我國造紙業(yè)上市公司經(jīng)營績效評價實證研究
發(fā)布時間：2019-06-04 00:05
【摘要】：作為中國四大發(fā)明的造紙術(shù),為世界經(jīng)濟的發(fā)展和文化的傳播起到了舉足輕重的作用。造紙業(yè)在中國的發(fā)展,經(jīng)歷了從小作坊到上市公司、跨國集團的歷史階段,由于其產(chǎn)業(yè)關(guān)聯(lián)性強,帶動著農(nóng)業(yè)、林業(yè)、工業(yè)的同步發(fā)展,造紙業(yè)已經(jīng)發(fā)展成為我國國民經(jīng)濟的基礎(chǔ)性產(chǎn)業(yè)。結(jié)合目前國際、國內(nèi)造紙業(yè)環(huán)境,全球造紙業(yè)發(fā)展趨勢迅猛,呈現(xiàn)出以下行業(yè)特點：經(jīng)濟規(guī)模化、技術(shù)集成化、產(chǎn)品功能多樣化、生產(chǎn)清潔化和林紙一體化的模式。 基于績效評價理論體系,并結(jié)合我國造紙業(yè)實際情況,對我國造紙業(yè)上市公司進行績效評價,分析優(yōu)勢和不足、以及影響財務(wù)績效優(yōu)劣勢的原因,提出改進經(jīng)營績效的措施。因此,對我國造紙業(yè)上市公司經(jīng)營績效進行實證研究具有一定的理論和現(xiàn)實意義。 首先,根據(jù)績效評價理論和指標(biāo)體系設(shè)計原則,選取我國24家造紙業(yè)上市公司2007年至2011年5年的財務(wù)數(shù)據(jù),從盈利能力、股東獲利能力、償債能力、營運能力、發(fā)展能力、獲取現(xiàn)金流量能力、股本擴張能力七個方面進行綜合評價。 其次,采用因子分析法一般步驟對選取的樣本進行分析,根據(jù)綜合得分情況對24家造紙企業(yè)進行排名,綜合得分差距較大,兩極分化較嚴(yán)重。綜合得分排名前八的企業(yè),在盈利及成長因子、償債因子、獲利因子、擴張能力因子、固定資產(chǎn)營運因子、存貨因子六個方面得分均比較靠前,反之,在六個方面表現(xiàn)較差,反映了它們在利用社會資源、自身管理水平、經(jīng)營效率方面的差距。 根據(jù)因子分析法得出的結(jié)論,來分析影響造紙業(yè)經(jīng)營績效的原因,具體表現(xiàn)在：資源先天缺乏、原材料結(jié)構(gòu)配置不合理、技術(shù)創(chuàng)新不足三個方面的比較優(yōu)勢欠缺；融資能力差；項目管理水平低下。 通過對上述影響造紙業(yè)經(jīng)營績效的原因進行分析,進一步提出改進造紙業(yè)經(jīng)營績效的措施,概況為以下幾個方面： 第一,從資源布局戰(zhàn)略、全面質(zhì)量管理戰(zhàn)略、技術(shù)戰(zhàn)略、品牌戰(zhàn)略四個方面來培養(yǎng)造紙企業(yè)核心競爭力； 第二,從提升企業(yè)綜合治理勢力、實施多元化的融資渠道兩個方面來建立完善的融資體系； 第三,以優(yōu)越的條件吸納人才、積極地培養(yǎng)人才,來增強造紙企業(yè)的項目管理能力。 最后,以晨鳴紙業(yè)為例來進行經(jīng)營績效評價,分析其發(fā)展壯大的經(jīng)驗：堅持不斷的管理創(chuàng)新；融資渠道多元化；擴張模式多樣化；建設(shè)現(xiàn)代化的物流配送系統(tǒng)；發(fā)展強大的電子商務(wù)平臺；建立穩(wěn)固的原材料供應(yīng)體系。通過對我國造紙業(yè)經(jīng)營績效現(xiàn)狀進行評價,并結(jié)合未來造紙業(yè)的發(fā)展勢頭,提出了晨鳴紙業(yè)進一步發(fā)展的策略選擇：繼續(xù)走兼并、集中的擴張之路；向資源布局型發(fā)展；實施庫存降低策略；打造綠色環(huán)保產(chǎn)品；進一步實施差異化競爭戰(zhàn)略。
[Abstract]:As the four great inventions in China, papermaking plays an important role in the development of world economy and the spread of culture. The development of paper industry in China has gone through the historical stage of small workshops to listed companies and multinational groups. Because of its strong industrial relevance, it has led to the synchronous development of agriculture, forestry and industry. The paper industry has developed into the basic industry of our national economy. Combined with the current international and domestic paper industry environment, the global paper industry development trend is rapid, showing the following industry characteristics: economic scale, technical integration, product function diversification, production cleaning and forest paper integration model. Based on the theoretical system of performance evaluation and the actual situation of paper industry in China, this paper evaluates the performance of listed companies in paper industry in China, analyzes the advantages and disadvantages, as well as the reasons that affect the advantages and disadvantages of financial performance, and puts forward some measures to improve the operating performance. Therefore, the empirical study on the operating performance of listed companies in China's paper industry has certain theoretical and practical significance. First of all, according to the theory of performance evaluation and the design principle of index system, the financial data of 24 listed companies in paper industry in China from 2007 to 2011 are selected, from profitability, shareholder profitability, solvency, operating ability and development ability. To obtain cash flow capacity, equity expansion capacity seven aspects of comprehensive evaluation. Secondly, the general steps of factor analysis are used to analyze the selected samples, and 24 papermaking enterprises are ranked according to the comprehensive score. The comprehensive score gap is large and the polarization is serious. The top eight enterprises with comprehensive scores scored better in six aspects: profit and growth factor, debt service factor, profit factor, expansion ability factor, fixed asset operation factor and inventory factor. On the contrary, they performed poorly in six aspects. It reflects their gap in the use of social resources, their own management level and business efficiency. According to the conclusion of factor analysis method, this paper analyzes the reasons that affect the management performance of paper industry, which is manifested in the following aspects: the innate shortage of resources, the unreasonable allocation of raw materials structure and the lack of comparative advantage in three aspects: the lack of comparative advantage, the poor financing ability, and the lack of technological innovation. The level of project management is low. Based on the analysis of the above reasons affecting the business performance of the paper industry, this paper further puts forward some measures to improve the business performance of the paper industry. The general situation is as follows: first, from the resource layout strategy, the total quality management strategy, Technology strategy, brand strategy to cultivate the core competitiveness of papermaking enterprises; Second, from two aspects of promoting the comprehensive governance power of enterprises and implementing diversified financing channels to establish a perfect financing system; Third, to absorb talents under superior conditions and actively train talents to enhance the project management ability of papermaking enterprises. Finally, taking Chenming Paper industry as an example, this paper analyzes its experience of development and growth: persisting in continuous management innovation, diversified financing channels, diversified expansion model, building modern logistics distribution system, and analyzing the experience of its development and growth: persistent management innovation, diversification of financing channels, diversification of expansion mode, construction of modern logistics distribution system, and analysis of its development experience. Develop a strong e-commerce platform; establish a solid raw material supply system. Through the evaluation of the present situation of the management performance of the paper industry in China, and combined with the development momentum of the paper industry in the future, this paper puts forward the strategic choices for the further development of the paper industry: continue to take the road of merger and centralized expansion, develop to the resource distribution type; Implement inventory reduction strategy; create green environmental protection products; further implement differential competition strategy.
