制造业上市公司金融化与经营绩效的相关性研究

发布时间：2018-01-09 18:38

本文关键词：制造业上市公司金融化与经营绩效的相关性研究　出处：《安徽财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,我国经济金融化程度日益增强。金融行业利润占全部行业利润的比例大幅升高,制造业利润率出现下滑。我国金融机构数量占我国全部上市公司数量比例不到2%,但是其所获得的利润占全部上市公司利润比例从2007年的39.72%扩大到2014年的56.36%,可见其速度之快。我国经济的金融化,不仅体现在金融行业的增长和其经营领域范围的扩大,同时也体现在制造业上市公司的金融行为上。作为实体经济的重要支柱,制造业上市公司的首要任务是为社会提供优质产品。但是随着我国实体产业利润率的降低,近年来国内大量制造业上市公司开始积极投资金融资产,参与金融活动。而制造业上市公司作为经济发展与稳定的基础,其金融化现象是正处于经济转型关键时期中国应该关注的重要问题。经济良好发展依赖于产业资本与金融资本的良性循环,美国等经济发达国家的金融化历程说明了一个事实:当代金融危机爆发的主要原因在于实体经济过度虚拟化和泡沫化。资本如果任由其不断涌入金融市场只能导致实体经济的衰落,加剧经济危机。我国制造业已经进入转型升级的关键阶段,虽然制造业金融化的现象和问题已经被关注但未引起足够重视。研究制造业上市公司金融化投资与其经营绩效的关系,有助于促进企业健康持续发展。对于制造业上市公司参与金融活动获得的超出其实业投资收益以及金融化对企业经营绩效的影响,国外学者并没有给出明确的研究结论。国内学者对于金融化与绩效的关系研究的较少,基于此,首先在文章开始提出了问题,阐述了研究背景及意义,明确了研究思路与框架。其次,归纳和整理了国内外学者的文献并对相关理论进行了阐述。接着,通过对我国全部A股制造业上市公司的实证研究,发现了制造业上市公司金融化与经营绩效的倒U型关系,然后结合佛山照明的案例分析了其金融化程度及影响,发现佛山照明金融化程度与其经营绩效为负相关,根据实证结果,说明在倒U型关系的右侧,金融化程度过高,阻碍了企业经营绩效的增加。最后,总结了研究结论并提出了建议,本文认为要引导金融更好地服务于实体经济,加强金融对制造业的支持,同时,完善资本市场,重塑金融化的政策范式,抑制金融投机,防止过度金融化对经营绩效产生不利影响。
[Abstract]:In recent years, the degree of China's financial and economic growing. The financial industry profits accounted for the proportion of industry profits increased significantly, industry profit margins decline. The number of China's financial institutions accounted for the proportion of the number of China's listed companies less than 2%, but its profits accounted for all profits of listed companies from the expansion in 2007 39.72% to 56.36% in 2014, showing its speed. China's economic and financial, not only to expand in the financial industry growth and its operation scope, but also reflected in the manufacturing industry of the financial behavior of listed companies. As an important pillar of the real economy, the primary task is to provide the manufacturing industry listed companies high quality products for the society. But with lower profit rate of Chinese industrial entities, in recent years a large number of domestic manufacturing companies began to actively invest in financial assets, participation in financial activities and the manufacturing sector. Listed companies as the basis of economic development, the financial phenomenon is in the important issue China should focus on the critical period of economic transition. The virtuous cycle of economic development depends on good industrial capital and financial capital, economy in developed countries such as America's financial history shows a fact: the main reason of contemporary financial crisis is the excessive virtualization of real economy and bubble. If the influx of capital in financial markets could lead to the decline of the real economy, exacerbating the economic crisis. China's manufacturing industry has entered a critical stage of transformation and upgrading, although the phenomena and problems of manufacturing finance has been concerned but did not cause enough attention. The research on the relationship between manufacturing industry listed companies, financial investment and business performance, help to promote the healthy and sustainable development of enterprises. For manufacturing listed companies in the financial activities Get beyond the influence the industrial investment income and financial integration on business performance, foreign scholars did not give a clear conclusion. Domestic scholars for the study of the relationship between financial performance and less, based on this, first at the beginning of the article put forward the question, elaborated the research background and significance, the research mentality and the frame secondly, summarizes domestic and foreign literature and related theories are described. Then, through the empirical research on China's A share listed companies in manufacturing industry, the reversed U relationship found Manufacturing Listed Companies in the financial and business performance, and then combined with FSL's case analysis of the degree of financial and affect, found that FSL degree of financial and business performance is negatively related, according to the empirical results, in the inverted U relationship between the right of finance level is too high, hindered by enterprises To increase business performance. Finally, summarizes the research conclusion and puts forward some suggestions, in order to guide the finance to better serve the real economy, strengthen financial support to the manufacturing industry at the same time, improve the capital market, the reshaping financial policy paradigm, inhibit financial speculation, prevent excessive financial adverse impact on business performance.

【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F425;F406.7

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