本文選題：資產(chǎn)質(zhì)量 + 企業(yè)績(jī)效　； 參考：《成都理工大學(xué)》2012年碩士論文

【摘要】：資產(chǎn)是企業(yè)得以生存發(fā)展的基礎(chǔ)，是企業(yè)獲取物質(zhì)利益的基石，其質(zhì)量的優(yōu)劣不僅反映出企業(yè)當(dāng)前的生存狀態(tài)，還決定著企業(yè)未來(lái)的發(fā)展?jié)摿Αarri（s1990）曾指出“資產(chǎn)質(zhì)量是企業(yè)經(jīng)營(yíng)活動(dòng)的結(jié)果，是公司質(zhì)量的表現(xiàn)之一”。那么，如何分辨資產(chǎn)質(zhì)量的優(yōu)劣？我國(guó)上市公司的資產(chǎn)質(zhì)量狀況如何？資產(chǎn)質(zhì)量又是如何影響企業(yè)績(jī)效的？企業(yè)該如何對(duì)資產(chǎn)質(zhì)量進(jìn)行管理？投資者如何辨別企業(yè)的真實(shí)業(yè)績(jī)和企業(yè)的發(fā)展?jié)摿Γ勘疚囊云髽I(yè)資產(chǎn)質(zhì)量評(píng)價(jià)及其與企業(yè)績(jī)效的關(guān)系作為研究主題，對(duì)我國(guó)上市公司資產(chǎn)質(zhì)量的總體現(xiàn)狀和行業(yè)現(xiàn)狀進(jìn)行分析，并指出我國(guó)上市公司資產(chǎn)質(zhì)量管理中存在的問(wèn)題，通過(guò)對(duì)資產(chǎn)質(zhì)量的特征進(jìn)行分析，提出資產(chǎn)質(zhì)量的本質(zhì)特征和質(zhì)量特征，在資產(chǎn)質(zhì)量特征分析的基礎(chǔ)上，結(jié)合行業(yè)背景差異因素，設(shè)計(jì)資產(chǎn)質(zhì)量評(píng)價(jià)的通用性指標(biāo)和適用性指標(biāo)，構(gòu)建資產(chǎn)質(zhì)量綜合評(píng)價(jià)體系，對(duì)我國(guó)上市公司資產(chǎn)質(zhì)量進(jìn)行評(píng)價(jià)分析，從股東、債權(quán)人、員工和政府4個(gè)主要利益相關(guān)者角度衡量企業(yè)經(jīng)營(yíng)績(jī)效，通過(guò)建立線性回歸模型，對(duì)企業(yè)資產(chǎn)質(zhì)量與企業(yè)績(jī)效進(jìn)行回歸分析，并運(yùn)用實(shí)證研究方法，檢驗(yàn)資產(chǎn)質(zhì)量對(duì)企業(yè)經(jīng)營(yíng)績(jī)效的作用機(jī)理。 圍繞這一思路，本文的研究邏輯結(jié)構(gòu)安排如下： 第一部分為引言，提出本文的主要研究問(wèn)題和研究意義和目的、界定本文的相關(guān)概念，，說(shuō)明本文的邏輯結(jié)構(gòu)。 第二部分為文獻(xiàn)綜述，從資產(chǎn)質(zhì)量研究和企業(yè)績(jī)效研究?jī)刹糠謨?nèi)容入手，對(duì)國(guó)內(nèi)外的相關(guān)研究文獻(xiàn)進(jìn)行回顧整理，并做簡(jiǎn)要評(píng)述。 第三部分為上市公司資產(chǎn)質(zhì)量現(xiàn)狀分析，從我國(guó)證券市場(chǎng)發(fā)展?fàn)顩r出發(fā)，對(duì)上市公司資產(chǎn)質(zhì)量總體現(xiàn)狀和行業(yè)現(xiàn)狀進(jìn)行分析，指出我國(guó)上市公司資產(chǎn)質(zhì)量管理中存在的問(wèn)題。 第四部分為資產(chǎn)質(zhì)量評(píng)價(jià)指標(biāo)構(gòu)建，通過(guò)理論分析界定資產(chǎn)質(zhì)量的特征，分析資產(chǎn)質(zhì)量各特征對(duì)企業(yè)經(jīng)營(yíng)的影響，在此基礎(chǔ)上納入行業(yè)影響因素，構(gòu)建資產(chǎn)質(zhì)量通用性指標(biāo)和適用性指標(biāo)相結(jié)合的資產(chǎn)質(zhì)量評(píng)價(jià)體系。 第五部分為資產(chǎn)質(zhì)量評(píng)價(jià)實(shí)證研究，根據(jù)前文構(gòu)建的資產(chǎn)質(zhì)量評(píng)價(jià)體系，選取2007-2010年A股上市公司樣本數(shù)據(jù)，運(yùn)用熵權(quán)法對(duì)樣本公司資產(chǎn)質(zhì)量進(jìn)行評(píng)價(jià)分析，為后續(xù)研究奠定基礎(chǔ)。 第六部分為上市公司資產(chǎn)質(zhì)量與企業(yè)績(jī)效實(shí)證分析，以利益相關(guān)者理論為基礎(chǔ)，從股東、債權(quán)人、員工、政府4個(gè)主要利益相關(guān)者角度建立企業(yè)績(jī)效衡量指標(biāo)，通過(guò)構(gòu)建線性回歸模型并對(duì)模型進(jìn)行修正，檢驗(yàn)上市公司資產(chǎn)質(zhì)量與企業(yè)經(jīng)營(yíng)績(jī)效的關(guān)系。并針對(duì)實(shí)證結(jié)果提出相應(yīng)對(duì)策建議。 第七部分為結(jié)論，概括本文的主要觀點(diǎn)，并指出本文研究中存在的不足，以及后續(xù)研究方向。 通過(guò)我國(guó)上市公司資產(chǎn)質(zhì)量現(xiàn)狀分析表明，（1）上市公司總體資產(chǎn)規(guī)模逐年穩(wěn)步增長(zhǎng)；（2）總體資產(chǎn)負(fù)債比率處于中等水平，且各年度間變化不大，沒(méi)有過(guò)高的債務(wù)風(fēng)險(xiǎn)，基本能夠保持整體的結(jié)構(gòu)的穩(wěn)定；（3）總體資產(chǎn)收益情況和應(yīng)收賬款周轉(zhuǎn)率變化較大，其原因可能是受到當(dāng)時(shí)的經(jīng)濟(jì)環(huán)境影響；（4）各行業(yè)資產(chǎn)無(wú)論是規(guī)模、收益、周轉(zhuǎn)還是保障性方面，各行業(yè)間都具有較大差異，說(shuō)明資產(chǎn)質(zhì)量在不同行業(yè)中具有不同表現(xiàn)。 通過(guò)構(gòu)建資產(chǎn)質(zhì)量綜合評(píng)價(jià)指標(biāo)體系，運(yùn)用熵權(quán)法對(duì)2007-2010年A股上市公司資產(chǎn)質(zhì)量進(jìn)行評(píng)價(jià)，結(jié)果表明，（1）我國(guó)上市公司資產(chǎn)質(zhì)量整體水平較低，各公司間資產(chǎn)質(zhì)量狀況差異較大，高質(zhì)量等級(jí)公司數(shù)量極少，而資產(chǎn)質(zhì)量較差的公司數(shù)量相對(duì)較多，并且大多數(shù)公司處于一般質(zhì)量等級(jí)，造成整體水平偏低；（2）資產(chǎn)質(zhì)量特征方面，資產(chǎn)的有效性、增值性和盈利性方面與標(biāo)準(zhǔn)值相差過(guò)多，資產(chǎn)獲現(xiàn)性和結(jié)構(gòu)性相差較多，資產(chǎn)的風(fēng)險(xiǎn)性和保障性方面相差較少，說(shuō)明上市公司在資產(chǎn)質(zhì)量各方面的表現(xiàn)極不均衡；（3）各行業(yè)資產(chǎn)質(zhì)量發(fā)展?fàn)顟B(tài)不均衡，優(yōu)劣程度變化大，行業(yè)整體資產(chǎn)管理效率較低，嚴(yán)重影響企業(yè)經(jīng)營(yíng)和行業(yè)發(fā)展。 通過(guò)多角度衡量企業(yè)績(jī)效，并建立線性回歸模型，對(duì)企業(yè)資產(chǎn)質(zhì)量與企業(yè)績(jī)效兩者間的關(guān)系進(jìn)行了計(jì)量檢驗(yàn)。