上市公司资产质量评价及与企业绩效相关性研究

发布时间：2018-05-06 13:41

本文选题：资产质量 + 企业绩效　；参考：《成都理工大学》2012年硕士论文

【摘要】：资产是企业得以生存发展的基础，是企业获取物质利益的基石，其质量的优劣不仅反映出企业当前的生存状态，还决定着企业未来的发展潜力。Harri（s1990）曾指出“资产质量是企业经营活动的结果，是公司质量的表现之一”。那么，如何分辨资产质量的优劣？我国上市公司的资产质量状况如何？资产质量又是如何影响企业绩效的？企业该如何对资产质量进行管理？投资者如何辨别企业的真实业绩和企业的发展潜力？本文以企业资产质量评价及其与企业绩效的关系作为研究主题，对我国上市公司资产质量的总体现状和行业现状进行分析，并指出我国上市公司资产质量管理中存在的问题，通过对资产质量的特征进行分析，提出资产质量的本质特征和质量特征，在资产质量特征分析的基础上，结合行业背景差异因素，设计资产质量评价的通用性指标和适用性指标，构建资产质量综合评价体系，对我国上市公司资产质量进行评价分析，从股东、债权人、员工和政府4个主要利益相关者角度衡量企业经营绩效，通过建立线性回归模型，对企业资产质量与企业绩效进行回归分析，并运用实证研究方法，检验资产质量对企业经营绩效的作用机理。围绕这一思路，本文的研究逻辑结构安排如下：第一部分为引言，提出本文的主要研究问题和研究意义和目的、界定本文的相关概念，，说明本文的逻辑结构。第二部分为文献综述，从资产质量研究和企业绩效研究两部分内容入手，对国内外的相关研究文献进行回顾整理，并做简要评述。第三部分为上市公司资产质量现状分析，从我国证券市场发展状况出发，对上市公司资产质量总体现状和行业现状进行分析，指出我国上市公司资产质量管理中存在的问题。第四部分为资产质量评价指标构建，通过理论分析界定资产质量的特征，分析资产质量各特征对企业经营的影响，在此基础上纳入行业影响因素，构建资产质量通用性指标和适用性指标相结合的资产质量评价体系。第五部分为资产质量评价实证研究，根据前文构建的资产质量评价体系，选取2007-2010年A股上市公司样本数据，运用熵权法对样本公司资产质量进行评价分析，为后续研究奠定基础。第六部分为上市公司资产质量与企业绩效实证分析，以利益相关者理论为基础，从股东、债权人、员工、政府4个主要利益相关者角度建立企业绩效衡量指标，通过构建线性回归模型并对模型进行修正，检验上市公司资产质量与企业经营绩效的关系。并针对实证结果提出相应对策建议。第七部分为结论，概括本文的主要观点，并指出本文研究中存在的不足，以及后续研究方向。通过我国上市公司资产质量现状分析表明，（1）上市公司总体资产规模逐年稳步增长；（2）总体资产负债比率处于中等水平，且各年度间变化不大，没有过高的债务风险，基本能够保持整体的结构的稳定；（3）总体资产收益情况和应收账款周转率变化较大，其原因可能是受到当时的经济环境影响；（4）各行业资产无论是规模、收益、周转还是保障性方面，各行业间都具有较大差异，说明资产质量在不同行业中具有不同表现。通过构建资产质量综合评价指标体系，运用熵权法对2007-2010年A股上市公司资产质量进行评价，结果表明，（1）我国上市公司资产质量整体水平较低，各公司间资产质量状况差异较大，高质量等级公司数量极少，而资产质量较差的公司数量相对较多，并且大多数公司处于一般质量等级，造成整体水平偏低；（2）资产质量特征方面，资产的有效性、增值性和盈利性方面与标准值相差过多，资产获现性和结构性相差较多，资产的风险性和保障性方面相差较少，说明上市公司在资产质量各方面的表现极不均衡；（3）各行业资产质量发展状态不均衡，优劣程度变化大，行业整体资产管理效率较低，严重影响企业经营和行业发展。通过多角度衡量企业绩效，并建立线性回归模型，对企业资产质量与企业绩效两者间的关系进行了计量检验。实证结果显示，资产质量与净资产收益率、利息保障倍数、员工工资增长率及税费增长率之间均呈现正相关关系，说明企业资产质量对企业经济收益，即股东权益保障、债权人权益保障、员工权益保障和政府收益保障都具有正面影响，具体而言：（1）企业资产质量越好，企业的经济收益越好，股东权益的保障程度越高；（2）企业资产质量越好，企业的偿债保障越高，债权人的权益保障程度越高；（3）企业资产质量越好，企业支付员工工资增长越高，员工权益保障程度越高；（4）企业资产质量越好，企业缴纳税收增长率越高，政府的收益保障程度越高。实证结果从4方面说明资产质量与企业经营绩效具有明显正相关关系。针对实证结果，本文提出以下对策建议：（1）加强政府宏观调控及监管力度，推进产业结构调整。，建立健全产业发展规划和监督机制，清理盘活闲置资产，防止重复建设，避免不良资产生，减少资源浪费，提高资产利用效率。（2）树立质量管理理念，改善企业资产管理效率，减少不良资产占用，从企业战略层面对现有资源得进行合理分配利用，增强资产使用的目的性，优化资产结构，加强企业创新能力，提高投资决策科学性。建立相应的投资决策监督责任机制，防止无效投资和过渡投资，建立完备的资产质量管理制度和责任监督机制，加强易产生不良资产的资产项目的管理力度，增强企业的抗风险能力，提高资产管理效率。（3）提高资产质量关注度，包括资产的真实规模、资产结构的合理性、资产负债情况、资产的收益性等，通过观察企业与行业状况，清晰掌握企业真实情况，为投资者制定投资决策提供信息参考。
[Abstract]:Assets are the foundation of the survival and development of the enterprise and the cornerstone of the enterprise to obtain material benefits. The quality of its quality not only reflects the existing state of the enterprise, but also determines the future development potential of the enterprise.Harri (s1990) once pointed out that "the quality of the assets is the result of the business activities of the enterprise, and it is one of the performance of the quality of the company". How to identify the quality of assets? How is the quality of the assets of the listed companies in China? How does the quality of the assets affect the performance of the enterprise? How should the enterprise manage the quality of the assets? How do investors identify the real performance of the enterprise and the potential for the development of the enterprise? The main topic is to analyze the overall status and current situation of the assets quality of the listed companies in China, and point out the existing problems in the management of the assets quality of the listed companies in our country. Through the analysis of the characteristics of the quality of the assets, the essential characteristics and quality characteristics of the quality of the assets are put forward, on the basis of the analysis of the quality of the assets, and on the basis of the industry back. The general index and applicability index of asset quality evaluation are designed, and the comprehensive evaluation system of assets quality is constructed. The assets quality of the listed companies in China is evaluated and analyzed. The enterprise management performance is measured from the angles of 4 main stakeholders of shareholders, creditors, employees and the government, and the linear regression model is established for the enterprise by establishing a linear regression model. A regression analysis is conducted between asset quality and corporate performance, and empirical research is used to test the mechanism of asset quality on business performance.
