發(fā)布時間：2018-05-06 13:41

  本文選題：資產(chǎn)質(zhì)量 + 企業(yè)績效　； 參考：《成都理工大學(xué)》2012年碩士論文

【摘要】：資產(chǎn)是企業(yè)得以生存發(fā)展的基礎(chǔ)，是企業(yè)獲取物質(zhì)利益的基石，其質(zhì)量的優(yōu)劣不僅反映出企業(yè)當(dāng)前的生存狀態(tài)，還決定著企業(yè)未來的發(fā)展?jié)摿�。Harri（s1990）曾指出“資產(chǎn)質(zhì)量是企業(yè)經(jīng)營活動的結(jié)果，是公司質(zhì)量的表現(xiàn)之一”。那么，如何分辨資產(chǎn)質(zhì)量的優(yōu)劣？我國上市公司的資產(chǎn)質(zhì)量狀況如何？資產(chǎn)質(zhì)量又是如何影響企業(yè)績效的？企業(yè)該如何對資產(chǎn)質(zhì)量進(jìn)行管理？投資者如何辨別企業(yè)的真實業(yè)績和企業(yè)的發(fā)展?jié)摿�？本文以企業(yè)資產(chǎn)質(zhì)量評價及其與企業(yè)績效的關(guān)系作為研究主題，對我國上市公司資產(chǎn)質(zhì)量的總體現(xiàn)狀和行業(yè)現(xiàn)狀進(jìn)行分析，并指出我國上市公司資產(chǎn)質(zhì)量管理中存在的問題，通過對資產(chǎn)質(zhì)量的特征進(jìn)行分析，提出資產(chǎn)質(zhì)量的本質(zhì)特征和質(zhì)量特征，在資產(chǎn)質(zhì)量特征分析的基礎(chǔ)上，結(jié)合行業(yè)背景差異因素，設(shè)計資產(chǎn)質(zhì)量評價的通用性指標(biāo)和適用性指標(biāo)，構(gòu)建資產(chǎn)質(zhì)量綜合評價體系，對我國上市公司資產(chǎn)質(zhì)量進(jìn)行評價分析，從股東、債權(quán)人、員工和政府4個主要利益相關(guān)者角度衡量企業(yè)經(jīng)營績效，通過建立線性回歸模型，對企業(yè)資產(chǎn)質(zhì)量與企業(yè)績效進(jìn)行回歸分析，并運用實證研究方法，檢驗資產(chǎn)質(zhì)量對企業(yè)經(jīng)營績效的作用機(jī)理。 圍繞這一思路，本文的研究邏輯結(jié)構(gòu)安排如下： 第一部分為引言，提出本文的主要研究問題和研究意義和目的、界定本文的相關(guān)概念，，說明本文的邏輯結(jié)構(gòu)。 第二部分為文獻(xiàn)綜述，從資產(chǎn)質(zhì)量研究和企業(yè)績效研究兩部分內(nèi)容入手，對國內(nèi)外的相關(guān)研究文獻(xiàn)進(jìn)行回顧整理，并做簡要評述。 第三部分為上市公司資產(chǎn)質(zhì)量現(xiàn)狀分析，從我國證券市場發(fā)展?fàn)顩r出發(fā)，對上市公司資產(chǎn)質(zhì)量總體現(xiàn)狀和行業(yè)現(xiàn)狀進(jìn)行分析，指出我國上市公司資產(chǎn)質(zhì)量管理中存在的問題。 第四部分為資產(chǎn)質(zhì)量評價指標(biāo)構(gòu)建，通過理論分析界定資產(chǎn)質(zhì)量的特征，分析資產(chǎn)質(zhì)量各特征對企業(yè)經(jīng)營的影響，在此基礎(chǔ)上納入行業(yè)影響因素，構(gòu)建資產(chǎn)質(zhì)量通用性指標(biāo)和適用性指標(biāo)相結(jié)合的資產(chǎn)質(zhì)量評價體系。 第五部分為資產(chǎn)質(zhì)量評價實證研究，根據(jù)前文構(gòu)建的資產(chǎn)質(zhì)量評價體系，選取2007-2010年A股上市公司樣本數(shù)據(jù)，運用熵權(quán)法對樣本公司資產(chǎn)質(zhì)量進(jìn)行評價分析，為后續(xù)研究奠定基礎(chǔ)。 第六部分為上市公司資產(chǎn)質(zhì)量與企業(yè)績效實證分析，以利益相關(guān)者理論為基礎(chǔ)，從股東、債權(quán)人、員工、政府4個主要利益相關(guān)者角度建立企業(yè)績效衡量指標(biāo)，通過構(gòu)建線性回歸模型并對模型進(jìn)行修正，檢驗上市公司資產(chǎn)質(zhì)量與企業(yè)經(jīng)營績效的關(guān)系。并針對實證結(jié)果提出相應(yīng)對策建議。 第七部分為結(jié)論，概括本文的主要觀點，并指出本文研究中存在的不足，以及后續(xù)研究方向。 通過我國上市公司資產(chǎn)質(zhì)量現(xiàn)狀分析表明，（1）上市公司總體資產(chǎn)規(guī)模逐年穩(wěn)步增長；（2）總體資產(chǎn)負(fù)債比率處于中等水平，且各年度間變化不大，沒有過高的債務(wù)風(fēng)險，基本能夠保持整體的結(jié)構(gòu)的穩(wěn)定；（3）總體資產(chǎn)收益情況和應(yīng)收賬款周轉(zhuǎn)率變化較大，其原因可能是受到當(dāng)時的經(jīng)濟(jì)環(huán)境影響；（4）各行業(yè)資產(chǎn)無論是規(guī)模、收益、周轉(zhuǎn)還是保障性方面，各行業(yè)間都具有較大差異，說明資產(chǎn)質(zhì)量在不同行業(yè)中具有不同表現(xiàn)。 通過構(gòu)建資產(chǎn)質(zhì)量綜合評價指標(biāo)體系，運用熵權(quán)法對2007-2010年A股上市公司資產(chǎn)質(zhì)量進(jìn)行評價，結(jié)果表明，（1）我國上市公司資產(chǎn)質(zhì)量整體水平較低，各公司間資產(chǎn)質(zhì)量狀況差異較大，高質(zhì)量等級公司數(shù)量極少，而資產(chǎn)質(zhì)量較差的公司數(shù)量相對較多，并且大多數(shù)公司處于一般質(zhì)量等級，造成整體水平偏低；（2）資產(chǎn)質(zhì)量特征方面，資產(chǎn)的有效性、增值性和盈利性方面與標(biāo)準(zhǔn)值相差過多，資產(chǎn)獲現(xiàn)性和結(jié)構(gòu)性相差較多，資產(chǎn)的風(fēng)險性和保障性方面相差較少，說明上市公司在資產(chǎn)質(zhì)量各方面的表現(xiàn)極不均衡；（3）各行業(yè)資產(chǎn)質(zhì)量發(fā)展?fàn)顟B(tài)不均衡，優(yōu)劣程度變化大，行業(yè)整體資產(chǎn)管理效率較低，嚴(yán)重影響企業(yè)經(jīng)營和行業(yè)發(fā)展。 