實(shí)證結(jié)果顯示，資產(chǎn)質(zhì)量與凈資產(chǎn)收益率、利息保障倍數(shù)、員工工資增長(zhǎng)率及稅費(fèi)增長(zhǎng)率之間均呈現(xiàn)正相關(guān)關(guān)系，說(shuō)明企業(yè)資產(chǎn)質(zhì)量對(duì)企業(yè)經(jīng)濟(jì)收益，即股東權(quán)益保障、債權(quán)人權(quán)益保障、員工權(quán)益保障和政府收益保障都具有正面影響，具體而言：（1）企業(yè)資產(chǎn)質(zhì)量越好，企業(yè)的經(jīng)濟(jì)收益越好，股東權(quán)益的保障程度越高；（2）企業(yè)資產(chǎn)質(zhì)量越好，企業(yè)的償債保障越高，債權(quán)人的權(quán)益保障程度越高；（3）企業(yè)資產(chǎn)質(zhì)量越好，企業(yè)支付員工工資增長(zhǎng)越高，員工權(quán)益保障程度越高；（4）企業(yè)資產(chǎn)質(zhì)量越好，企業(yè)繳納稅收增長(zhǎng)率越高，政府的收益保障程度越高。實(shí)證結(jié)果從4方面說(shuō)明資產(chǎn)質(zhì)量與企業(yè)經(jīng)營(yíng)績(jī)效具有明顯正相關(guān)關(guān)系。 針對(duì)實(shí)證結(jié)果，本文提出以下對(duì)策建議：（1）加強(qiáng)政府宏觀調(diào)控及監(jiān)管力度，推進(jìn)產(chǎn)業(yè)結(jié)構(gòu)調(diào)整。，建立健全產(chǎn)業(yè)發(fā)展規(guī)劃和監(jiān)督機(jī)制，清理盤(pán)活閑置資產(chǎn)，防止重復(fù)建設(shè)，避免不良資產(chǎn)生，減少資源浪費(fèi)，提高資產(chǎn)利用效率。（2）樹(shù)立質(zhì)量管理理念，改善企業(yè)資產(chǎn)管理效率，減少不良資產(chǎn)占用，從企業(yè)戰(zhàn)略層面對(duì)現(xiàn)有資源得進(jìn)行合理分配利用，增強(qiáng)資產(chǎn)使用的目的性，優(yōu)化資產(chǎn)結(jié)構(gòu)，加強(qiáng)企業(yè)創(chuàng)新能力，提高投資決策科學(xué)性。建立相應(yīng)的投資決策監(jiān)督責(zé)任機(jī)制，防止無(wú)效投資和過(guò)渡投資，建立完備的資產(chǎn)質(zhì)量管理制度和責(zé)任監(jiān)督機(jī)制，加強(qiáng)易產(chǎn)生不良資產(chǎn)的資產(chǎn)項(xiàng)目的管理力度，增強(qiáng)企業(yè)的抗風(fēng)險(xiǎn)能力，提高資產(chǎn)管理效率。（3）提高資產(chǎn)質(zhì)量關(guān)注度，包括資產(chǎn)的真實(shí)規(guī)模、資產(chǎn)結(jié)構(gòu)的合理性、資產(chǎn)負(fù)債情況、資產(chǎn)的收益性等，通過(guò)觀察企業(yè)與行業(yè)狀況，清晰掌握企業(yè)真實(shí)情況，為投資者制定投資決策提供信息參考。
[Abstract]:Assets are the foundation of the survival and development of the enterprise and the cornerstone of the enterprise to obtain material benefits. The quality of its quality not only reflects the existing state of the enterprise, but also determines the future development potential of the enterprise.Harri (s1990) once pointed out that "the quality of the assets is the result of the business activities of the enterprise, and it is one of the performance of the quality of the company". How to identify the quality of assets? How is the quality of the assets of the listed companies in China? How does the quality of the assets affect the performance of the enterprise? How should the enterprise manage the quality of the assets? How do investors identify the real performance of the enterprise and the potential for the development of the enterprise? The main topic is to analyze the overall status and current situation of the assets quality of the listed companies in China, and point out the existing problems in the management of the assets quality of the listed companies in our country. Through the analysis of the characteristics of the quality of the assets, the essential characteristics and quality characteristics of the quality of the assets are put forward, on the basis of the analysis of the quality of the assets, and on the basis of the industry back. The general index and applicability index of asset quality evaluation are designed, and the comprehensive evaluation system of assets quality is constructed. The assets quality of the listed companies in China is evaluated and analyzed. The enterprise management performance is measured from the angles of 4 main stakeholders of shareholders, creditors, employees and the government, and the linear regression model is established for the enterprise by establishing a linear regression model. A regression analysis is conducted between asset quality and corporate performance, and empirical research is used to test the mechanism of asset quality on business performance.
Around this idea, the logical structure of the study is arranged as follows:
The first part is the introduction, which puts forward the main research questions and significance and purpose of the study, defines the relevant concepts and explains the logical structure of this article.
