基于超效率SBM的我国化工上市公司财务绩效分析研究

发布时间：2018-04-09 13:58

本文选题：财务绩效分析　切入点：SBM模型　出处：《江苏科技大学》2017年硕士论文

【摘要】：关于化工行业的研究近年来是众多学者越来越关注的课题,随着化工行业的快速发展,化工行业在我国经济发展中已占有举足轻重的地位。化工行业的财务绩效是化工行业经营能力的体现,是测度化工行业竞争力的重要指标,因此分析评价化工行业财务绩效是对化工行业研究的重要部分。由于化工行业的行业高污染、高危、技术创新快等特点,对化工行业财务绩效进行评价,应该关注化工企业的财务表现,同时考虑在研发创新、环境保护、安全生产等方面的成效。所以,在现有的企业绩效评价体系的基础上,构建适合我国化工行业发展现状和生产经营特点的绩效评价体系,体现化工行业的绩效现状,对化工行业实现安全生产、环境保护、科研创新、可持续发展具有重要的指导意义。本文运用数据包络分析方法对我国化工上市公司的财务绩效进行测度和分析。数据包络分析方法在研究化工行业绩效的应用上比较广泛,在处理多投入、多产出的生产系统效率评价中具有一定优势。本文首先运用超效率SBM模型对2011-2015年我国49家化工上市公司的经营数据进行分析,得出每年化工企业效率的静态值,了解了化工样本企业绩效的现状。同时运用超效率SBM模型对2015年数据考虑非期望产出与不考虑非期望产出测试结果进行对比分析。运用SBM模型可以得出变量的松弛量,对无效率评价对象的松弛量进行分析,可以针对各变量提出提高效率的建议。由于化工企业的实际运营过程中伴随着坏账损失的产生,因此本文中运用的模型均为考虑非期望产出的SBM模型。此外运用Malmquist模型对面板数据从动态分析角度来分析我国49家化工上市公司财务绩效的变动趋势。在本文的指标体系中,考虑到化工行业的特点,将安全费用、环境保护费用、研发创新相关指标也作为投入指标考虑。同时将坏账损失作为非期望产出考虑,这样的指标体系更符合化工行业的实际财务绩效特点。本文的研究显示,2015年我国化工上市公司样本企业之间的效率值整体差异较大,说明化工行业的整体绩效出现了两级分化现象。2011-2015年间大部分化工企业的效率值呈上升趋势,说明大部分化工企业在发展中不断改进管理策略,很好地适应了外部经济及社会环境的变化,同时增强了自身竞争力。
[Abstract]:The research on chemical industry has been paid more and more attention by many scholars in recent years. With the rapid development of chemical industry, chemical industry has played an important role in the economic development of our country.The financial performance of the chemical industry is the embodiment of the management ability of the chemical industry and an important index to measure the competitiveness of the chemical industry. Therefore, the analysis and evaluation of the financial performance of the chemical industry is an important part of the research on the chemical industry.Due to the characteristics of high pollution, high risk and rapid technological innovation in the chemical industry, we should pay attention to the financial performance of the chemical industry, and at the same time consider the innovation in R & D, environmental protection, etc.Safety in production, etc.Therefore, on the basis of the existing enterprise performance evaluation system, a performance evaluation system suitable for the development status and production and management characteristics of the chemical industry in China is constructed, which reflects the current performance status of the chemical industry and realizes the safety of production in the chemical industry.Environmental protection, scientific research and innovation, sustainable development have important guiding significance.This paper uses the data envelopment analysis method to measure and analyze the financial performance of China's listed chemical companies.The method of data envelopment analysis is widely used to study the performance of chemical industry and has some advantages in the efficiency evaluation of production system with multiple inputs and outputs.In this paper, the operating data of 49 listed chemical companies in China from 2011 to 2015 are analyzed by using the superefficiency SBM model. The static value of the efficiency of the chemical enterprises is obtained every year, and the present situation of the performance of the chemical industry sample enterprises is understood.At the same time, the super-efficiency SBM model is used to compare the test results of 2015 data considering non-expected output and not considering non-expected output.The relaxation quantity of variables can be obtained by using SBM model, and the relaxation amount of evaluation object of invalid rate can be analyzed, and some suggestions for improving efficiency can be put forward for each variable.Due to the occurrence of bad debt loss in the actual operation of chemical enterprises, the models used in this paper are all SBM models considering non-expected output.In addition, Malmquist model is used to analyze the changing trend of financial performance of 49 listed chemical companies in China from the point of view of dynamic analysis of panel data.In the index system of this paper, considering the characteristics of chemical industry, the cost of safety, environmental protection and R & D innovation are also considered as input indicators.At the same time, considering the loss of bad debts as the non-expected output, this index system is more in line with the actual financial performance characteristics of the chemical industry.The research in this paper shows that there is a great difference in the efficiency value between the sample enterprises of the listed chemical companies in 2015, which indicates that the overall performance of the chemical industry has appeared the phenomenon of two-level differentiation. The efficiency value of most chemical enterprises is on the rise from 2011 to 2015.It shows that most chemical enterprises constantly improve their management strategy in their development, which adapts to the changes of external economic and social environment, and strengthens their own competitiveness at the same time.
【学位授予单位】：江苏科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F224;F426.7;F406.7

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