通過多角度衡量企業(yè)績效，并建立線性回歸模型，對企業(yè)資產(chǎn)質(zhì)量與企業(yè)績效兩者間的關(guān)系進(jìn)行了計量檢驗。實證結(jié)果顯示，資產(chǎn)質(zhì)量與凈資產(chǎn)收益率、利息保障倍數(shù)、員工工資增長率及稅費增長率之間均呈現(xiàn)正相關(guān)關(guān)系，說明企業(yè)資產(chǎn)質(zhì)量對企業(yè)經(jīng)濟(jì)收益，即股東權(quán)益保障、債權(quán)人權(quán)益保障、員工權(quán)益保障和政府收益保障都具有正面影響，具體而言：（1）企業(yè)資產(chǎn)質(zhì)量越好，企業(yè)的經(jīng)濟(jì)收益越好，股東權(quán)益的保障程度越高；（2）企業(yè)資產(chǎn)質(zhì)量越好，企業(yè)的償債保障越高，債權(quán)人的權(quán)益保障程度越高；（3）企業(yè)資產(chǎn)質(zhì)量越好，企業(yè)支付員工工資增長越高，員工權(quán)益保障程度越高；（4）企業(yè)資產(chǎn)質(zhì)量越好，企業(yè)繳納稅收增長率越高，政府的收益保障程度越高。實證結(jié)果從4方面說明資產(chǎn)質(zhì)量與企業(yè)經(jīng)營績效具有明顯正相關(guān)關(guān)系。 針對實證結(jié)果，本文提出以下對策建議：（1）加強(qiáng)政府宏觀調(diào)控及監(jiān)管力度，推進(jìn)產(chǎn)業(yè)結(jié)構(gòu)調(diào)整。，建立健全產(chǎn)業(yè)發(fā)展規(guī)劃和監(jiān)督機(jī)制，清理盤活閑置資產(chǎn)，防止重復(fù)建設(shè)，避免不良資產(chǎn)生，減少資源浪費，提高資產(chǎn)利用效率。（2）樹立質(zhì)量管理理念，改善企業(yè)資產(chǎn)管理效率，減少不良資產(chǎn)占用，從企業(yè)戰(zhàn)略層面對現(xiàn)有資源得進(jìn)行合理分配利用，增強(qiáng)資產(chǎn)使用的目的性，優(yōu)化資產(chǎn)結(jié)構(gòu)，加強(qiáng)企業(yè)創(chuàng)新能力，提高投資決策科學(xué)性。建立相應(yīng)的投資決策監(jiān)督責(zé)任機(jī)制，防止無效投資和過渡投資，建立完備的資產(chǎn)質(zhì)量管理制度和責(zé)任監(jiān)督機(jī)制，加強(qiáng)易產(chǎn)生不良資產(chǎn)的資產(chǎn)項目的管理力度，增強(qiáng)企業(yè)的抗風(fēng)險能力，提高資產(chǎn)管理效率。（3）提高資產(chǎn)質(zhì)量關(guān)注度，包括資產(chǎn)的真實規(guī)模、資產(chǎn)結(jié)構(gòu)的合理性、資產(chǎn)負(fù)債情況、資產(chǎn)的收益性等，通過觀察企業(yè)與行業(yè)狀況，清晰掌握企業(yè)真實情況，為投資者制定投資決策提供信息參考。
[Abstract]:Assets are the foundation of the survival and development of the enterprise and the cornerstone of the enterprise to obtain material benefits. The quality of its quality not only reflects the existing state of the enterprise, but also determines the future development potential of the enterprise.Harri (s1990) once pointed out that "the quality of the assets is the result of the business activities of the enterprise, and it is one of the performance of the quality of the company". How to identify the quality of assets? How is the quality of the assets of the listed companies in China? How does the quality of the assets affect the performance of the enterprise? How should the enterprise manage the quality of the assets? How do investors identify the real performance of the enterprise and the potential for the development of the enterprise? The main topic is to analyze the overall status and current situation of the assets quality of the listed companies in China, and point out the existing problems in the management of the assets quality of the listed companies in our country. Through the analysis of the characteristics of the quality of the assets, the essential characteristics and quality characteristics of the quality of the assets are put forward, on the basis of the analysis of the quality of the assets, and on the basis of the industry back. The general index and applicability index of asset quality evaluation are designed, and the comprehensive