基于财务视角的我国乳品上市企业成长性分析

发布时间：2018-09-01 19:28

【摘要】：随着中国经济的迅猛发展和人们生活水平的普遍提高,居民的饮食结构发生了显著变化,人均乳制品消费量不断提高。乳品业的上下游覆盖了农业和食品业,由于其特殊的产业性质,国家对其支持和鼓励程度一直较高。乳品业作为一个快速发展的朝阳产业,仍处于产业初级阶段,存有诸多待完善的方面。而乳品上市企业作为乳业的代表,对乳业具有较强的带动、示范性,所以通过了解乳品上市企业的成长性,进而对我国乳业的发展状况进行评估就显得尤其重要。成长性是企业的灵魂,是检验企业经营状况和发展前景的一项非常重要的指标。影响乳品企业成长性的因素很多,包括财务因素和非财务因素。但是非财务因素难以取得并加以量化,同时它在很大程度上也反映在财务因素中。因此,本文基于财务视角进行研究。本文写作采用了比较分析法、文献综述法和实证研究法,并侧重于实证研究,形成一个相对完整的研究体系。即首先对相关文献进行了梳理,然后对公司的成长性进行了界定。接着,本文从企业的偿债能力,营运能力,盈利能力和发展能力四个大类别的指标中选取了11个财务指标组成了企业成长性的财务评价体系。这套评价体系针对性强,数据容易获得,是很适宜评价乳品企业成长性的。然后选择主成分分析法对样本企业进行了分析,计算出每个样本企业的综合得分并进行了排名。本文的实证结果表明,我国乳品企业中成长性的质量为优秀和良好的只占很小的比例,大多数企业的成长性一般甚至表现较差,成长性的整体水平并不高,并且企业之间的成长性有着很明显的差异；乳品企业的成长性主要体现在偿债能力、营运运力、盈利水平及增长能力三个大方面,三个方面均很重要,其中仅一方面或者两个方面较为突出,并不能说明企业具有较高的成长性。最后,对乳品上市企业的未来成长提出相应的建议,以期能够使我国的乳品企业健康良性地发展。
[Abstract]:With the rapid development of Chinese economy and the general improvement of people's living standard, the dietary structure of the residents has changed significantly, and the per capita dairy consumption has been increasing. The upstream and downstream of dairy industry cover agriculture and food industry, because of its special industrial nature, the state supports and encourages it to a high degree. Dairy industry, as a rapidly developing sunrise industry, is still in the primary stage of industry, there are many aspects to be improved. As the representative of dairy industry, dairy listed enterprises have strong driving and demonstration to dairy industry, so it is particularly important to evaluate the development of dairy industry through understanding the growth of listed dairy enterprises and then evaluating the development of dairy industry in China. Growth is the soul of an enterprise and a very important indicator to test the business situation and development prospects. There are many factors influencing the growth of dairy enterprises, including financial factors and non-financial factors. But it is difficult to obtain and quantify the non-financial factors, and it is also reflected in the financial factors to a large extent. Therefore, this article carries on the research based on the financial angle of view. This paper adopts comparative analysis method, literature review method and empirical research method, and focuses on empirical research to form a relatively complete research system. First of all, the related literature is combed, and then the growth of the company is defined. Then, this paper selects 11 financial indicators from the four categories of corporate solvency, operating ability, profitability and development ability to form the financial evaluation system of enterprise growth. This evaluation system has strong pertinence and easy access to data, so it is suitable to evaluate the growth of dairy enterprises. Then the principal component analysis method is selected to analyze the sample enterprises, and the comprehensive score of each sample enterprise is calculated and ranked. The empirical results of this paper show that the quality of growth in dairy enterprises in China is only a small proportion of excellent and good, the growth of most enterprises generally or even poor performance, the overall level of growth is not high. The growth of dairy enterprises is mainly reflected in the solvency, operational capacity, profit level and growth ability, which are all very important. Only one or two aspects are more prominent, which does not show that the enterprise has a higher growth. Finally, some suggestions on the future growth of dairy listed enterprises are put forward in order to make the dairy enterprises in our country develop healthily and healthily.
【学位授予单位】：南京农业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.82

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