中國鋼鐵行業(yè)財務(wù)績效考評研究
發(fā)布時間：2018-07-25 10:29
【摘要】：2012中國鋼鐵規(guī)劃論壇上，中鋼協(xié)人士指出，由于訂單減少、庫存增加，鋼鐵業(yè)產(chǎn)能過剩十分明顯。從2011年四季度開始，鋼企的鋼鐵主業(yè)已開始虧損，2012年1、2月份已經(jīng)陷入全行業(yè)虧損。面對國內(nèi)市場需求不旺、原料價格高位波動、庫存高位且去庫存緩慢、鋼價成本線低位波動、資金緊張和企業(yè)虧損等一系列復(fù)雜問題，形勢十分嚴(yán)峻。在嚴(yán)峻的生存危機與挑戰(zhàn)面前，每一個鋼鐵企業(yè)都面臨著如何提升自身核心競爭力的問題。培育核心競爭力，關(guān)鍵是要擁有一批具有一定素質(zhì)和專業(yè)技能的各級各類人才。因此，，如何公平、公正地對鋼鐵企業(yè)的經(jīng)營績效進(jìn)行評價目前己成為財務(wù)研究領(lǐng)域的一個重要課題。與此同時，正確的發(fā)揮企業(yè)績效考評的導(dǎo)向作用，建立科學(xué)有效的激勵約束機制，對于改善鋼鐵企業(yè)的經(jīng)營狀況，提高企業(yè)經(jīng)營管理水平，提升企業(yè)核心競爭力更具有現(xiàn)實指導(dǎo)意義。 本文回顧了相關(guān)研究文獻(xiàn)，借鑒國內(nèi)外企業(yè)績效考評的理論與實踐經(jīng)驗，結(jié)合我國鋼鐵行業(yè)實際情況，以激勵理論為指導(dǎo)，通過理論聯(lián)系實際，運用文獻(xiàn)研究法、實地調(diào)查法取得第一手資料，用主成分分析法（PCA）對償債能力狀況、營運能力狀況、盈利能力狀況、發(fā)展能力狀況和市價表現(xiàn)狀況五個方面初步選取的30個績效評價指標(biāo)進(jìn)行篩選，得到14個評價指標(biāo)，分別是評價企業(yè)償債能力的流動比率、利息保障倍數(shù)、長期資本負(fù)債率；評價企業(yè)營運能力的總資產(chǎn)周轉(zhuǎn)率、固定資產(chǎn)周轉(zhuǎn)率、應(yīng)收賬款周轉(zhuǎn)率；評價企業(yè)盈利能力的成本費用利潤率、銷售毛利率；評價企業(yè)增長能力的營業(yè)利潤增長率、總資產(chǎn)增長率、營業(yè)收入增長率、資本保值增值率；評價企業(yè)市場表現(xiàn)的市盈率、市凈率。再用熵值法確定上述相互獨立變量的指標(biāo)權(quán)重，建立了鋼鐵行業(yè)績效評價體系，并以2011年我國鋼鐵行業(yè)上市公司為實證研究對象，進(jìn)行了實證研究。就2011年鋼鐵行業(yè)上市公司的截面數(shù)據(jù)來分析，增長能力對鋼鐵企業(yè)績效評價的影響程度最大，償債能力和營運能力也是影響鋼鐵企業(yè)績效評價的一個重要因素，另外盈利能力對鋼鐵企業(yè)績效評價的影響比較突出，而市場表現(xiàn)對鋼鐵企業(yè)績效評價的影響稍弱。 隨后提出了投入產(chǎn)出空間的概念，指出了擴大企業(yè)空間的措施，以空間理論為基礎(chǔ)，構(gòu)建了鋼鐵企業(yè)內(nèi)部財務(wù)績效考評體系，包括生產(chǎn)主體的考評、職能處室的考評及高新產(chǎn)品推廣中心的考評。上述考評體系可使企業(yè)管理不斷深化，持續(xù)提升公司競爭力。
[Abstract]:At the 2012 China Iron and Steel Planning Forum, CISA sources pointed out that overcapacity in the steel industry was evident as orders fell and inventories increased. Since the fourth quarter of 2011, steelmakers' main steel industry has started to lose money, and in January and February 2012, it has fallen into industry-wide losses. Facing a series of complex problems, such as low demand in domestic market, high price fluctuation of raw materials, high inventory and slow destocking, low fluctuation of steel price cost line, shortage of funds and losses of enterprises, the situation is very severe. In the face of severe survival crisis and challenge, every iron and steel enterprise is faced with the problem of how to enhance its core competitiveness. To cultivate the core competence, the key is to have a number of talents at all levels with certain quality and professional skills. Therefore, how to evaluate the management performance of iron and steel enterprises fairly and impartially has become an important subject in the field of financial research. At the same time, giving full play to the guiding role of enterprise performance evaluation and establishing scientific and effective incentive and restraint mechanism can improve the management status and management level of iron and steel enterprises. Improving the core competitiveness of enterprises has practical significance. This paper reviews the relevant research literature, draws lessons from the theory and practice experience of domestic and foreign enterprises' performance appraisal, combines the actual situation of iron and steel industry in our country, takes the incentive theory as the guidance, through the theory unifies the practice, uses the literature research method, Field investigation method obtained first-hand information, principal component analysis (PCA) was used to determine the solvency, operating capacity, profitability, Through the selection of 30 performance evaluation indexes from five aspects of development ability and market price performance, 14 evaluation indexes are obtained, which are liquidity ratio, interest guarantee multiple and long-term capital debt ratio. To evaluate the total assets turnover, fixed assets turnover and accounts receivable turnover of the enterprise's operating capacity; to evaluate the cost-expense profit margin and the sales gross profit rate of the enterprise's profitability; to evaluate the operating profit growth rate of the enterprise's growth capacity, The growth rate of total assets, the growth rate of operating income, the rate of capital preservation and appreciation, the price-to-book ratio of evaluating the market performance of enterprises. Then the index weight of the above independent variables is determined by entropy method, and the performance evaluation system of iron and steel industry is established, and the empirical research is carried out with the listed companies of iron and steel industry in 2011 as the empirical research object. Based on the cross-section data of listed companies in iron and steel industry in 2011, the growth ability has the greatest influence on the performance evaluation of iron and steel enterprises, and the solvency and operation ability are also an important factor affecting the performance evaluation of iron and steel enterprises. In addition, the impact of profitability on the performance evaluation of iron and steel enterprises is more prominent, while the impact of market performance on the performance evaluation of iron and steel enterprises is slightly weak. Then put forward the concept of input-output space, pointed out the measures to expand the enterprise space, based on the space theory, set up the internal financial performance evaluation system of iron and steel enterprises, including the evaluation of the main body of production. The appraisal of the functional department and the high-tech product promotion center. The above-mentioned evaluation system can make the enterprise management deepen and continuously enhance the competitiveness of the company.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F426.31;F406.7
