东西部上市公司财务绩效的比较研究

发布时间：2017-12-31 15:40

本文关键词：东西部上市公司财务绩效的比较研究　出处：《陕西科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着社会经济的发展，企业逐步成为现代区域经济发展的原动力和加速器，成为经济发展中最具活力的代表，而作为优秀企业代表的上市公司的发展对于区域经济发展以及经济结构优化必然发挥重要作用，上市公司的发展，在某种程度上决定着区域经济增长潜能的大小和核心竞争力的强弱。西部大开发十三年来，西部地区资本市场成绩斐然，逐渐形成了具有特色的经济发展子区域。但是，东西部地区上市公司在发展上的差异依然明显。我国西部经济发展之所以滞后，关键因素之一在于西部企业的整体发展水平和层次较低，而东部的快速发展在很大程度上是由于有大量的成功发展企业的支撑。我国是一个多民族聚集国家，自然条件极其复杂，各地区的发展也很不平衡。然而，各区域经济的协调发展已成为中国经济及社会发展中的重大战略问题，需要在政治、经济、社会等各方面统筹发展。改革开放初期，在邓小平同志“两步走”方针下，我国实行梯度发展战略，，即优先发展东部沿海地区，后发展内陆地区，再以东部地区带动西部地区经济发展，最终实现经济共同繁荣。东部沿海地区借此优势展现了强大的经济发展势头并迅速腾飞，形成了“东强西弱，东快西稳”的区域经济格局。然而，改革的逐步深入也使区域经济发展之间的差距日益扩大，并严重影响到中国经济的整体发展格局。在全面贯彻落实党中央、国务院关于实施新一轮西部大开发的战略部署，促进区域协调发展的背景下，如何对东西部地区上市公司的经营绩效进行科学、准确的评价，并且从差异的研究与分析中深化对存在问题的探讨，这无论对上市公司的营运发展和国家经济政策的制定，还是对西部地区经济的发展来说，都能提供重要的理论依据和参考价值。本文从财务效益、偿债风险、资产质量及持续成长四个方面构建了东西部上市公司财务绩效评价指标体系，并在东西部地区各选取50家总市值排名靠前的上市公司作为研究样本，采用因子分析法及主成分分析法对其2012年的经营业绩进行实证分析。分析结果表明，西部地区上市公司总体上不断发展壮大，业绩不断变好，排名靠前的上市公司中西部地区表现不菲，但是，在西部地区内部，上市公司的表现呈现两极分化情况，排名靠后的工业类上市公司中西部地区占据多数；在能力因子比较分析结果方面，西部地区上市公司除了在偿债能力方面和东部地区表现相当外，在盈利能力、成长能力和营运能力方面，西部地区上市公司都没有东部地区上市公司表现好。最后，本文针对得出的相关结论提出促进我国西部地区上市公司发展的相关建议，并对今后的研究方向进行了展望。
[Abstract]:With the development of social economy, enterprises gradually become the driving force and accelerator of modern regional economic development, and become the most dynamic representative of economic development. The development of listed companies, which are the representatives of excellent enterprises, will play an important role in the development of regional economy and the optimization of economic structure, and the development of listed companies. To some extent, it determines the size of the regional economic growth potential and the strength of the core competitiveness. In the past 13 years of the development of the western region, the capital market of the western region has achieved remarkable results. Gradually formed a sub-region of economic development with characteristics. However, the differences in the development of listed companies in the eastern and western regions are still obvious. The reason why the economic development of western China lags behind. One of the key factors is that the overall development level and level of the western enterprises are low, while the rapid development of the east is largely due to the support of a large number of successful development enterprises. China is a multi-national gathering country, the natural conditions are extremely complex, the development of various regions is also very uneven. However, the coordinated development of regional economy has become a major strategic problem in China's economic and social development. In the early stage of reform and opening up, under the principle of "two steps" by Comrade Deng Xiaoping, China has implemented the strategy of gradient development, that is, giving priority to the development of the eastern coastal areas. After the development of inland areas, and then the eastern region to promote the economic development of the western region, and finally achieve economic prosperity. The eastern coastal areas show a strong momentum of economic development and rapid development by taking advantage of this advantage. It has formed the regional economic pattern of "the east strong and the west weak, the east fast and the west stable". However, with the deepening of the reform, the gap between the regional economic development is widening day by day. It has seriously affected the overall development pattern of China's economy. Under the background of comprehensively implementing the Party Central Committee and the State Council's strategic plan for the implementation of the new round of large-scale development of the western region, it will promote the coordinated development of the region. How to scientifically and accurately evaluate the performance of listed companies in the eastern and western regions, and deepen the discussion of the existing problems from the research and analysis of the differences. This can provide important theoretical basis and reference value for the operation and development of listed companies and the formulation of national economic policies as well as for the economic development of the western region. This paper constructs the evaluation index system of financial performance of listed companies in the east and west from four aspects: financial benefit, debt repayment risk, asset quality and sustainable growth. And in the eastern and western regions, each of the 50 general market value ranking listed companies as research samples. Factor analysis and principal component analysis are used to analyze the business performance in 2012. The results show that the listed companies in the western region are growing and improving in general. The top listed companies in the central and western regions of the performance is not poor, but in the western region, the performance of listed companies show polarization, the industrial listed companies in the bottom of the list in the central and western regions occupy the majority; In the comparative analysis of capacity factors, the listed companies in the western region in addition to the debt repayment ability and the performance of the eastern region, in terms of profitability, growth and operational capacity. The listed companies in the western region are not as good as the listed companies in the eastern region. Finally, this paper puts forward the relevant suggestions to promote the development of listed companies in the western region of China. The future research direction is prospected.
【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

【参考文献】