The second part is the literature review, starting with the two parts of the research on the quality of assets and the research of enterprise performance, reviewing and reviewing the relevant research literature at home and abroad, and making a brief review.
The third part is the analysis of the status quo of the assets quality of the listed companies. Starting from the development of the securities market in China, this paper analyzes the overall status of the assets quality of the listed companies and the current situation of the industry, and points out the problems existing in the management of the assets of the listed companies in China.
The fourth part is the construction of asset quality evaluation index. Through theoretical analysis, it defines the characteristics of asset quality, analyzes the impact of the characteristics of asset quality on the enterprise management, and on this basis, integrates the industry influence factors, and constructs the asset quality evaluation system which combines the universal index of asset quality and the applicability index.
The fifth part is the empirical study of asset quality evaluation. According to the assets quality evaluation system constructed in the previous article, the sample data of the listed companies of A shares for 2007-2010 years are selected, and the entropy method is used to evaluate the quality of the Sample Firms assets, which lays the foundation for the follow-up study.
The sixth part is an empirical analysis of the assets quality and enterprise performance of listed companies. Based on stakeholder theory, the enterprise performance measurement index is established from the angle of 4 main stakeholders of shareholders, creditors, employees and government. By building a linear regression model and modifying the model, the quality of the listed companies and the performance of the enterprise are tested. The corresponding countermeasures and suggestions are put forward according to the empirical results.
The seventh part is the conclusion, generalizes the main points of this article, and points out the deficiencies in this study and the future research directions.
Through the analysis of the assets quality of Listed Companies in China, it is shown that (1) the overall asset scale of listed companies is growing steadily year by year; (2) the overall asset liability ratio is at the middle level, and there is little change between each year, there is no high debt risk, and the overall structure stability can be maintained basically; (3) overall asset returns and accounts receivable. The turnover rate varies greatly, and its reason may be influenced by the economic environment at that time. (4) the assets of all industries are different in terms of scale, income, turnover or guarantee, which shows that the quality of assets has different performance in different industries.
By constructing the comprehensive evaluation index system of the assets quality, this paper evaluates the assets quality of the listed companies of the A shares of the 2007-2010 years by entropy method. The results show that (1) the overall level of the assets quality of the listed companies of our country is low, the difference of the assets quality among the companies is great, the quantity of the high quality and other grade companies is very few, and the quantity of the company's quantity is poor. Relatively more, and most of the companies in the general quality level, resulting in the overall level of low; (2) property quality characteristics, asset effectiveness, value added and profitability and standard values of too much difference, assets and structural differences are more, asset risk and security are less different, indicating that the listed companies are in the capital. The performance of all aspects of the quality of production is extremely uneven; (3) the unbalanced development of the assets quality of various industries, the great change in the degree of good and bad, the low efficiency of the overall asset management in the industry, seriously affecting the business and the development of the industry.