Around this idea, the logical structure of the study is arranged as follows:
The first part is the introduction, which puts forward the main research questions and significance and purpose of the study, defines the relevant concepts and explains the logical structure of this article.
The second part is the literature review, starting with the two parts of the research on the quality of assets and the research of enterprise performance, reviewing and reviewing the relevant research literature at home and abroad, and making a brief review.
The third part is the analysis of the status quo of the assets quality of the listed companies. Starting from the development of the securities market in China, this paper analyzes the overall status of the assets quality of the listed companies and the current situation of the industry, and points out the problems existing in the management of the assets of the listed companies in China.
The fourth part is the construction of asset quality evaluation index. Through theoretical analysis, it defines the characteristics of asset quality, analyzes the impact of the characteristics of asset quality on the enterprise management, and on this basis, integrates the industry influence factors, and constructs the asset quality evaluation system which combines the universal index of asset quality and the applicability index.
The fifth part is the empirical study of asset quality evaluation. According to the assets quality evaluation system constructed in the previous article, the sample data of the listed companies of A shares for 2007-2010 years are selected, and the entropy method is used to evaluate the quality of the Sample Firms assets, which lays the foundation for the follow-up study.
The sixth part is an empirical analysis of the assets quality and enterprise performance of listed companies. Based on stakeholder theory, the enterprise performance measurement index is established from the angle of 4 main stakeholders of shareholders, creditors, employees and government. By building a linear regression model and modifying the model, the quality of the listed companies and the performance of the enterprise are tested. The corresponding countermeasures and suggestions are put forward according to the empirical results.
The seventh part is the conclusion, generalizes the main points of this article, and points out the deficiencies in this study and the future research directions.
Through the analysis of the assets quality of Listed Companies in China, it is shown that (1) the overall asset scale of listed companies is growing steadily year by year; (2) the overall asset liability ratio is at the middle level, and there is little change between each year, there is no high debt risk, and the overall structure stability can be maintained basically; (3) overall asset returns and accounts receivable. The turnover rate varies greatly, and its reason may be influenced by the economic environment at that time. (4) the assets of all industries are different in terms of scale, income, turnover or guarantee, which shows that the quality of assets has different performance in different industries.
