本文關(guān)鍵詞：企業(yè)效益水平實(shí)證性研究　出處：《山東大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 企業(yè)效益水平 總資產(chǎn)凈利率 凈資產(chǎn)收益率 實(shí)證分析

【摘要】：企業(yè)的效益水平對企業(yè)的生存和發(fā)展具有重要作用。本文對企業(yè)效益水平的研究主要涉及三個方面：盈利能力、償債能力和成長能力。對企業(yè)效益水平的實(shí)證研究具有重要意義,它既有利于企業(yè)經(jīng)營者及相關(guān)利益方綜合了解企業(yè)的經(jīng)營狀況及其發(fā)展變化趨勢,又有利于企業(yè)建立健全激勵和約束機(jī)制,提高企業(yè)的經(jīng)營管理水平和綜合競爭能力。 本文通過對十五個行業(yè)的120家上市公司的歷史資料分析,基于Statal2.0軟件的十五個行業(yè)的120家上市公司2009--2013年的相關(guān)財(cái)務(wù)數(shù)據(jù)分析及豪斯曼檢驗(yàn),證明基于本文的樣本數(shù)據(jù)固定效應(yīng)模型要優(yōu)于隨機(jī)效應(yīng)模型,進(jìn)而說明本文中選取的十五個行業(yè)的120家上市公司的效益水平與行業(yè)自身的差異無關(guān),而與主要的解釋變量相關(guān),即在以ROA為被解釋變量的固定效應(yīng)模型的實(shí)證結(jié)果中,營業(yè)收入同比增長率資產(chǎn)負(fù)債率和經(jīng)營現(xiàn)金流凈額與營業(yè)收入的比值在1%的水平上顯著；在以ROE為被解釋變量的固定效應(yīng)模型的實(shí)證結(jié)果中,營業(yè)收入同比增長率在1%的水平上是顯著的,資產(chǎn)負(fù)債率在10%的水平上市顯著的。從而說明盡管不同的上市公司隸屬于不同的行業(yè),但是影響企業(yè)效益水平的因素是相同的,并且在眾多影響因素中,營業(yè)收入同比增長率、資產(chǎn)負(fù)債率和經(jīng)營活動現(xiàn)金流凈額與營業(yè)收入的比值對企業(yè)效益水平的影響最為顯著。 雖然ROA、ROE都是用來衡量一個企業(yè)投入資金的回報(bào)能力的,但是ROE僅僅反映股東投入的資金的回報(bào)率,ROA反映的是股東和債權(quán)人共同投入的資金的回報(bào)率,這一指標(biāo)對上市公司的潛在投資者有著重要的作用。更重要的是,ROA是從整體上反映一家企業(yè)的資金回報(bào)率,對衡量企業(yè)的未來發(fā)展空間和潛力具有重要的參考價(jià)值,而現(xiàn)在對上市公司的評價(jià)大都采用ROA指標(biāo),這在某種程度上是片面的,不完整的。 因此,本文基于實(shí)證結(jié)果和理論兩方面的理由認(rèn)為,基于總資產(chǎn)凈利率ROA的效益指標(biāo)比基于凈資產(chǎn)收益率ROE的效益指標(biāo)更能代表企業(yè)整體的效益水平。
[Abstract]:The benefit level of the enterprise plays an important role in the survival and development of the enterprise. The study of the enterprise benefit level in this paper mainly involves three aspects: profitability. The empirical research on enterprise benefit level is of great significance, which is beneficial to the business operators and relevant stakeholders to understand the business situation and its development trend. It is also helpful for enterprises to establish and perfect incentive and restraint mechanism and to improve their management level and comprehensive competitive ability. This paper analyzes the historical data of 120 listed companies in 15 industries. The financial data analysis and Hausmann test of 120 listed companies in 15 industries based on Statal2.0 software from 2009 to 2013. It is proved that the fixed effect model based on the sample data is superior to the random effect model, which shows that the benefit level of 120 listed companies in 15 industries selected in this paper has nothing to do with the difference of the industry itself. But it is related to the main explanatory variables, that is, in the fixed effect model with ROA as the explained variable. The ratio of assets to liabilities and the ratio of net operating cash flow to operating income are significant at the level of 1%; In the empirical results of the fixed effect model with ROE as the explanatory variable, the growth rate of operating income is significant at the level of 1% year on year. The asset-liability ratio is significant at the level of 10%. This shows that although different listed companies belong to different industries, the factors that affect the enterprise benefit level are the same, and in many factors. The growth rate of operating income, the ratio of assets and liabilities and the ratio of net operating cash flow to operating income have the most significant influence on the level of enterprise benefit. Although Roam ROE is used to measure the ability of a company to return money, ROE only reflects the return on the amount of money invested by shareholders. ROA reflects the return on the amount of money invested by shareholders and creditors, an indicator that plays an important role for potential investors in listed companies. ROA is an overall reflection of a company's rate of return on funds, which has important reference value for measuring the future development space and potential of an enterprise. Now, most of the evaluation of listed companies is based on the ROA index. To some extent, this is partial and incomplete. Therefore, this paper based on empirical results and theoretical reasons. The benefit index based on the net interest rate of total assets (ROA) is better than the benefit index based on the rate of return on net assets (ROE).
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

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