By measuring enterprise performance in multiple angles and establishing a linear regression model, the relationship between the quality of enterprise assets and enterprise performance is measured. The empirical results show that the asset quality is positively related to the net asset yield, the interest rate of interest, the rate of employee's wage growth and the rate of tax increase, indicating the enterprise assets. Quality has a positive impact on the economic income of the enterprise, that is, the protection of the shareholders' rights and interests, the protection of the creditor's rights and interests, the protection of the rights and interests of the employees and the guarantee of the government income. The better the (1) the better the quality of the enterprise's assets, the better the economic profit of the enterprise and the guarantee of the shareholders' rights and interests; (2) the better the quality of the enterprise's assets, the higher the debt service guarantee of the enterprise, the debt of the enterprise. The higher the rights and interests of the owner, the better the protection of the rights and interests of the enterprises; (3) the better the quality of the enterprise assets, the higher the wage growth of the employees, the higher the level of the protection of the employees' rights and interests; (4) the better the quality of the enterprise assets, the higher the tax growth rate of the enterprises, the higher the government's income guarantee. The empirical results show that the quality of assets and the business performance of the enterprise have 4 aspects. Obviously positive correlation.
In view of the empirical results, this paper puts forward the following countermeasures and suggestions: (1) strengthen the government macro-control and supervision, promote industrial structure adjustment, establish and improve industrial development planning and supervision mechanism, clean up the idle assets, prevent duplication of construction, avoid bad capital, reduce the waste of resources and improve the efficiency of asset utilization. (2) set up quality management The idea is to improve the efficiency of enterprise asset management, reduce the occupancy of non-performing assets, make rational distribution and utilization of existing resources from the strategic level of the enterprise, enhance the purpose of the use of assets, optimize the structure of assets, strengthen the ability of enterprise innovation and improve the scientificity of investment decision. Transition investment, establish a complete asset quality management system and responsibility supervision mechanism, strengthen the management of asset items that easily produce non-performing assets, enhance the enterprise's risk resistance and improve the efficiency of asset management. (3) improve the quality of assets, including the real scale of assets, the rationality of asset structure, assets and liabilities, assets. By observing the status of enterprises and industries, we can clearly grasp the real situation of enterprises and provide information for investors to make investment decisions.

