theories of financial strategy and profitability at home and abroad, this paper takes the true financial data of 200 ASX200 listed companies in Australian stock market as a sample through regression analysis in mathematical statistics. The research scope is not limited to one aspect of financial strategy management, but creative comprehensive financing strategy, investment strategy, The working capital strategy, dividend distribution strategy and profit strategy are analyzed. The data processing makes the research results more accurate and true with the help of practical data analysis software such as EXCEL and Statplus. The results show that the proportion of debt financing in the financing strategy of listed companies has a mutually reinforcing relationship with their profitability, and that too high current assets or too low current liabilities in short-term financing are not conducive to the enhancement of profitability. The expansionary investment strategy can not effectively improve the profitability of listed companies. This conclusion is also applicable to the working capital strategy management which focuses on increasing the turnover speed of working capital. There is no direct relationship between the growth dividend strategy and the actual profitability of listed companies. But indirectly, by promoting the flexibility of financing strategy, it has a positive impact on its profitability. The above empirical conclusion has important reference value for the development and growth of listed companies in China, and urges it to focus on optimizing the financing structure. To improve dividend distribution strategy and other effective ways to achieve corporate profitability and real value growth.
【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】：2012
【分类号】：F275;F832.51;F224

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