本文選題：內(nèi)蒙古資源型上市公司　切入點(diǎn)：可持續(xù)增長(zhǎng)　出處：《內(nèi)蒙古科技大學(xué)》2014年碩士論文

【摘要】：資源是國(guó)民經(jīng)濟(jì)發(fā)展的基礎(chǔ)，是國(guó)民生產(chǎn)中不可或缺的原始材料。從資源類(lèi)型的角度進(jìn)行分類(lèi)，可將內(nèi)蒙古資源型上市公司分為煤炭型、有色冶金型、黑色冶金型、生物資源型、石油化工型五大類(lèi)。黨中央在十八屆三中全會(huì)上，把“保護(hù)稀有資源，淘汰落后產(chǎn)能、推進(jìn)產(chǎn)業(yè)鏈延伸”作為“十二五”期間產(chǎn)業(yè)規(guī)劃的重中之重。資源型上市公司作為上市公司的“領(lǐng)頭羊”，更應(yīng)該利用其豐富的融資渠道、開(kāi)闊的市場(chǎng)空間、完善的體制優(yōu)勢(shì)，推動(dòng)資源型公司的產(chǎn)業(yè)化進(jìn)程。與內(nèi)蒙古自治區(qū)整體上市公司相比，盡管內(nèi)蒙古資源型上市公司在數(shù)量上占有相當(dāng)?shù)膬?yōu)勢(shì)，包鋼股份、包鋼稀土等個(gè)別公司也是行業(yè)中的標(biāo)桿企業(yè)，但內(nèi)蒙古資源型上市公司整體經(jīng)營(yíng)業(yè)績(jī)較低，經(jīng)營(yíng)風(fēng)險(xiǎn)偏高，存在投資過(guò)度現(xiàn)象，嚴(yán)重影響其市場(chǎng)競(jìng)爭(zhēng)力和可持續(xù)增長(zhǎng)能力。 財(cái)務(wù)可持續(xù)增長(zhǎng)理論強(qiáng)調(diào)企業(yè)的增長(zhǎng)速度與財(cái)務(wù)資源的協(xié)調(diào)配合、統(tǒng)籌規(guī)劃，是企業(yè)實(shí)現(xiàn)可持續(xù)增長(zhǎng)的保障。其中最為經(jīng)典的是希金斯的財(cái)務(wù)可持續(xù)增長(zhǎng)理論，希金斯在企業(yè)的經(jīng)營(yíng)效率和財(cái)務(wù)政策保持不變的情況下給出了可持續(xù)增長(zhǎng)經(jīng)典模型，并通過(guò)對(duì)資產(chǎn)的劃分得出了含通貨膨脹的可持續(xù)增長(zhǎng)模型。但模型并未對(duì)負(fù)債細(xì)分并進(jìn)一步研究其受通脹的影響。本文以希金斯含通貨膨脹的財(cái)務(wù)可持續(xù)增長(zhǎng)模型為基礎(chǔ)，，對(duì)負(fù)債進(jìn)行細(xì)分并考慮其受通脹的影響，改進(jìn)了企業(yè)財(cái)務(wù)可持續(xù)增長(zhǎng)模型；通過(guò)逐項(xiàng)提高改進(jìn)后可持續(xù)增長(zhǎng)模型中的財(cái)務(wù)指標(biāo)，探究了各項(xiàng)財(cái)務(wù)指標(biāo)與可持續(xù)增長(zhǎng)率的關(guān)系及其對(duì)財(cái)務(wù)可持續(xù)增長(zhǎng)率的影響程度；利用SPSS18.0統(tǒng)計(jì)軟件對(duì)內(nèi)蒙古15家資源型上市公司2007-2012年的財(cái)務(wù)可持續(xù)增長(zhǎng)狀況進(jìn)行了實(shí)證分析，通過(guò)威爾科克森帶符號(hào)等級(jí)檢驗(yàn)方法，分析了內(nèi)蒙古資源型上市公司是否實(shí)現(xiàn)了可持續(xù)增長(zhǎng)；通過(guò)因子分析方法，將14項(xiàng)財(cái)務(wù)指標(biāo)按共線性強(qiáng)弱分成盈利能力、成長(zhǎng)能力、償債能力、營(yíng)運(yùn)能力四大類(lèi)；通過(guò)逐步回歸方法，得出四類(lèi)能力指標(biāo)對(duì)可持續(xù)增長(zhǎng)率的影響強(qiáng)度；最后結(jié)合內(nèi)蒙古資源型上市公司現(xiàn)狀及改進(jìn)的財(cái)務(wù)可持續(xù)增長(zhǎng)模型，提出了企業(yè)實(shí)現(xiàn)財(cái)務(wù)可持續(xù)增長(zhǎng)的建議。
[Abstract]:The resource is the foundation of the national economy development, is the essential raw material in the national production.According to the classification of resource types, Inner Mongolia resource-based listed companies can be classified into five types: coal type, non-ferrous metallurgical type, black metallurgical type, biological resource type and petrochemical type.At the third Plenary session of the 18th CPC Central Committee, "protecting scarce resources, eliminating backward production capacity and promoting the extension of industrial chain" were the top priorities of industrial planning during the 12th Five-Year Plan period.As the "leader" of listed companies, resource-based listed companies should make use of their rich financing channels, open market space, perfect institutional advantages, and promote the industrialization process of resource-based companies.Compared with the overall listed companies in Inner Mongolia Autonomous region, although the Inner Mongolia Resource-based listed companies have considerable advantages in number, Baotou Steel shares, Baotou Iron and Steel rare earths and other individual companies are also benchmark enterprises in the industry.However, Inner Mongolia Resource-based listed companies have low overall operating performance, high operating risk and excessive investment, which seriously affect their market competitiveness and sustainable growth ability.The theory of financial sustainable growth emphasizes the coordination of growth rate and financial resources, and the overall planning is the guarantee for enterprises to achieve sustainable growth.One of the most classical is Higgins' theory of sustainable financial growth. Higgins gives a classical model of sustainable growth under the condition that business efficiency and financial policy remain unchanged.And through the division of assets, a sustainable growth model with inflation is obtained.However, the model does not subdivide the debt and further study the impact of inflation.Based on Higgins' model of financial sustainable growth with inflation, this paper subdivides the debt and considers the influence of inflation, and improves the model of financial sustainable growth of enterprises.By improving the financial indicators of the improved sustainable growth model, the relationship between the financial indicators and the sustainable growth rate and its impact on the financial sustainable growth rate are explored.The financial sustainable growth of 15 resource-based listed companies in Inner Mongolia from 2007 to 2012 was analyzed by using SPSS18.0 software.This paper analyzes whether Inner Mongolia resource-based listed companies achieve sustainable growth, divides 14 financial indexes into four categories according to the collinear strength and weakness by factor analysis, such as profitability, growth ability, solvency and operation ability.Through the method of stepwise regression, the influence intensity of four kinds of capability indexes on sustainable growth rate is obtained. Finally, combined with the current situation of resource-based listed companies in Inner Mongolia and the improved financial sustainable growth model,Put forward the suggestion that the enterprise realizes the financial sustainable growth.
【學(xué)位授予單位】：內(nèi)蒙古科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F425;F406.7

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