中国钢铁行业财务绩效考评研究

发布时间：2018-07-25 10:29

【摘要】：2012中国钢铁规划论坛上，中钢协人士指出，由于订单减少、库存增加，钢铁业产能过剩十分明显。从2011年四季度开始，钢企的钢铁主业已开始亏损，2012年1、2月份已经陷入全行业亏损。面对国内市场需求不旺、原料价格高位波动、库存高位且去库存缓慢、钢价成本线低位波动、资金紧张和企业亏损等一系列复杂问题，形势十分严峻。在严峻的生存危机与挑战面前，每一个钢铁企业都面临着如何提升自身核心竞争力的问题。培育核心竞争力，关键是要拥有一批具有一定素质和专业技能的各级各类人才。因此，，如何公平、公正地对钢铁企业的经营绩效进行评价目前己成为财务研究领域的一个重要课题。与此同时，正确的发挥企业绩效考评的导向作用，建立科学有效的激励约束机制，对于改善钢铁企业的经营状况，提高企业经营管理水平，提升企业核心竞争力更具有现实指导意义。本文回顾了相关研究文献，借鉴国内外企业绩效考评的理论与实践经验，结合我国钢铁行业实际情况，以激励理论为指导，通过理论联系实际，运用文献研究法、实地调查法取得第一手资料，用主成分分析法（PCA）对偿债能力状况、营运能力状况、盈利能力状况、发展能力状况和市价表现状况五个方面初步选取的30个绩效评价指标进行筛选，得到14个评价指标，分别是评价企业偿债能力的流动比率、利息保障倍数、长期资本负债率；评价企业营运能力的总资产周转率、固定资产周转率、应收账款周转率；评价企业盈利能力的成本费用利润率、销售毛利率；评价企业增长能力的营业利润增长率、总资产增长率、营业收入增长率、资本保值增值率；评价企业市场表现的市盈率、市净率。再用熵值法确定上述相互独立变量的指标权重，建立了钢铁行业绩效评价体系，并以2011年我国钢铁行业上市公司为实证研究对象，进行了实证研究。就2011年钢铁行业上市公司的截面数据来分析，增长能力对钢铁企业绩效评价的影响程度最大，偿债能力和营运能力也是影响钢铁企业绩效评价的一个重要因素，另外盈利能力对钢铁企业绩效评价的影响比较突出，而市场表现对钢铁企业绩效评价的影响稍弱。随后提出了投入产出空间的概念，指出了扩大企业空间的措施，以空间理论为基础，构建了钢铁企业内部财务绩效考评体系，包括生产主体的考评、职能处室的考评及高新产品推广中心的考评。上述考评体系可使企业管理不断深化，持续提升公司竞争力。
[Abstract]:At the 2012 China Iron and Steel Planning Forum, CISA sources pointed out that overcapacity in the steel industry was evident as orders fell and inventories increased. Since the fourth quarter of 2011, steelmakers' main steel industry has started to lose money, and in January and February 2012, it has fallen into industry-wide losses. Facing a series of complex problems, such as low demand in domestic market, high price fluctuation of raw materials, high inventory and slow destocking, low fluctuation of steel price cost line, shortage of funds and losses of enterprises, the situation is very severe. In the face of severe survival crisis and challenge, every iron and steel enterprise is faced with the problem of how to enhance its core competitiveness. To cultivate the core competence, the key is to have a number of talents at all levels with certain quality and professional skills. Therefore, how to evaluate the management performance of iron and steel enterprises fairly and impartially has become an important subject in the field of financial research. At the same time, giving full play to the guiding role of enterprise performance evaluation and establishing scientific and effective incentive and restraint mechanism can improve the management status and management level of iron and steel enterprises. Improving the core competitiveness of enterprises has practical significance. This paper reviews the relevant research literature, draws lessons from the theory and practice experience of domestic and foreign enterprises' performance appraisal, combines the actual situation of iron and steel industry in our country, takes the incentive theory as the guidance, through the theory unifies the practice, uses the literature research method, Field investigation method obtained first-hand information, principal component analysis (PCA) was used to determine the solvency, operating capacity, profitability, Through the selection of 30 performance evaluation indexes from five aspects of development ability and market price performance, 14 evaluation indexes are obtained, which are liquidity ratio, interest guarantee multiple and long-term capital debt ratio. To evaluate the total assets turnover, fixed assets turnover and accounts receivable turnover of the enterprise's operating capacity; to evaluate the cost-expense profit margin and the sales gross profit rate of the enterprise's profitability; to evaluate the operating profit growth rate of the enterprise's growth capacity, The growth rate of total assets, the growth rate of operating income, the rate of capital preservation and appreciation, the price-to-book ratio of evaluating the market performance of enterprises. Then the index weight of the above independent variables is determined by entropy method, and the performance evaluation system of iron and steel industry is established, and the empirical research is carried out with the listed companies of iron and steel industry in 2011 as the empirical research object. Based on the cross-section data of listed companies in iron and steel industry in 2011, the growth ability has the greatest influence on the performance evaluation of iron and steel enterprises, and the solvency and operation ability are also an important factor affecting the performance evaluation of iron and steel enterprises. In addition, the impact of profitability on the performance evaluation of iron and steel enterprises is more prominent, while the impact of market performance on the performance evaluation of iron and steel enterprises is slightly weak. Then put forward the concept of input-output space, pointed out the measures to expand the enterprise space, based on the space theory, set up the internal financial performance evaluation system of iron and steel enterprises, including the evaluation of the main body of production. The appraisal of the functional department and the high-tech product promotion center. The above-mentioned evaluation system can make the enterprise management deepen and continuously enhance the competitiveness of the company.
【学位授予单位】：天津大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F426.31;F406.7

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