煤炭上市公司资产结构与盈利能力关系的研究

发布时间：2018-03-12 22:05

本文选题：煤炭行业　切入点：资产结构　出处：《华东交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：煤炭行业是我国的基础产业,其在电力、热力方面都起到重要作用,在我国国民经济中占据着重要地位。而煤炭上市公司,作为煤炭行业中公司规模较大、经营较好的企业,为开辟煤炭行业的融资道路以及改善公司治理结构等方面具有重要作用,同时也有利于现代企业制度在煤炭企业的实施。然而随着近年来煤炭市场疲软,外界逐渐减少在煤炭产业的投资,企业效益持续下降,同时由于多年来煤炭积累的巨量产能,市场在供给上的调整速度迟缓,煤炭价格持续大幅下跌,几乎整个行业都处于亏损状态。此外,由于煤炭企业内部没有合理的资源配置,这导致了资产结构不合理,资产在企业的生产经营中的作用无法得到最大限度的发挥,从而进一步削弱盈利水平。资产结构是指企业的总资产中各项资产所占的比值,表示出的是一种比例关系。资产结构其实就是企业对资金利用程度效果的体现,当一个企业将资金引入后,后续将会出现不同形式的资产,因此这就对企业资产结构的合理性提出了要求,是否拥有合理的资产结构意味着企业能否在未来持续进行正常的生产经营活动,同时也影响企业的盈利情况。如果企业的资产结构不合理,可能会阻碍企业未来的发展,严重时甚至可以导致企业的破产。因此本文在现有的研究成果上,考虑到煤炭产业在我国经济中的重要地位,将煤炭行业上市公司作为样本,研究资产结构与盈利能力之间的关系。本文从煤炭行业着手,依据2011年至2015年28家煤炭上市公司年度财务报表的数据,通过实证分析并结合查阅的国内外文献,对煤炭行业上市公司资产结构与盈利能力间存在的关系进行分析研究。首先,利用煤炭企业公布的财务数据进行分别对其资产结构和盈利能力进行分析,并从中找出影响煤炭企业资产结构合理性的原因;其次,以上海和深圳上市的二十八家煤炭行业上市公司为样本,对其在2011-2015年的资产结构与盈利能力作定量分析。同时选出更可以代表资产结构的5个指标:存货比率、货币资金比率、固定资产比率、应收账款比率、以及无形资产比率,再选取代表获利水平的总资产报酬率和净资产收益率。在对各指标数据进行描述性统计后,设定总资产报酬率和净资产收益率为被解释变量,以存货比率、货币资金比率、固定资产比率、应收账款比率和无形资产比率作解释变量,进行多元回归分析,实证检验资产结构和盈利能力的定量关系。由实证分析可以得出结论:在总资产中,货币资金的占比与盈利能力正相关;应收账款、存货、固定资产为负相关,无形资产比率相关性不显著。最后针对前文的分析结果,针对煤炭行业的特点,为构建合理的资产结构、提升获利能力提出相关建议。
[Abstract]:The coal industry is the basic industry of our country, which plays an important role in electric power and thermal power, and occupies an important position in the national economy of our country. It plays an important role in opening up the financing path of the coal industry and improving the corporate governance structure. It is also conducive to the implementation of the modern enterprise system in coal enterprises. However, with the weakness of the coal market in recent years, The outside world has gradually reduced its investment in the coal industry, and the profits of enterprises have continued to decline. At the same time, as a result of the huge capacity accumulated in coal over the years, the market has been slow to adjust its supply, and the price of coal has continued to drop sharply. Almost the entire industry is in a state of loss. In addition, because there is no reasonable allocation of resources within coal enterprises, this leads to an unreasonable structure of assets, and the role of assets in the production and operation of enterprises cannot be maximized. Thus further weakening the level of profitability. The asset structure refers to the ratio of each asset in the total assets of an enterprise, indicating a proportional relationship. The asset structure is in fact the embodiment of the effect of the enterprise on the degree of capital utilization. When an enterprise introduces funds, there will be different forms of assets in the future, so the rationality of the asset structure of the enterprise is required. Whether the enterprise has a reasonable asset structure means that the enterprise can continue to carry out normal production and operation activities in the future, and at the same time affect the profit situation of the enterprise. If the asset structure of the enterprise is not reasonable, it may hinder the future development of the enterprise. If it is serious, it can even lead to the bankruptcy of enterprises. Therefore, in the light of the existing research results, considering the important position of coal industry in our economy, this paper takes listed companies in coal industry as a sample. Based on the data of 28 coal listed companies' annual financial statements from 2011 to 2015, this paper studies the relationship between asset structure and profitability. The relationship between asset structure and profitability of listed companies in coal industry is analyzed. Firstly, the asset structure and profitability of listed companies are analyzed by using the financial data published by coal enterprises. And find out the reasons that affect the rationality of coal enterprises' asset structure. Secondly, take 28 listed coal industry companies listed in Shanghai and Shenzhen as samples. Quantitative analysis of its asset structure and profitability in 2011-2015. Five indicators more representative of asset structure are also selected: inventory ratio, monetary capital ratio, fixed asset ratio, accounts receivable ratio, and intangible asset ratio. Then select the rate of return on total assets and the rate of return on net assets, which represent the level of profit. After the descriptive statistics are made on the data of each index, the rate of return on total assets and the rate of return on net assets are set as the explained variables. The ratio of fixed assets, accounts receivable and intangible assets is explained by multivariate regression analysis, and the quantitative relationship between asset structure and profitability is empirically tested. The proportion of money funds is positively related to profitability; accounts receivable, inventory, fixed assets are negative correlation, intangible assets ratio correlation is not significant. Finally, according to the previous analysis results, according to the characteristics of the coal industry, In order to build a reasonable asset structure, improve profitability put forward relevant suggestions.
【学位授予单位】：华东交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.21;F832.51

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