發(fā)布時(shí)間：2018-02-10 09:11

  本文關(guān)鍵詞： 上市公司 財(cái)務(wù)策略 盈利能力 回歸分析　出處：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：財(cái)務(wù)策略管理是上市公司監(jiān)管、支配企業(yè)內(nèi)外資源維持其健康運(yùn)行的重要工具，盈利能力則是上市公司長(zhǎng)期發(fā)展的必要條件。通過(guò)研究上市公司財(cái)務(wù)策略管理與盈利能力相互關(guān)系，制定行之有效的財(cái)務(wù)策略，對(duì)我國(guó)上市公司的長(zhǎng)遠(yuǎn)發(fā)展具有深遠(yuǎn)意義。 本文以國(guó)內(nèi)外財(cái)務(wù)策略與盈利能力相關(guān)理論為基礎(chǔ)，通過(guò)數(shù)學(xué)統(tǒng)計(jì)中的回歸分析法以澳大利亞股市中ASX200的200家上市公司的真實(shí)財(cái)務(wù)數(shù)據(jù)為樣本，深入研究上市公司財(cái)務(wù)策略管理與盈利能力間的相互關(guān)系。研究范圍不局限于財(cái)務(wù)策略管理中的某一方面，而是創(chuàng)造性地綜合融資策略、投資策略、營(yíng)運(yùn)資本策略和股利分配策略和盈利策略的重要方面進(jìn)行相關(guān)分析。數(shù)據(jù)處理上借助EXCEL與Statplus等實(shí)用的數(shù)據(jù)分析軟件努力使研究結(jié)果更加準(zhǔn)確、真實(shí)。 研究結(jié)果表明，，上市公司融資策略中的負(fù)債融資比例與其盈利能力間具有明顯的相互促進(jìn)關(guān)系；短期融資中過(guò)高的流動(dòng)資產(chǎn)或過(guò)低的流動(dòng)負(fù)債不利于盈利能力的增強(qiáng)；擴(kuò)張性的投資策略通常不能有效提高上市公司盈利能力，這一結(jié)論同樣適用于著重提高營(yíng)運(yùn)資本周轉(zhuǎn)速度的營(yíng)運(yùn)資本策略管理；增長(zhǎng)性的股利策略與上市公司的實(shí)際盈利能力無(wú)直接關(guān)系，但間接上通過(guò)促進(jìn)融資策略的靈活性對(duì)其盈利能力產(chǎn)生積極影響。以上實(shí)證結(jié)論對(duì)于我國(guó)上市公司的發(fā)展壯大具有重要的參考價(jià)值，促使其重點(diǎn)通過(guò)優(yōu)化融資結(jié)構(gòu)、改善股利分配策略等有效方式實(shí)現(xiàn)企業(yè)盈利能力的增強(qiáng)與真實(shí)價(jià)值的增長(zhǎng)。
[Abstract]:Financial strategy management is an important tool to supervise and control the internal and external resources of listed companies to maintain their healthy operation. Profitability is a necessary condition for the long-term development of listed companies. It is of far-reaching significance to study the relationship between financial strategy management and profitability of listed companies and to formulate effective financial strategies for the long-term development of listed companies in China. Based on the theories of financial strategy and profitability at home and abroad, this paper takes the true financial data of 200 ASX200 listed companies in Australian stock market as a sample through regression analysis in mathematical statistics. The research scope is not limited to one aspect of financial strategy management, but creative comprehensive financing strategy, investment strategy, The working capital strategy, dividend distribution strategy and profit strategy are analyzed. The data processing makes the research results more accurate and true with the help of practical data analysis software such as EXCEL and Statplus. The results show that the proportion of debt financing in the financing strategy of listed companies has a mutually reinforcing relationship with their profitability, and that too high current assets or too low current liabilities in short-term financing are not conducive to the enhancement of profitability. The expansionary investment strategy can not effectively improve the profitability of listed companies. This conclusion is also applicable to the working capital strategy management which focuses on increasing the turnover speed of working capital. There is no direct relationship between the growth dividend strategy and the actual profitability of listed companies. But indirectly, by promoting the flexibility of financing strategy, it has a positive impact on its profitability. The above empirical conclusion has important reference value for the development and growth of listed companies in China, and urges it to focus on optimizing the financing structure. To improve dividend distribution strategy and other effective ways to achieve corporate profitability and real value growth.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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