基于财务视角的内蒙古资源型上市公司可持续增长研究

发布时间：2018-04-02 20:59

本文选题：内蒙古资源型上市公司　切入点：可持续增长　出处：《内蒙古科技大学》2014年硕士论文

【摘要】：资源是国民经济发展的基础，是国民生产中不可或缺的原始材料。从资源类型的角度进行分类，可将内蒙古资源型上市公司分为煤炭型、有色冶金型、黑色冶金型、生物资源型、石油化工型五大类。党中央在十八届三中全会上，把“保护稀有资源，淘汰落后产能、推进产业链延伸”作为“十二五”期间产业规划的重中之重。资源型上市公司作为上市公司的“领头羊”，更应该利用其丰富的融资渠道、开阔的市场空间、完善的体制优势，推动资源型公司的产业化进程。与内蒙古自治区整体上市公司相比，尽管内蒙古资源型上市公司在数量上占有相当的优势，包钢股份、包钢稀土等个别公司也是行业中的标杆企业，但内蒙古资源型上市公司整体经营业绩较低，经营风险偏高，存在投资过度现象，严重影响其市场竞争力和可持续增长能力。财务可持续增长理论强调企业的增长速度与财务资源的协调配合、统筹规划，是企业实现可持续增长的保障。其中最为经典的是希金斯的财务可持续增长理论，希金斯在企业的经营效率和财务政策保持不变的情况下给出了可持续增长经典模型，并通过对资产的划分得出了含通货膨胀的可持续增长模型。但模型并未对负债细分并进一步研究其受通胀的影响。本文以希金斯含通货膨胀的财务可持续增长模型为基础，，对负债进行细分并考虑其受通胀的影响，改进了企业财务可持续增长模型；通过逐项提高改进后可持续增长模型中的财务指标，探究了各项财务指标与可持续增长率的关系及其对财务可持续增长率的影响程度；利用SPSS18.0统计软件对内蒙古15家资源型上市公司2007-2012年的财务可持续增长状况进行了实证分析，通过威尔科克森带符号等级检验方法，分析了内蒙古资源型上市公司是否实现了可持续增长；通过因子分析方法，将14项财务指标按共线性强弱分成盈利能力、成长能力、偿债能力、营运能力四大类；通过逐步回归方法，得出四类能力指标对可持续增长率的影响强度；最后结合内蒙古资源型上市公司现状及改进的财务可持续增长模型，提出了企业实现财务可持续增长的建议。
[Abstract]:The resource is the foundation of the national economy development, is the essential raw material in the national production.According to the classification of resource types, Inner Mongolia resource-based listed companies can be classified into five types: coal type, non-ferrous metallurgical type, black metallurgical type, biological resource type and petrochemical type.At the third Plenary session of the 18th CPC Central Committee, "protecting scarce resources, eliminating backward production capacity and promoting the extension of industrial chain" were the top priorities of industrial planning during the 12th Five-Year Plan period.As the "leader" of listed companies, resource-based listed companies should make use of their rich financing channels, open market space, perfect institutional advantages, and promote the industrialization process of resource-based companies.Compared with the overall listed companies in Inner Mongolia Autonomous region, although the Inner Mongolia Resource-based listed companies have considerable advantages in number, Baotou Steel shares, Baotou Iron and Steel rare earths and other individual companies are also benchmark enterprises in the industry.However, Inner Mongolia Resource-based listed companies have low overall operating performance, high operating risk and excessive investment, which seriously affect their market competitiveness and sustainable growth ability.The theory of financial sustainable growth emphasizes the coordination of growth rate and financial resources, and the overall planning is the guarantee for enterprises to achieve sustainable growth.One of the most classical is Higgins' theory of sustainable financial growth. Higgins gives a classical model of sustainable growth under the condition that business efficiency and financial policy remain unchanged.And through the division of assets, a sustainable growth model with inflation is obtained.However, the model does not subdivide the debt and further study the impact of inflation.Based on Higgins' model of financial sustainable growth with inflation, this paper subdivides the debt and considers the influence of inflation, and improves the model of financial sustainable growth of enterprises.By improving the financial indicators of the improved sustainable growth model, the relationship between the financial indicators and the sustainable growth rate and its impact on the financial sustainable growth rate are explored.The financial sustainable growth of 15 resource-based listed companies in Inner Mongolia from 2007 to 2012 was analyzed by using SPSS18.0 software.This paper analyzes whether Inner Mongolia resource-based listed companies achieve sustainable growth, divides 14 financial indexes into four categories according to the collinear strength and weakness by factor analysis, such as profitability, growth ability, solvency and operation ability.Through the method of stepwise regression, the influence intensity of four kinds of capability indexes on sustainable growth rate is obtained. Finally, combined with the current situation of resource-based listed companies in Inner Mongolia and the improved financial sustainable growth model,Put forward the suggestion that the enterprise realizes the financial sustainable growth.
【学位授予单位】：内蒙古科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F425;F406.7

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