山东省工业制造企业资本回报率测算与利润来源分析

发布时间：2018-05-07 01:16

本文选题：工业制造业 + 资本回报率　；参考：《中国海洋大学》2014年硕士论文

【摘要】：对我国资本回报率的测算一直是近年来国内外研究的热点问题，但当前的研究成果基本上都是基于全国平均水平和视角，而对于某个地区或组织的资本回报率测算却少有涉及。山东省是我国的经济大省，国内生产总值一直位居全国前列，其制造业在工业中占据着主导地位。对山东省工业制造业资本回报率测算与利润来源进行研究，对于探寻山东省经济增长动力，具有重要意义。本文选取了2007-2012年6年间的山东省工业制造业共40家上市公司作为研究样本，采用实证研究的方法，以净资产收益率和总资产收益率作为衡量资本回报率的核心指标，多角度选取研究变量，对240个样本数据进行面板数据回归分析。研究结果表明，山东省工业制造业企业的资产负债率与资本回报率负相关，职工薪酬与其正相关，机器设备增长率与其正相关，技术人员数量与其正相关，股权集中度与其呈现正U型相关。山东省工业制造业企业的利润来源于较低的负债水平，人力资本、技术资本、固定资产的投入以及合理的股权结构。本文分为六个部分。第一部分为引言，介绍了本文的研究背景、选题依据、研究的具体问题以及研究问题的意义和价值。第二部分是文献综述和理论基础，回顾了国内外关于资本回报率和传统杜邦分析体系的研究成果，并作简单评述，对成本收益理论和价值创造理论进行了总结。第三部分是研究方法与设计，包括样本数据的选取，变量的设计、假设的提出和模型的选择。第四部分为描述性统计及检验，分别对自变量和因变量进行了描述性统计，并对模型进行了F值检验和Hausman检验以确定模型的回归模式。第五部分是实证结果与分析，本文用EViews6.0对模型进行回归，并根据回归结果进行分析。第六部分是结论与政策性建议，根据本文研究的问题和实证分析结果提出本文的结论，并探寻山东省工业制造业企业的利润来源，在此基础上提相应出政策，建议山东省工业制造业企业在维持合理的股权机构基础上，，控制资产负债率、拓宽融资渠道加大对人力资本、技术资本、固定资产的投入力度。通过本文的写作，作者深切感受到对山东省工业制造业企业这种区域主体的资本回报率的测算和利润来源研究的重要性，本文的创新点在于对研究对象和变量指标的选取以及研究结果方面的改进。然而由于作者能力有限，本文也存在一定的研究局限性，希望以后国内学界能对这一领域的探索和研究更加深远。
[Abstract]:The measurement of the rate of return on capital in China has been a hot topic in recent years, but the current research results are basically based on the national average level and perspective, but the measurement of the rate of return on capital of a certain region or organization is seldom involved. Shandong Province is a big economic province in China, and its manufacturing industry occupies a leading position in industry. It is of great significance to study the measurement of the return on capital and the source of profit of Shandong industrial manufacturing industry for exploring the motive force of economic growth in Shandong province. In this paper, 40 listed companies in the industrial manufacturing industry of Shandong Province from 2007 to 2012 are selected as the research samples, and the return on net assets and the return on total assets are taken as the core indicators to measure the return on capital. In this paper, 240 sample data were analyzed by panel data regression analysis. The results show that the asset-liability ratio of Shandong industrial manufacturing enterprises is negatively correlated with the rate of return on capital, the compensation of workers is positively correlated with it, the growth rate of machinery and equipment is positively correlated with it, and the number of technicians is positively correlated with it. Equity concentration and its positive U-type correlation. The profits of industrial manufacturing enterprises in Shandong province are derived from the lower debt level, human capital, technical capital, fixed assets investment and reasonable equity structure. This paper is divided into six parts. The first part is the introduction, which introduces the research background, the basis of the topic, the specific problems of the research and the significance and value of the research. The second part is the literature review and theoretical basis, reviews the domestic and foreign research on the return on capital and the traditional DuPont analysis system, and makes a brief comment, and summarizes the cost-benefit theory and the value creation theory. The third part is the research method and design, including sample data selection, variable design, hypothesis and model selection. In the fourth part, descriptive statistics and test are made for independent variables and dependent variables, and F-value test and Hausman test are used to determine the regression model of the model. The fifth part is empirical results and analysis, this paper uses EViews6.0 regression model, and according to the results of regression analysis. The sixth part is the conclusions and policy recommendations, according to the problems and empirical analysis of the results of this paper, and explore the source of profits of Shandong industrial manufacturing enterprises, on the basis of this, put forward the corresponding policies. It is suggested that Shandong industrial manufacturing enterprises should control the ratio of assets and liabilities on the basis of maintaining reasonable equity institutions and broaden the financing channels to increase the investment in human capital, technical capital and fixed assets. Through the writing of this paper, the author deeply feels the importance of calculating the rate of return on capital and studying the source of profit of Shandong industrial manufacturing enterprises. The innovation of this paper lies in the selection of the research object and variable index and the improvement of the research results. However, due to the limited capacity of the author, there are some limitations in this paper. It is hoped that the domestic academic circles will explore and study this field more deeply in the future.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7

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