本文選題：資產(chǎn)質(zhì)量　切入點(diǎn)：股權(quán)結(jié)構(gòu)　出處：《鄭州大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國證券市場(chǎng)的發(fā)展,許多制造業(yè)上市公司得到了迅速成長(zhǎng)。但是總體看來,我國制造業(yè)上市公司依然以高投入為主要方式來推動(dòng)企業(yè)的發(fā)展,大多數(shù)企業(yè)擴(kuò)大公司規(guī)模的手段依然是加大投資,而不重視投資以后的資產(chǎn)的運(yùn)營和管理。資產(chǎn)質(zhì)量是公司管理質(zhì)量的體現(xiàn),也是公司發(fā)展及成長(zhǎng)的基礎(chǔ)。上市公司股權(quán)結(jié)構(gòu)作為公司治理最主要的組成部分影響著企業(yè)的資源整合和配置,從而影響資產(chǎn)質(zhì)量的好壞。 本文選取制造業(yè)上市公司中的機(jī)械、設(shè)備、儀表業(yè)類滬深兩市A股上市公司為研究對(duì)象,采用因子分析法對(duì)制造業(yè)上市公司的資產(chǎn)質(zhì)量建立指標(biāo)評(píng)價(jià)體系,在此基礎(chǔ)上研究從2009-2011年有效樣本數(shù)據(jù)885個(gè),分別是295個(gè)公司3年的面板數(shù)據(jù),在此基礎(chǔ)上建立多元回歸模型,對(duì)股權(quán)結(jié)構(gòu)與資產(chǎn)質(zhì)量進(jìn)行實(shí)證分析。結(jié)果顯示：①制造業(yè)上市公司資產(chǎn)質(zhì)量的影響因素包括資產(chǎn)的周轉(zhuǎn)性,盈利性,固定資產(chǎn)使用情況以及資產(chǎn)的有效性。在資產(chǎn)質(zhì)量的綜合指數(shù)中,資產(chǎn)的周轉(zhuǎn)性和盈利性對(duì)資產(chǎn)質(zhì)量指標(biāo)貢獻(xiàn)較大。從資產(chǎn)質(zhì)量綜合指標(biāo)來看,大部分制造業(yè)上市公司的資產(chǎn)質(zhì)量表現(xiàn)良好。從資產(chǎn)質(zhì)量的二級(jí)指標(biāo)的分布情況來看,資產(chǎn)的周轉(zhuǎn)性欠佳,盈利性表現(xiàn)較好。說明核心利潤(rùn)率和資產(chǎn)報(bào)酬率以及凈資產(chǎn)收益率較高,但是各項(xiàng)資產(chǎn)的周轉(zhuǎn)運(yùn)營能力有待提高。②多元回歸結(jié)果顯示,在控制了公司的規(guī)模、資本結(jié)構(gòu)和公司成長(zhǎng)性后,股權(quán)集中度與資產(chǎn)質(zhì)量綜合指數(shù)顯著正相關(guān)；股權(quán)集中度與盈利性因子、固定資產(chǎn)因子和有效性因子均顯著正相關(guān),但與周轉(zhuǎn)性因子負(fù)相關(guān)。股權(quán)屬性與資產(chǎn)質(zhì)量負(fù)相關(guān)；股權(quán)屬性與資產(chǎn)質(zhì)量的綜合指數(shù)周轉(zhuǎn)性因子和固定資產(chǎn)因子正相關(guān),但與盈利性因子和有效性因子負(fù)相關(guān)；股權(quán)制衡度與公司資產(chǎn)質(zhì)量沒有相關(guān)關(guān)系。 本文創(chuàng)新點(diǎn)：①本文以資產(chǎn)質(zhì)量的特性為主線選取評(píng)價(jià)資產(chǎn)質(zhì)量的指標(biāo),構(gòu)建企業(yè)資產(chǎn)質(zhì)量的指標(biāo)評(píng)價(jià)體系。②以資產(chǎn)質(zhì)量的評(píng)價(jià)體系為基礎(chǔ)來分析和預(yù)測(cè)股權(quán)結(jié)構(gòu)對(duì)資產(chǎn)質(zhì)量的影響,并驗(yàn)證股權(quán)結(jié)構(gòu)與資產(chǎn)質(zhì)量的相關(guān)關(guān)系。本文既豐富了資產(chǎn)質(zhì)量和股權(quán)結(jié)構(gòu)的相關(guān)研究,又希望引起實(shí)務(wù)界和學(xué)術(shù)界的重視和研究。
[Abstract]:With the development of China's securities market, many manufacturing listed companies have been growing rapidly. But generally speaking, the listed companies in our manufacturing industry still use high investment as the main way to promote the development of enterprises. Most enterprises still increase their investment, but not the operation and management of the assets after they have invested. The quality of assets is the embodiment of the quality of the company's management. As the most important component of corporate governance, the equity structure of listed companies affects the integration and allocation of resources and the quality of assets. In this paper, the machinery, equipment and instruments of the listed companies in manufacturing industry are selected as the research objects, and the asset quality evaluation system of the listed companies in the manufacturing industry is established by factor analysis. On the basis of this, 885 valid sample data from 2009-2011, which are the panel data of 295 companies for 3 years, are studied. On this basis, a multivariate regression model is established. The empirical analysis of equity structure and asset quality shows that the influencing factors of asset quality of manufacturing listed companies include turnover and profitability of assets. In the composite index of asset quality, the turnover and profitability of assets contribute greatly to the asset quality index. Most listed companies in the manufacturing industry perform well in asset quality. Judging from the distribution of secondary indicators of asset quality, the turnover of assets is poor. Profitability is better. It shows that the core profit margin, return on assets and return on net assets are high, but the turnover capacity of each asset needs to be improved by more than 2 yuan regression results show that in controlling the size of the company, After capital structure and company growth, equity concentration is positively correlated with asset quality composite index, equity concentration is positively correlated with profitability factor, fixed asset factor and efficiency factor. However, it is negatively correlated with turnover factor, equity attribute and asset quality, equity attribute is positively correlated with comprehensive index turnover factor and fixed asset factor of asset quality, but it is negatively correlated with profitability factor and efficiency factor. There is no correlation between equity balance and asset quality. The innovation point of this paper is: 1. This paper takes the characteristics of asset quality as the main line to select indicators for evaluating asset quality. Based on the evaluation system of asset quality, the influence of equity structure on asset quality is analyzed and forecasted. This paper not only enriches the research on asset quality and equity structure, but also hopes to attract the attention and research of the practical and academic circles.
【學(xué)位授予單位】：鄭州大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F273.4;F832.51

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