本文關(guān)鍵詞：制造業(yè)上市公司金融化與經(jīng)營績效的相關(guān)性研究　出處：《安徽財經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：近年來,我國經(jīng)濟(jì)金融化程度日益增強(qiáng)。金融行業(yè)利潤占全部行業(yè)利潤的比例大幅升高,制造業(yè)利潤率出現(xiàn)下滑。我國金融機(jī)構(gòu)數(shù)量占我國全部上市公司數(shù)量比例不到2%,但是其所獲得的利潤占全部上市公司利潤比例從2007年的39.72%擴(kuò)大到2014年的56.36%,可見其速度之快。我國經(jīng)濟(jì)的金融化,不僅體現(xiàn)在金融行業(yè)的增長和其經(jīng)營領(lǐng)域范圍的擴(kuò)大,同時也體現(xiàn)在制造業(yè)上市公司的金融行為上。作為實體經(jīng)濟(jì)的重要支柱,制造業(yè)上市公司的首要任務(wù)是為社會提供優(yōu)質(zhì)產(chǎn)品。但是隨著我國實體產(chǎn)業(yè)利潤率的降低,近年來國內(nèi)大量制造業(yè)上市公司開始積極投資金融資產(chǎn),參與金融活動。而制造業(yè)上市公司作為經(jīng)濟(jì)發(fā)展與穩(wěn)定的基礎(chǔ),其金融化現(xiàn)象是正處于經(jīng)濟(jì)轉(zhuǎn)型關(guān)鍵時期中國應(yīng)該關(guān)注的重要問題。經(jīng)濟(jì)良好發(fā)展依賴于產(chǎn)業(yè)資本與金融資本的良性循環(huán),美國等經(jīng)濟(jì)發(fā)達(dá)國家的金融化歷程說明了一個事實:當(dāng)代金融危機(jī)爆發(fā)的主要原因在于實體經(jīng)濟(jì)過度虛擬化和泡沫化。資本如果任由其不斷涌入金融市場只能導(dǎo)致實體經(jīng)濟(jì)的衰落,加劇經(jīng)濟(jì)危機(jī)。我國制造業(yè)已經(jīng)進(jìn)入轉(zhuǎn)型升級的關(guān)鍵階段,雖然制造業(yè)金融化的現(xiàn)象和問題已經(jīng)被關(guān)注但未引起足夠重視。研究制造業(yè)上市公司金融化投資與其經(jīng)營績效的關(guān)系,有助于促進(jìn)企業(yè)健康持續(xù)發(fā)展。對于制造業(yè)上市公司參與金融活動獲得的超出其實業(yè)投資收益以及金融化對企業(yè)經(jīng)營績效的影響,國外學(xué)者并沒有給出明確的研究結(jié)論。國內(nèi)學(xué)者對于金融化與績效的關(guān)系研究的較少,基于此,首先在文章開始提出了問題,闡述了研究背景及意義,明確了研究思路與框架。其次,歸納和整理了國內(nèi)外學(xué)者的文獻(xiàn)并對相關(guān)理論進(jìn)行了闡述。接著,通過對我國全部A股制造業(yè)上市公司的實證研究,發(fā)現(xiàn)了制造業(yè)上市公司金融化與經(jīng)營績效的倒U型關(guān)系,然后結(jié)合佛山照明的案例分析了其金融化程度及影響,發(fā)現(xiàn)佛山照明金融化程度與其經(jīng)營績效為負(fù)相關(guān),根據(jù)實證結(jié)果,說明在倒U型關(guān)系的右側(cè),金融化程度過高,阻礙了企業(yè)經(jīng)營績效的增加。最后,總結(jié)了研究結(jié)論并提出了建議,本文認(rèn)為要引導(dǎo)金融更好地服務(wù)于實體經(jīng)濟(jì),加強(qiáng)金融對制造業(yè)的支持,同時,完善資本市場,重塑金融化的政策范式,抑制金融投機(jī),防止過度金融化對經(jīng)營績效產(chǎn)生不利影響。
[Abstract]:In recent years, the degree of China's financial and economic growing. The financial industry profits accounted for the proportion of industry profits increased significantly, industry profit margins decline. The number of China's financial institutions accounted for the proportion of the number of China's listed companies less than 2%, but its profits accounted for all profits of listed companies from the expansion in 2007 39.72% to 56.36% in 2014, showing its speed. China's economic and financial, not only to expand in the financial industry growth and its operation scope, but also reflected in the manufacturing industry of the financial behavior of listed companies. As an important pillar of the real economy, the primary task is to provide the manufacturing industry listed companies high quality products for the society. But with lower profit rate of Chinese industrial entities, in recent years a large number of domestic manufacturing companies began to actively invest in financial assets, participation in financial activities and the manufacturing sector. Listed companies as the basis of economic development, the financial phenomenon is in the important issue China should focus on the critical period of economic transition. The virtuous cycle of economic development depends on good industrial capital and financial capital, economy in developed countries such as America's financial history shows a fact: the main reason of contemporary financial crisis is the excessive virtualization of real economy and bubble. If the influx of capital in financial markets could lead to the decline of the real economy, exacerbating the economic crisis. China's manufacturing industry has entered a critical stage of transformation and upgrading, although the phenomena and problems of manufacturing finance has been concerned but did not cause enough attention. The research on the relationship between manufacturing industry listed companies, financial investment and business performance, help to promote the healthy and sustainable development of enterprises. For manufacturing listed companies in the financial activities Get beyond the influence the industrial investment income and financial integration on business performance, foreign scholars did not give a clear conclusion. Domestic scholars for the study of the relationship between financial performance and less, based on this, first at the beginning of the article put forward the question, elaborated the research background and significance, the research mentality and the frame secondly, summarizes domestic and foreign literature and related theories are described. Then, through the empirical research on China's A share listed companies in manufacturing industry, the reversed U relationship found Manufacturing Listed Companies in the financial and business performance, and then combined with FSL's case analysis of the degree of financial and affect, found that FSL degree of financial and business performance is negatively related, according to the empirical results, in the inverted U relationship between the right of finance level is too high, hindered by enterprises To increase business performance. Finally, summarizes the research conclusion and puts forward some suggestions, in order to guide the finance to better serve the real economy, strengthen financial support to the manufacturing industry at the same time, improve the capital market, the reshaping financial policy paradigm, inhibit financial speculation, prevent excessive financial adverse impact on business performance.

【學(xué)位授予單位】：安徽財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F425;F406.7

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本文編號：1402236