提升成熟期上市公司物质资本配置效率研究

发布时间：2018-04-09 18:44

本文选题：成熟期　切入点：物质资本　出处：《哈尔滨商业大学》2014年硕士论文

【摘要】：制造业在我国经济发展中起主导作用,占国内生产总值的40%左右。自2013年以来,随着我国制造业的产业结构升级,我国的制造业已由最初的劳动和资源密集型产业逐步向资本和技术密集型产业发展过渡。2014年3月,我国的制造业采购经理指数为50.3%,说明我国的制造业总体平稳向好。但是我国大部分的制造业上市公司仍没有完全摆脱高投入、高消耗、高排放的粗犷式发展模式,在目前人力成本上升与人民币升值的双重压力下,我国的制造业公司的低成本优势已经被打破,存在潜在的发展危机。制造业上市公司进入成熟期之后,相比就进入一个稳定的时期,发展方向及公司规模均趋于稳定。但是在这种相对稳定的表现下,如何能够延长上市公司的成熟期,实现对物质资本的优化配置、提升配置效率,促进行业结构升级是急需解决的难题。物质资本是上市公司生存和发展的根本,也是一切资本的载体。物质资本配置效率的提升有利于上市公司整体的发展和行业结构的升级改造。将风险收益理论、委托代理理论、公司价值理论、公司生命周期理论作为研究上市公司物质资本配置效率的理论基础。通过对目前上市公司物质资本配置效率状况的分析,提出影响上市公司物质资本配置效率的宏观因素和微观因素。通过对影响因素的分析,建立影响成熟期上市公司物质资本配置效率的模型。通过对各影响因素的描述性统计分析及多元回归检验结果的分析,提出能够提升成熟期上市公司物质资本配置效率的宏观与微观对策。得出成熟期上市公司技术投入水平和物质资本结构是影响物质资本配置效率重要因素的结论。
[Abstract]:Manufacturing plays a leading role in China's economic development, accounting for about 40% of GDP.Since 2013, with the upgrading of the industrial structure of our manufacturing industry, our manufacturing industry has gradually transitioned from the initial labor and resource-intensive industries to capital-and technology-intensive industries.The purchasing manager index of China's manufacturing industry is 50.3, which indicates that the manufacturing industry in our country is generally stable and good.However, most of the listed manufacturing companies in our country have not completely got rid of the rough development model of high input, high consumption and high emission. Under the double pressure of rising labor cost and appreciation of RMB,The low-cost advantage of our manufacturing companies has been broken, and there is a potential development crisis.After the listed manufacturing companies enter the mature period, compared with entering a stable period, the development direction and the company size tend to be stable.However, in this relatively stable performance, how to prolong the maturity period of listed companies, achieve the optimal allocation of physical capital, improve the allocation efficiency, promote the upgrading of industry structure is an urgent problem to be solved.Material capital is the basis of survival and development of listed companies, and also the carrier of all capital.The improvement of material capital allocation efficiency is beneficial to the overall development of listed companies and upgrading of industry structure.The theory of risk return, principal-agent theory, company value theory and company life cycle theory are taken as the theoretical basis to study the efficiency of material capital allocation of listed companies.Based on the analysis of the material capital allocation efficiency of the listed companies, the macro and micro factors affecting the material capital allocation efficiency of the listed companies are put forward.Based on the analysis of the influencing factors, the model of material capital allocation efficiency of mature listed companies is established.Based on the descriptive statistical analysis of various influencing factors and the analysis of the results of multiple regression tests, the macro and micro countermeasures are put forward to improve the efficiency of material capital allocation in mature listed companies.It is concluded that the level of technical input and the structure of material capital are the important factors affecting the efficiency of material capital allocation.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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