我国造纸业上市公司经营绩效评价实证研究

发布时间：2019-06-04 00:05

【摘要】：作为中国四大发明的造纸术,为世界经济的发展和文化的传播起到了举足轻重的作用。造纸业在中国的发展,经历了从小作坊到上市公司、跨国集团的历史阶段,由于其产业关联性强,带动着农业、林业、工业的同步发展,造纸业已经发展成为我国国民经济的基础性产业。结合目前国际、国内造纸业环境,全球造纸业发展趋势迅猛,呈现出以下行业特点：经济规模化、技术集成化、产品功能多样化、生产清洁化和林纸一体化的模式。基于绩效评价理论体系,并结合我国造纸业实际情况,对我国造纸业上市公司进行绩效评价,分析优势和不足、以及影响财务绩效优劣势的原因,提出改进经营绩效的措施。因此,对我国造纸业上市公司经营绩效进行实证研究具有一定的理论和现实意义。首先,根据绩效评价理论和指标体系设计原则,选取我国24家造纸业上市公司2007年至2011年5年的财务数据,从盈利能力、股东获利能力、偿债能力、营运能力、发展能力、获取现金流量能力、股本扩张能力七个方面进行综合评价。其次,采用因子分析法一般步骤对选取的样本进行分析,根据综合得分情况对24家造纸企业进行排名,综合得分差距较大,两极分化较严重。综合得分排名前八的企业,在盈利及成长因子、偿债因子、获利因子、扩张能力因子、固定资产营运因子、存货因子六个方面得分均比较靠前,反之,在六个方面表现较差,反映了它们在利用社会资源、自身管理水平、经营效率方面的差距。根据因子分析法得出的结论,来分析影响造纸业经营绩效的原因,具体表现在：资源先天缺乏、原材料结构配置不合理、技术创新不足三个方面的比较优势欠缺；融资能力差；项目管理水平低下。通过对上述影响造纸业经营绩效的原因进行分析,进一步提出改进造纸业经营绩效的措施,概况为以下几个方面：第一,从资源布局战略、全面质量管理战略、技术战略、品牌战略四个方面来培养造纸企业核心竞争力；第二,从提升企业综合治理势力、实施多元化的融资渠道两个方面来建立完善的融资体系；第三,以优越的条件吸纳人才、积极地培养人才,来增强造纸企业的项目管理能力。最后,以晨鸣纸业为例来进行经营绩效评价,分析其发展壮大的经验：坚持不断的管理创新；融资渠道多元化；扩张模式多样化；建设现代化的物流配送系统；发展强大的电子商务平台；建立稳固的原材料供应体系。通过对我国造纸业经营绩效现状进行评价,并结合未来造纸业的发展势头,提出了晨鸣纸业进一步发展的策略选择：继续走兼并、集中的扩张之路；向资源布局型发展；实施库存降低策略；打造绿色环保产品；进一步实施差异化竞争战略。
[Abstract]:As the four great inventions in China, papermaking plays an important role in the development of world economy and the spread of culture. The development of paper industry in China has gone through the historical stage of small workshops to listed companies and multinational groups. Because of its strong industrial relevance, it has led to the synchronous development of agriculture, forestry and industry. The paper industry has developed into the basic industry of our national economy. Combined with the current international and domestic paper industry environment, the global paper industry development trend is rapid, showing the following industry characteristics: economic scale, technical integration, product function diversification, production cleaning and forest paper integration model. Based on the theoretical system of performance evaluation and the actual situation of paper industry in China, this paper evaluates the performance of listed companies in paper industry in China, analyzes the advantages and disadvantages, as well as the reasons that affect the advantages and disadvantages of financial performance, and puts forward some measures to improve the operating performance. Therefore, the empirical study on the operating performance of listed companies in China's paper industry has certain theoretical and practical significance. First of all, according to the theory of performance evaluation and the design principle of index system, the financial data of 24 listed companies in paper industry in China from 2007 to 2011 are selected, from profitability, shareholder profitability, solvency, operating ability and development ability. To obtain cash flow capacity, equity expansion capacity seven aspects of comprehensive evaluation. Secondly, the general steps of factor analysis are used to analyze the selected samples, and 24 papermaking enterprises are ranked according to the comprehensive score. The comprehensive score gap is large and the polarization is serious. The top eight enterprises with comprehensive scores scored better in six aspects: profit and growth factor, debt service factor, profit factor, expansion ability factor, fixed asset operation factor and inventory factor. On the contrary, they performed poorly in six aspects. It reflects their gap in the use of social resources, their own management level and business efficiency. According to the conclusion of factor analysis method, this paper analyzes the reasons that affect the management performance of paper industry, which is manifested in the following aspects: the innate shortage of resources, the unreasonable allocation of raw materials structure and the lack of comparative advantage in three aspects: the lack of comparative advantage, the poor financing ability, and the lack of technological innovation. The level of project management is low. Based on the analysis of the above reasons affecting the business performance of the paper industry, this paper further puts forward some measures to improve the business performance of the paper industry. The general situation is as follows: first, from the resource layout strategy, the total quality management strategy, Technology strategy, brand strategy to cultivate the core competitiveness of papermaking enterprises; Second, from two aspects of promoting the comprehensive governance power of enterprises and implementing diversified financing channels to establish a perfect financing system; Third, to absorb talents under superior conditions and actively train talents to enhance the project management ability of papermaking enterprises. Finally, taking Chenming Paper industry as an example, this paper analyzes its experience of development and growth: persisting in continuous management innovation, diversified financing channels, diversified expansion model, building modern logistics distribution system, and analyzing the experience of its development and growth: persistent management innovation, diversification of financing channels, diversification of expansion mode, construction of modern logistics distribution system, and analysis of its development experience. Develop a strong e-commerce platform; establish a solid raw material supply system. Through the evaluation of the present situation of the management performance of the paper industry in China, and combined with the development momentum of the paper industry in the future, this paper puts forward the strategic choices for the further development of the paper industry: continue to take the road of merger and centralized expansion, develop to the resource distribution type; Implement inventory reduction strategy; create green environmental protection products; further implement differential competition strategy.
【学位授予单位】：武汉理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.83

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