企业效益水平实证性研究

发布时间：2018-01-07 12:20

本文关键词：企业效益水平实证性研究　出处：《山东大学》2014年硕士论文　论文类型：学位论文

【摘要】：企业的效益水平对企业的生存和发展具有重要作用。本文对企业效益水平的研究主要涉及三个方面：盈利能力、偿债能力和成长能力。对企业效益水平的实证研究具有重要意义,它既有利于企业经营者及相关利益方综合了解企业的经营状况及其发展变化趋势,又有利于企业建立健全激励和约束机制,提高企业的经营管理水平和综合竞争能力。本文通过对十五个行业的120家上市公司的历史资料分析,基于Statal2.0软件的十五个行业的120家上市公司2009--2013年的相关财务数据分析及豪斯曼检验,证明基于本文的样本数据固定效应模型要优于随机效应模型,进而说明本文中选取的十五个行业的120家上市公司的效益水平与行业自身的差异无关,而与主要的解释变量相关,即在以ROA为被解释变量的固定效应模型的实证结果中,营业收入同比增长率资产负债率和经营现金流净额与营业收入的比值在1%的水平上显著；在以ROE为被解释变量的固定效应模型的实证结果中,营业收入同比增长率在1%的水平上是显著的,资产负债率在10%的水平上市显著的。从而说明尽管不同的上市公司隶属于不同的行业,但是影响企业效益水平的因素是相同的,并且在众多影响因素中,营业收入同比增长率、资产负债率和经营活动现金流净额与营业收入的比值对企业效益水平的影响最为显著。虽然ROA、ROE都是用来衡量一个企业投入资金的回报能力的,但是ROE仅仅反映股东投入的资金的回报率,ROA反映的是股东和债权人共同投入的资金的回报率,这一指标对上市公司的潜在投资者有着重要的作用。更重要的是,ROA是从整体上反映一家企业的资金回报率,对衡量企业的未来发展空间和潜力具有重要的参考价值,而现在对上市公司的评价大都采用ROA指标,这在某种程度上是片面的,不完整的。因此,本文基于实证结果和理论两方面的理由认为,基于总资产净利率ROA的效益指标比基于净资产收益率ROE的效益指标更能代表企业整体的效益水平。
[Abstract]:The benefit level of the enterprise plays an important role in the survival and development of the enterprise. The study of the enterprise benefit level in this paper mainly involves three aspects: profitability. The empirical research on enterprise benefit level is of great significance, which is beneficial to the business operators and relevant stakeholders to understand the business situation and its development trend. It is also helpful for enterprises to establish and perfect incentive and restraint mechanism and to improve their management level and comprehensive competitive ability. This paper analyzes the historical data of 120 listed companies in 15 industries. The financial data analysis and Hausmann test of 120 listed companies in 15 industries based on Statal2.0 software from 2009 to 2013. It is proved that the fixed effect model based on the sample data is superior to the random effect model, which shows that the benefit level of 120 listed companies in 15 industries selected in this paper has nothing to do with the difference of the industry itself. But it is related to the main explanatory variables, that is, in the fixed effect model with ROA as the explained variable. The ratio of assets to liabilities and the ratio of net operating cash flow to operating income are significant at the level of 1%; In the empirical results of the fixed effect model with ROE as the explanatory variable, the growth rate of operating income is significant at the level of 1% year on year. The asset-liability ratio is significant at the level of 10%. This shows that although different listed companies belong to different industries, the factors that affect the enterprise benefit level are the same, and in many factors. The growth rate of operating income, the ratio of assets and liabilities and the ratio of net operating cash flow to operating income have the most significant influence on the level of enterprise benefit. Although Roam ROE is used to measure the ability of a company to return money, ROE only reflects the return on the amount of money invested by shareholders. ROA reflects the return on the amount of money invested by shareholders and creditors, an indicator that plays an important role for potential investors in listed companies. ROA is an overall reflection of a company's rate of return on funds, which has important reference value for measuring the future development space and potential of an enterprise. Now, most of the evaluation of listed companies is based on the ROA index. To some extent, this is partial and incomplete. Therefore, this paper based on empirical results and theoretical reasons. The benefit index based on the net interest rate of total assets (ROA) is better than the benefit index based on the rate of return on net assets (ROE).
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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