基于因子分析的安徽省上市企业绩效评价研究

发布时间：2018-09-10 16:36

【摘要】：上市公司作为优秀企业的代表,在同行业中具有较强的市场竞争能力和盈利能力,它们的发展对地区经济的发展繁荣发挥着重要的作用,上市公司的数量和规模也在一定程度上代表了该地区的经济水平。因此,对一个地区的上市公司的经营业绩进行评价就显得尤为重要。通过绩效评价不仅可以使企业管理者了解自身的经营现状,根据分析找出不足点并改进管理水平从而获得提高,而且可以为投资者提供决策参考来进行理性投资,获取收益,更可以为政策制定者提供一个能合理反映其所管辖上市公司的经营现状的方法,从而制定相应的政策。本文在对国内外公司绩效评价理论分析的基础上,首先对安徽近十年的上市公司的年报数据进行对比分析,发现安徽省上市公司的数量逐年增加,行业分布涉及二十多个领域,股票市场价值总额呈逐步上升趋势,每年筹集资金总额逐年攀升,但是安徽省上市公司仍然存在地区分布不均匀,第三产业的上市公司所占比重相对较小等问题,因此安徽省需要根据自身的特点有针对性的采取措施,调整和升级产业结构,提高产业结构优化水平。随后以2012年安徽省76家上市公司为样本,选取了总资产利润率、主营业务利润率、成本费用利润率、营业利润率、流动比率、速动比率、现金比率、主营业务收入增长率、总资产增长率、总资产周转率、流动资产周转率等十一个财务指标,建立经营绩效评价指标体系,并运用SPSS 17.0统计软件建立相应的计量模型,进行因子分析,从而得到安徽省76家上市公司的因子得分与排名情况,并据此分别从企业的盈利能力、偿债能力、营运能力、发展能力和综合绩效五个方面进行比较分析,得到结论：1.综合绩效的排名和盈利能力的得分有较强的相关关系；2.优秀的发展能力能够有助于企业绩效的提高;3.良好的运营和偿债能力有助于企业的稳定发展；4.各行业绩效趋势不同。最后从安徽省区域经济发展的特点出发,并结合安徽省上市公司绩效评价结果,提出安徽省上市企业发展的五条政策建议：1.抓住资源优势,加大对主导上市公司的扶持力度；2.以专业化经营为指导战略；3.加快技术进步,推动企业发展；4.调整产业结构,实现产业升级；5.加强市场体系建设,规范上市公司的治理结构。
[Abstract]:As representatives of outstanding enterprises, listed companies have strong market competitiveness and profitability in the same industry. Their development plays an important role in the development and prosperity of regional economy. The number and scale of listed companies also represent the economic level of the region to some extent. Therefore, it is particularly important to evaluate the operating performance of listed companies in a region. Through the performance evaluation, not only can the managers know their own management status, find out the deficiencies and improve the management level according to the analysis, but also can provide investors with the decision reference to make rational investment and gain income. It can also provide a reasonable way for the policy makers to reflect the management status of listed companies under their jurisdiction, so as to formulate corresponding policies. Based on the theoretical analysis of domestic and foreign companies' performance evaluation, this paper compares and analyzes the annual report data of Anhui's listed companies in the past ten years, and finds that the number of listed companies in Anhui Province is increasing year by year, and the industry distribution involves more than 20 fields. The total value of the stock market is gradually rising, and the total amount of funds raised every year is rising year by year. However, the listed companies in Anhui Province still have problems such as uneven regional distribution and relatively small proportion of listed companies in the tertiary industry. Therefore, Anhui Province needs to take measures according to its own characteristics, adjust and upgrade the industrial structure, improve the level of industrial structure optimization. Then taking 76 listed companies in Anhui Province in 2012 as a sample, the paper selects total asset profit rate, main business profit margin, cost-expense profit margin, operating profit margin, current ratio, liquidity ratio, cash ratio, main business income growth rate. Eleven financial indexes, such as total asset growth rate, total asset turnover rate, turnover rate of current assets, are established. The evaluation index system of business performance is established, and the corresponding measurement model is established by using SPSS 17.0 statistical software, and the factor analysis is carried out. The factor scores and rankings of 76 listed companies in Anhui Province are obtained. Based on this, the author compares and analyzes the profitability, solvency, operating capacity, development ability and comprehensive performance of enterprises, and draws a conclusion: 1. There is a strong correlation between the ranking of comprehensive performance and the score of profitability. Excellent development ability can contribute to the improvement of enterprise performance. Good operation and solvency contribute to the stable development of enterprises. Performance trends vary from industry to industry. Finally, based on the characteristics of regional economic development in Anhui Province and the results of performance evaluation of listed companies in Anhui Province, this paper puts forward five policy recommendations on the development of listed enterprises in Anhui Province: 1. Seize the advantage of resources and increase the support for leading listed companies. Take the specialized management as the guiding strategy. Speed up technological progress and promote the development of enterprises. Readjusting the industrial structure and realizing industrial upgrading. Strengthen the construction of market system, standardize the governance structure of listed companies.
【学位授予单位】：安徽农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275

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