【學(xué)位授予單位】：成都理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F273.4;F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 錢(qián)愛(ài)民;張新民;;資產(chǎn)質(zhì)量:概念界定與特征構(gòu)建[J];財(cái)經(jīng)問(wèn)題研究;2009年12期

2 王秀麗,張新民;企業(yè)資產(chǎn)質(zhì)量分類(lèi)及其思考[J];財(cái)會(huì)通訊;2003年10期

3 費(fèi)明群,干勝道;資產(chǎn)質(zhì)量分析——基于我國(guó)上市公司的數(shù)據(jù)[J];財(cái)會(huì)通訊;2004年10期

4 徐文學(xué);姚昕;;上市公司資產(chǎn)質(zhì)量實(shí)證研究——以江蘇省制造業(yè)上市公司為例[J];財(cái)會(huì)通訊;2010年04期

5 吳瀧;;不同形態(tài)下組織資產(chǎn)概念范疇思考——基于人力資產(chǎn)視角[J];財(cái)會(huì)通訊;2010年21期

6 張付榮;;資產(chǎn)質(zhì)量:本質(zhì)、特征與評(píng)價(jià)體系[J];財(cái)會(huì)通訊;2010年28期

7 朱騰明;康婷;;公司治理對(duì)上市公司資產(chǎn)質(zhì)量的影響研究[J];財(cái)會(huì)通訊;2011年15期

8 賀武;劉平;;基于盈利能力的滬市上市公司資產(chǎn)質(zhì)量實(shí)證研究[J];財(cái)會(huì)月刊;2006年06期

9 張春景;徐文學(xué);;我國(guó)上市公司資產(chǎn)質(zhì)量評(píng)價(jià)的實(shí)證分析[J];財(cái)會(huì)月刊;2006年20期

10 謝永X;;資產(chǎn)質(zhì)量與財(cái)務(wù)困境[J];財(cái)會(huì)月刊;2007年35期

本文編號(hào)：1852538