高新技术企业资本要素配置效应影响因素实证分析——基于A股高新技术上市公司的财务数据

发布时间：2018-05-11 23:22

本文选题：资本配置 + 资本要素配置效应　；参考：《贵州财经大学学报》2017年02期

【摘要】：以我国A股上市的制造业中高新技术企业2013—2015年的财务数据为样本,采用多元线性回归方法,构建上市公司资本要素配置效应影响因素模型并进行实证分析。研究发现:各个资本要素与企业资本要素配置效应正相关。人力资本、财务资本、物质资本和技术资本在企业价值创造中发挥了重要作用,是企业发展必需的资本要素。其中,技术资本是企业成长性的重要体现,企业要素资本的投入产出及其结构状态直接影响着企业的核心竞争力。总资产净利率与资本要素配置效应存在显著正相关,这表明资本要素配置效应随着企业盈利能力的提高而提高;总资产周转率与企业资本要素配置效应正相关,总资产的周转速度越快,企业资本的流动性越好,资本要素配置效应越高;净利润增长率与资本要素配置效应显著正相关,说明在发展能力好的企业中资本配置的效率也更高;资本要素配置效应在一定程度上还受企业规模等因素的影响。回归分析得出企业规模与企业资本要素配置效应正相关。针对实证分析提出了解决对策,旨在提高企业的资本要素配置效应,促进企业健康发展。
[Abstract]:Based on the financial data of high and new technology enterprises in the manufacturing industry of A share listed in China from 2013 to 2015, a model of factors affecting capital factor allocation effect of listed companies was constructed by using multiple linear regression method and an empirical analysis was carried out. It is found that each capital factor is positively related to the allocation effect of enterprise capital factor. Human capital, financial capital, material capital and technical capital play an important role in the creation of enterprise value. Among them, the technological capital is the important embodiment of the enterprise growth, the input and output of the enterprise factor capital and its structure state directly affect the core competitiveness of the enterprise. The net interest rate of total assets has a significant positive correlation with the capital factor allocation effect, which indicates that the capital factor allocation effect increases with the increase of the profitability of the enterprise, and the total asset turnover rate is positively correlated with the capital factor allocation effect of the enterprise. The faster the turnover of total assets, the better the liquidity of capital, the higher the capital factor allocation effect, the higher the net profit growth rate and the capital factor allocation effect, the higher the efficiency of capital allocation in the enterprises with good development ability. To some extent, the capital factor allocation effect is also affected by such factors as enterprise size. Regression analysis shows that the scale of enterprise is positively related to the capital factor allocation effect. Based on the empirical analysis, this paper puts forward some countermeasures to improve the capital factor allocation effect and promote the healthy development of enterprises.
【作者单位】：哈尔滨商业大学;
【基金】：全国重点会计科研课题“混合所有制与国有资本管理问题研究”(2015KJB028) 黑龙江省教育厅人文社会科学项目“基于云计算的科技服务资源配置评价研究”(12542059)
【分类号】：F275;F276.44

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