物流企业服务成长能力与财务绩效的实证研究

发布时间：2018-01-19 02:11

本文关键词： 物流服务能力成长能力财务绩效面板数据　出处：《西南财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着我国社会经济的稳步发展,服务业在整个国民经济中所占比例日趋增加,服务经济正在逐步发展成为国民经济的核心。与世界发达国家相比而言,我国正处于快速发展阶段,服务业已经成为三大产业中最具有生命力的产业。以物流业为代表的服务业成为投资的最大热点之一,并还在不断快速发展,对我国制造业和商贸流通业的发展也起着十分关键的作用。因此,对上市物流公司的物流服务成长能力和企业绩效进行相关性研究对我国国民经济的长期发展有重要作用。本文选取符合研究条件的在我国深圳证券交易所和上海证券交易所A股上市的50家上市物流公司作为研究样本,利用从国泰安(CSMAR)数据库获得的上市物流公司2009年第四季度到2013年第三季度的季度时期数据构建面板数据模型,研究物流企业的服务成长能力与企业财务绩效的相关性。本文以上市物流公司为样本进行模型衡量指标体系的设计,运用创新投入比率、存货周转率、总资产周转率、营业费用率以及资产总额的对数五个财务指标分别衡量物流服务成长能力中的服务创新能力、物流运作能力、经营管理能力、成本控制能力和企业规模；运用总资产利润率(ROA)、净利润收益率(ROE)和托宾Q值反映上市物流公司财务绩效。本文的研究的目的在于解决以下问题：第一,确定影响中国物流上市公司物流服务成长能力及企业财务绩效的内外部因素,并将这些因素进行归纳总结,建立一套能够合理评价物流服务成长能力及企业财务绩效的财务指标,为将来的相关研究提供一定的参考依据。第二,运用建立的综合评价指标体系对本文选取的50家中国物流上市公司进行实证研究分析,探讨物流服务成长能力与企业财务绩效之间的相关性。第三,基于实证结果,进一步分析导致该结果的深层次原因。实证分析结果表明以总资产净利润率(ROA)反映上市物流公司财务绩效的实证研究效果最好,上市物流公司物流服务成长能力中的物流运作能力、经营管理能力和成本控制能力与企业财务绩效是正相关关系,服务创新能力、企业规模与企业财务绩效是负相关关系。以净资产收益率(ROE)反映企业财务绩效方面,物流服务成长能力中的成本控制能力与经营管理能力与企业财务绩效是正相关关系,企业规模与企业财务绩效是负相关关系。以托宾Q值反映企业财务绩效方面,物流服务成长能力中服务创新能力、物流运作能力与企业财务绩效是正相关关系,企业规模与企业财务绩效是负相关关系。文章最后依据实证结果,对上市物流公司及相关政府部门提出了相应的政策建议。
[Abstract]:With the steady development of China's economy, the service industry in the whole national economy proportion is increasing, the service economy is gradually becoming the core of the national economy. Compared with the developed countries in the world, China is in a stage of rapid development, service industry has become the most vitality of the industry has three major industries in the logistics. Industry as the representative of the service industry has become one of the largest investment hot spots, and still keep the rapid development of China's manufacturing industry and trade circulation industry also plays a very important role. Therefore, the listed logistics company logistics service growth ability and enterprise performance relationship between the long-term development of our national economy there is an important role. This paper selects the research condition in China's Shenzhen stock exchange and Shanghai Stock Exchange listed A shares of 50 listed logistics companies as the research sample, and Based on the quarterly data from the fourth quarter of 2009 to the third quarter of 2013, we build a panel data model based on the data obtained from the national Tai'an (CSMAR) database, and study the correlation between the growth capacity of logistics enterprises and the financial performance of enterprises.
The above city logistics company design model index system as a sample, using the innovation investment ratio, inventory turnover ratio, total asset turnover, operating expense ratio and logarithm of total assets five financial indicators are to measure the growth ability of the services in the logistics service innovation ability, logistics capability, management capability, cost control ability and enterprise scale; the total assets profit rate (ROA), net profit rate (ROE) and Tobin Q value reflects the financial performance of the listed logistics company. The purpose of this study is to solve the following problems: first, to determine the internal and external factors that influence the Chinese listed logistics company logistics service capacity growth and financial performance, and these factors are summarized, the establishment of a reasonable financial indicators evaluation of logistics growth ability and enterprise financial performance, for the future research. For reference. Second, using the comprehensive evaluation index system is established to analyze the choosing 50 China listed logistics company, explore the relationship between logistics service growth ability and enterprise financial performance. Third, based on empirical results, deep-seated reasons for further analysis of the result.
The empirical results show that the net profit rate of total assets (ROA) reflects the empirical research on the financial performance of the listed logistics company best logistics capability of listed logistics company logistics service growth ability, financial performance ability and enterprise management ability and cost control are the positive correlation between service innovation ability, enterprise scale and enterprise financial performance is the negative correlation relationship with the rate of return on net assets (ROE) reflect the enterprise's financial performance, the growth ability of the logistics service cost control ability and financial performance ability and enterprise management is a positive correlation between financial performance, enterprise scale and enterprise is negative correlation. Reflect the enterprise's financial performance by Tobin Q, service logistics service innovation ability growth ability, financial performance and enterprise logistics capability is positively related to financial performance, enterprise scale and enterprise is negative correlation At the end of the paper, according to the empirical results, the relevant policy suggestions are put forward to the listed logistics companies and relevant government departments.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F253.7

【参考文献】