【學(xué)位授予單位】：武漢理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.83
本文編號：2492329
[Abstract]:As the four great inventions in China, papermaking plays an important role in the development of world economy and the spread of culture. The development of paper industry in China has gone through the historical stage of small workshops to listed companies and multinational groups. Because of its strong industrial relevance, it has led to the synchronous development of agriculture, forestry and industry. The paper industry has developed into the basic industry of our national economy. Combined with the current international and domestic paper industry environment, the global paper industry development trend is rapid, showing the following industry characteristics: economic scale, technical integration, product function diversification, production cleaning and forest paper integration model. Based on the theoretical system of performance evaluation and the actual situation of paper industry in China, this paper evaluates the performance of listed companies in paper industry in China, analyzes the advantages and disadvantages, as well as the reasons that affect the advantages and disadvantages of financial performance, and puts forward some measures to improve the operating performance. Therefore, the empirical study on the operating performance of listed companies in China's paper industry has certain theoretical and practical significance. First of all, according to the theory of performance evaluation and the design principle of index system, the financial data of 24 listed companies in paper industry in China from 2007 to 2011 are selected, from profitability, shareholder profitability, solvency, operating ability and development ability. To obtain cash flow capacity, equity expansion capacity seven aspects of comprehensive evaluation. Secondly, the general steps of factor analysis are used to analyze the selected samples, and 24 papermaking enterprises are ranked according to the comprehensive score. The comprehensive score gap is large and the polarization is serious. The top eight enterprises with comprehensive scores scored better in six aspects: profit and growth factor, debt service factor, profit factor, expansion ability factor, fixed asset operation factor and inventory factor. On the contrary, they performed poorly in six aspects. It reflects their gap in the use of social resources, their own management level and business efficiency. According to the conclusion of factor analysis method, this paper analyzes the reasons that affect the management performance of paper industry, which is manifested in the following aspects: the innate shortage of resources, the unreasonable allocation of raw materials structure and the lack of comparative advantage in three aspects: the lack of comparative advantage, the poor financing ability, and the lack of technological innovation. The level of project management is low. Based on the analysis of the above reasons affecting the business performance of the paper industry, this paper further puts forward some measures to improve the business performance of the paper industry. The general situation is as follows: first, from the resource layout strategy, the total quality management strategy, Technology strategy, brand strategy to cultivate the core competitiveness of papermaking enterprises; Second, from two aspects of promoting the comprehensive governance power of enterprises and implementing diversified financing channels to establish a perfect financing system; Third, to absorb talents under superior conditions and actively train talents to enhance the project management ability of papermaking enterprises. Finally, taking Chenming Paper industry as an example, this paper analyzes its experience of development and growth: persisting in continuous management innovation, diversified financing channels, diversified expansion model, building modern logistics distribution system, and analyzing the experience of its development and growth: persistent management innovation, diversification of financing channels, diversification of expansion mode, construction of modern logistics distribution system, and analysis of its development experience. Develop a strong e-commerce platform; establish a solid raw material supply system. Through the evaluation of the present situation of the management performance of the paper industry in China, and combined with the development momentum of the paper industry in the future, this paper puts forward the strategic choices for the further development of the paper industry: continue to take the road of merger and centralized expansion, develop to the resource distribution type; Implement inventory reduction strategy; create green environmental protection products; further implement differential competition strategy.
【學(xué)位授予單位】：武漢理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.83
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