制造业上市公司财务弹性与盈利能力关系的实证研究

发布时间：2017-12-31 02:14

本文关键词：制造业上市公司财务弹性与盈利能力关系的实证研究　出处：《青岛大学》2013年硕士论文　论文类型：学位论文

【摘要】：制造业企业作为一个整体,一直以来在经济社会发展中发挥着重大的作用,而我国的制造业企业却普遍存在盈利能力不强的状况；在现有文献当中,关于盈利能力的相关研究较多,但大多是从盈利能力的度量角度进行研究,对于从财务弹性角度进行研究的,并不是很多,所以将财务弹性与盈利能力相结合并进行研究是一个比较新的视角。而上市制造业公司的盈利能力的发展受多种因素的共同影响,财务弹性可以作为一个重要的多种影响盈利能力因素的综合体,所以把上市制造业公司的盈利能力与财务弹性的相关性作为本文的研究切入点,把上市制造业公司作为研究对象,对如何从财务弹性角度提高公司的盈利能力进行探索性研究,具有重要的初创性意义。本文旨在通过对我国上市制造业企业的盈利能力与财务弹性的相关性进行初步探索研究,分析我国上市制造业企业是否存在合理的财务弹性区间,并结合我国的上市公司制造业企业的实际情况和研究结果,旨在提高其自身的盈利能力提出了合理化的建议。本文的研究内容安排如下：第一章,介绍论文研究的理论意义和现实意义；第二章,财务弹性与盈利能力相关性的理论；第三章,我国上市制造业企业的总体概况,主要介绍了上市制造业企业的特征、地位以及作用,分析财务弹性与盈利能力相关的描述性分析,以及它们的相关性；第四章,企业财务弹性与盈利能力相关性的实证研究,首先采用主成分分析法,对上市制造业公司的盈利能力进行综合评价,得出盈利能力综合评价指数；然后采用层次分析法和变异系数法对上市制造业公司的财务弹性进行综合评价,得出财务弹性综合评价指数；最后将盈利能力综合评价指数与财务弹性综合评价指数进行回归分析,并与相关的描述性研究进行结合,得出以下结论：一是我国上市制造业公司的财务弹性与盈利能力相关；二是我国上市制造业公司的财务弹性存在一个合理区间；第五章,提高我国上市制造业公司盈利能力的对策,通过对相关研究的结论的深入分析,进而为我国上市制造业公司提高盈利能力提出以下建议：(1)上市制造业公司应加强财务管理工作,尤其是相关的负债和现金流的管理工作；(2)上市制造业公司应将企业的财务弹性保持在一个合理的水平,以更好地提高企业的盈利能力。本文的创新之处在于,现有对于企业盈利能力的研究的相关文献大多是盈利能力评价模型而言进行研究,未涉及到一个综合的反映负债和现金综合能力的评价指标财务弹性,本文就是从财务弹性的角度,以我国制造业上市公司为例,对我国上市制造业企业的盈利能力与财务弹性相关性进行研究,对发展关于对于上市制造业公司的盈利能力评价模型有初创性贡献。
[Abstract]:Manufacturing enterprises as a whole have been playing an important role in the economic and social development, but the manufacturing enterprises in our country generally do not have strong profitability. In the existing literature, there are many related studies on profitability, but most of them are from the perspective of profitability measurement, and not a lot from the perspective of financial elasticity. Therefore, the combination of financial elasticity and profitability is a relatively new perspective, and the development of profitability of listed manufacturing companies is affected by a variety of factors. Financial elasticity can be used as an important synthesis of many factors affecting profitability, so the relationship between profitability and financial elasticity of listed manufacturing companies is the starting point of this paper. The research on how to improve the profitability of listed manufacturing companies from the angle of financial elasticity is of great significance. The purpose of this paper is to explore the correlation between profitability and financial elasticity of listed manufacturing enterprises in China, and to analyze whether there is a reasonable range of financial elasticity for listed manufacturing enterprises in China. Combined with the actual situation and research results of Chinese listed companies manufacturing enterprises, the paper puts forward some reasonable suggestions to improve its profitability. The research content of this paper is arranged as follows: chapter 1. The paper introduces the theoretical and practical significance of the research; The second chapter, the theory of the correlation between financial elasticity and profitability; The third chapter, the general situation of listed manufacturing enterprises in China, mainly introduces the characteristics, status and role of listed manufacturing enterprises, and analyzes the financial elasticity and profitability related descriptive analysis. And their relevance; Chapter 4th, empirical study on the correlation between enterprise financial elasticity and profitability. Firstly, the main component analysis is used to evaluate the profitability of listed manufacturing companies, and the comprehensive evaluation index of profitability is obtained. Then the analytic hierarchy process (AHP) and coefficient of variation (CV) are used to evaluate the financial elasticity of listed manufacturing companies, and the comprehensive evaluation index of financial elasticity is obtained. Finally, the comprehensive evaluation index of profitability and the comprehensive evaluation index of financial elasticity are analyzed by regression analysis, and combined with the related descriptive research. The following conclusions are drawn: first, the financial elasticity of listed manufacturing companies in China is related to profitability; Second, there is a reasonable range of financial elasticity of listed manufacturing companies in China; Chapter 5th, the countermeasures to improve the profitability of listed manufacturing companies in China, through the in-depth analysis of the conclusions of the relevant research. Then the following suggestions are put forward for the listed manufacturing companies to improve their profitability: 1) the listed manufacturing companies should strengthen the financial management, especially the related liabilities and cash flow management; 2) listed manufacturing companies should keep their financial flexibility at a reasonable level in order to improve their profitability. The innovation of this paper is that most of the relevant literature on the research of profitability is the evaluation model of profitability. It does not involve a comprehensive evaluation index of debt and cash ability. This paper takes the listed companies of manufacturing industry in our country as an example from the angle of financial elasticity. This paper studies the relationship between profitability and financial elasticity of listed manufacturing enterprises in China, and makes an initial contribution to the development of models for evaluating the profitability of listed manufacturing companies.
【学位授予单位】：青岛大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F425

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