By constructing the comprehensive evaluation index system of the assets quality, this paper evaluates the assets quality of the listed companies of the A shares of the 2007-2010 years by entropy method. The results show that (1) the overall level of the assets quality of the listed companies of our country is low, the difference of the assets quality among the companies is great, the quantity of the high quality and other grade companies is very few, and the quantity of the company's quantity is poor. Relatively more, and most of the companies in the general quality level, resulting in the overall level of low; (2) property quality characteristics, asset effectiveness, value added and profitability and standard values of too much difference, assets and structural differences are more, asset risk and security are less different, indicating that the listed companies are in the capital. The performance of all aspects of the quality of production is extremely uneven; (3) the unbalanced development of the assets quality of various industries, the great change in the degree of good and bad, the low efficiency of the overall asset management in the industry, seriously affecting the business and the development of the industry.
By measuring enterprise performance in multiple angles and establishing a linear regression model, the relationship between the quality of enterprise assets and enterprise performance is measured. The empirical results show that the asset quality is positively related to the net asset yield, the interest rate of interest, the rate of employee's wage growth and the rate of tax increase, indicating the enterprise assets. Quality has a positive impact on the economic income of the enterprise, that is, the protection of the shareholders' rights and interests, the protection of the creditor's rights and interests, the protection of the rights and interests of the employees and the guarantee of the government income. The better the (1) the better the quality of the enterprise's assets, the better the economic profit of the enterprise and the guarantee of the shareholders' rights and interests; (2) the better the quality of the enterprise's assets, the higher the debt service guarantee of the enterprise, the debt of the enterprise. The higher the rights and interests of the owner, the better the protection of the rights and interests of the enterprises; (3) the better the quality of the enterprise assets, the higher the wage growth of the employees, the higher the level of the protection of the employees' rights and interests; (4) the better the quality of the enterprise assets, the higher the tax growth rate of the enterprises, the higher the government's income guarantee. The empirical results show that the quality of assets and the business performance of the enterprise have 4 aspects. Obviously positive correlation.
In view of the empirical results, this paper puts forward the following countermeasures and suggestions: (1) strengthen the government macro-control and supervision, promote industrial structure adjustment, establish and improve industrial development planning and supervision mechanism, clean up the idle assets, prevent duplication of construction, avoid bad capital, reduce the waste of resources and improve the efficiency of asset utilization. (2) set up quality management The idea is to improve the efficiency of enterprise asset management, reduce the occupancy of non-performing assets, make rational distribution and utilization of existing resources from the strategic level of the enterprise, enhance the purpose of the use of assets, optimize the structure of assets, strengthen the ability of enterprise innovation and improve the scientificity of investment decision. Transition investment, establish a complete asset quality management system and responsibility supervision mechanism, strengthen the management of asset items that easily produce non-performing assets, enhance the enterprise's risk resistance and improve the efficiency of asset management. (3) improve the quality of assets, including the real scale of assets, the rationality of asset structure, assets and liabilities, assets. By observing the status of enterprises and industries, we can clearly grasp the real situation of enterprises and provide information for investors to make investment decisions.

【学位授予单位】：成都理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F273.4;F832.51;F224

【参考文献】