输配电气行业上市公司综合盈利能力分析
发布时间：2018-12-06 16:05
【摘要】：输配电气行业是我国重要装备制造产业,随着国内电网投资的不断增加、国际经济的逐步恢复,以及国内“十二五”规划的发展,整个输配电气行业未来五年仍将保持稳定增长。但目前该行业集中度有待提高,企业盈利情况较差,近年来整体利润增速处于下降态势。良好的盈利能力对企业的稳健经营和持续发展至关重要,是企业持续竞争优势强有力的保证。因此,对输配电气行业的综合盈利能力进行评价研究显得尤为重要。 本文对我国输配电气行业上市公司盈利能力进行全面分析和研究。文章首先阐述了盈利能力的基本概念和理论,给出了衡量盈利能力的指标；然后介绍了输配电气行业的概念、特征和行业分类,描述了我国输配电气行业的发展现状,分析了该行业的经济环境和产业政策。同时筛选具有行业代表性的64家上市公司作为研究对象,收集这些公司2011和2012年的财务数据和其他经济资料,对其盈利能力单项指标进行统计分析,并将样本公司分别以子行业、经营规模、所属地域和资本结构为依据进行分类,对各类公司的盈利能力展开多维度的对比分析。同时选取代表性的盈利能力评价指标,合理地确定其权重,构建综合盈利能力评价体系和综合盈利能力指数,计算各样本公司的综合盈利能力指数,对计算结果进行评级与分析。最后结合浙江正泰电器股份有限公司的实际情况,对其盈利能力和综合盈利能力指数进行案例分析,指出该公司实现良好盈利能力的驱动因素和制约因素,并给出提升公司盈利能力的若干建议。 本文的基本结论是：目前我国输配电气行业,由于行业集中度较低、同质化竞争激励而整体盈利能力较差,子行业中配电开关行业盈利能力相对较强,规模较小的企业盈利能力优于规模较大企业,同时由于财务杠杆效应未能发挥而使得资产负债率低的企业相对盈利能力较好。案例分析中浙江正泰电器股份有限公司因其渠道、成本、品牌和技术的优势而盈利能力良好,而竞争加剧、内部管理效率以及海外市场拓展的风险也对公司的盈利造成一定影响。
[Abstract]:The electrical industry of transmission and distribution is an important equipment manufacturing industry in China. With the increasing investment in the domestic power grid, the gradual recovery of the international economy, and the development of the 12th Five-Year Plan in China, The whole transmission and distribution electrical industry will remain stable growth in the next five years. But at present, the industry concentration needs to be improved, the profit situation of enterprises is poor, and the overall profit growth rate is declining in recent years. Good profitability is very important for the steady operation and sustainable development of enterprises, and it is a strong guarantee of sustainable competitive advantage. Therefore, it is very important to evaluate and study the comprehensive profitability of transmission and distribution electrical industry. This paper makes a comprehensive analysis and research on the profitability of listed companies in China's transmission and distribution industry. Firstly, the paper expounds the basic concept and theory of profitability, and gives the indicators to measure profitability. Then it introduces the concept, characteristics and classification of transmission and distribution electrical industry, describes the present situation of transmission and distribution electrical industry in China, and analyzes the economic environment and industrial policy of this industry. At the same time, 64 listed companies with industry representative were selected as the research objects. The financial data and other economic data of these companies were collected in 2011 and 2012, and the single index of their profitability was statistically analyzed. The sample companies are classified on the basis of sub-industry, business scale, subordinate region and capital structure, and the comparative analysis of the profitability of all kinds of companies is carried out. At the same time, select the representative profitability evaluation index, reasonably determine its weight, construct the comprehensive profitability evaluation system and comprehensive profitability index, calculate the comprehensive profitability index of each sample company. Grade and analyze the calculation results. Finally, combining with the actual situation of Zhejiang Zhengtai Electric Co., Ltd, the paper analyzes the case of its profitability and comprehensive profitability index, and points out the driving factors and restricting factors for the company to achieve good profitability. And gives some suggestions to improve the profitability of the company. The basic conclusions of this paper are as follows: at present, the power of distribution switch industry in China is relatively strong because of its low concentration, homogeneous competitive incentive and poor overall profitability. The profitability of the small enterprises is better than that of the larger ones, and the enterprises with low asset-liability ratio have better relative profitability due to the failure of the financial leverage effect. In the case study, Zhejiang Zhengtai Electric Co., Ltd. is profitable and competitive because of its advantages of channel, cost, brand and technology. The efficiency of internal management and the risk of overseas market expansion also have an impact on the profitability of the company.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F426.61;F275