本文編號：2143544
[Abstract]:At the 2012 China Iron and Steel Planning Forum, CISA sources pointed out that overcapacity in the steel industry was evident as orders fell and inventories increased. Since the fourth quarter of 2011, steelmakers' main steel industry has started to lose money, and in January and February 2012, it has fallen into industry-wide losses. Facing a series of complex problems, such as low demand in domestic market, high price fluctuation of raw materials, high inventory and slow destocking, low fluctuation of steel price cost line, shortage of funds and losses of enterprises, the situation is very severe. In the face of severe survival crisis and challenge, every iron and steel enterprise is faced with the problem of how to enhance its core competitiveness. To cultivate the core competence, the key is to have a number of talents at all levels with certain quality and professional skills. Therefore, how to evaluate the management performance of iron and steel enterprises fairly and impartially has become an important subject in the field of financial research. At the same time, giving full play to the guiding role of enterprise performance evaluation and establishing scientific and effective incentive and restraint mechanism can improve the management status and management level of iron and steel enterprises. Improving the core competitiveness of enterprises has practical significance. This paper reviews the relevant research literature, draws lessons from the theory and practice experience of domestic and foreign enterprises' performance appraisal, combines the actual situation of iron and steel industry in our country, takes the incentive theory as the guidance, through the theory unifies the practice, uses the literature research method, Field investigation method obtained first-hand information, principal component analysis (PCA) was used to determine the solvency, operating capacity, profitability, Through the selection of 30 performance evaluation indexes from five aspects of development ability and market price performance, 14 evaluation indexes are obtained, which are liquidity ratio, interest guarantee multiple and long-term capital debt ratio. To evaluate the total assets turnover, fixed assets turnover and accounts receivable turnover of the enterprise's operating capacity; to evaluate the cost-expense profit margin and the sales gross profit rate of the enterprise's profitability; to evaluate the operating profit growth rate of the enterprise's growth capacity, The growth rate of total assets, the growth rate of operating income, the rate of capital preservation and appreciation, the price-to-book ratio of evaluating the market performance of enterprises. Then the index weight of the above independent variables is determined by entropy method, and the performance evaluation system of iron and steel industry is established, and the empirical research is carried out with the listed companies of iron and steel industry in 2011 as the empirical research object. Based on the cross-section data of listed companies in iron and steel industry in 2011, the growth ability has the greatest influence on the performance evaluation of iron and steel enterprises, and the solvency and operation ability are also an important factor affecting the performance evaluation of iron and steel enterprises. In addition, the impact of profitability on the performance evaluation of iron and steel enterprises is more prominent, while the impact of market performance on the performance evaluation of iron and steel enterprises is slightly weak. Then put forward the concept of input-output space, pointed out the measures to expand the enterprise space, based on the space theory, set up the internal financial performance evaluation system of iron and steel enterprises, including the evaluation of the main body of production. The appraisal of the functional department and the high-tech product promotion center. The above-mentioned evaluation system can make the enterprise management deepen and continuously enhance the competitiveness of the company.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F426.31;F406.7
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