本文编号：2366294
[Abstract]:The electrical industry of transmission and distribution is an important equipment manufacturing industry in China. With the increasing investment in the domestic power grid, the gradual recovery of the international economy, and the development of the 12th Five-Year Plan in China, The whole transmission and distribution electrical industry will remain stable growth in the next five years. But at present, the industry concentration needs to be improved, the profit situation of enterprises is poor, and the overall profit growth rate is declining in recent years. Good profitability is very important for the steady operation and sustainable development of enterprises, and it is a strong guarantee of sustainable competitive advantage. Therefore, it is very important to evaluate and study the comprehensive profitability of transmission and distribution electrical industry. This paper makes a comprehensive analysis and research on the profitability of listed companies in China's transmission and distribution industry. Firstly, the paper expounds the basic concept and theory of profitability, and gives the indicators to measure profitability. Then it introduces the concept, characteristics and classification of transmission and distribution electrical industry, describes the present situation of transmission and distribution electrical industry in China, and analyzes the economic environment and industrial policy of this industry. At the same time, 64 listed companies with industry representative were selected as the research objects. The financial data and other economic data of these companies were collected in 2011 and 2012, and the single index of their profitability was statistically analyzed. The sample companies are classified on the basis of sub-industry, business scale, subordinate region and capital structure, and the comparative analysis of the profitability of all kinds of companies is carried out. At the same time, select the representative profitability evaluation index, reasonably determine its weight, construct the comprehensive profitability evaluation system and comprehensive profitability index, calculate the comprehensive profitability index of each sample company. Grade and analyze the calculation results. Finally, combining with the actual situation of Zhejiang Zhengtai Electric Co., Ltd, the paper analyzes the case of its profitability and comprehensive profitability index, and points out the driving factors and restricting factors for the company to achieve good profitability. And gives some suggestions to improve the profitability of the company. The basic conclusions of this paper are as follows: at present, the power of distribution switch industry in China is relatively strong because of its low concentration, homogeneous competitive incentive and poor overall profitability. The profitability of the small enterprises is better than that of the larger ones, and the enterprises with low asset-liability ratio have better relative profitability due to the failure of the financial leverage effect. In the case study, Zhejiang Zhengtai Electric Co., Ltd. is profitable and competitive because of its advantages of channel, cost, brand and technology. The efficiency of internal management and the risk of overseas market expansion also have an impact on the profitability of the company.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F426.61;F275
【参考文献】
相关期刊论文 前10条
1 王燕;;浅析企业盈利能力的影响因素[J];才智;2008年17期
2 曾繁荣;潘灵桥;;上市公司盈利能力财务分析[J];财会通讯;2009年06期
3 简东平;盈利能力分析指标改进的思考[J];湖北财经高等专科学校学报;2001年05期
4 张宝清;;上市公司盈利能力分析的几个问题[J];华东经济管理;2006年08期
5 熊学华;;上市公司盈利能力指标分析与评价[J];黑河学刊;2010年09期
6 赵荣荣;;上市公司盈利能力分析[J];经济师;2009年01期
7 李静波;;影响企业盈利能力的因素分析[J];商业经济;2009年07期
8 陈巧玉;;我国上市公司盈利状况评价指标体系的构建[J];科技经济市场;2010年05期
9 黄明,郭大伟;浅谈企业盈利能力的分析[J];林业财务与会计;1997年03期
10 程培先;;企业盈利能力分析应注意的几个问题[J];商场现代化;2007年21期
，本文编号：2366294
本文链接：https://www.wllwen.com/guanlilunwen/shengchanguanlilunwen/2366294.html