evaluation system of assets quality is constructed. The assets quality of the listed companies in China is evaluated and analyzed. The enterprise management performance is measured from the angles of 4 main stakeholders of shareholders, creditors, employees and the government, and the linear regression model is established for the enterprise by establishing a linear regression model. A regression analysis is conducted between asset quality and corporate performance, and empirical research is used to test the mechanism of asset quality on business performance.
Around this idea, the logical structure of the study is arranged as follows:
The first part is the introduction, which puts forward the main research questions and significance and purpose of the study, defines the relevant concepts and explains the logical structure of this article.
The second part is the literature review, starting with the two parts of the research on the quality of assets and the research of enterprise performance, reviewing and reviewing the relevant research literature at home and abroad, and making a brief review.
The third part is the analysis of the status quo of the assets quality of the listed companies. Starting from the development of the securities market in China, this paper analyzes the overall status of the assets quality of the listed companies and the current situation of the industry, and points out the problems existing in the management of the assets of the listed companies in China.
The fourth part is the construction of asset quality evaluation index. Through theoretical analysis, it defines the characteristics of asset quality, analyzes the impact of the characteristics of asset quality on the enterprise management, and on this basis, integrates the industry influence factors, and constructs the asset quality evaluation system which combines the universal index of asset quality and the applicability index.
The fifth part is the empirical study of asset quality evaluation. According to the assets quality evaluation system constructed in the previous article, the sample data of the listed companies of A shares for 2007-2010 years are selected, and the entropy method is used to evaluate the quality of the Sample Firms assets, which lays the foundation for the follow-up study.
The sixth part is an empirical analysis of the assets quality and enterprise performance of listed companies. Based on stakeholder theory, the enterprise performance measurement index is established from the angle of 4 main stakeholders of shareholders, creditors, employees and government. By building a linear regression model and modifying the model, the quality of the listed companies and the performance of the enterprise are tested. The corresponding countermeasures and suggestions are put forward according to the empirical results.
The seventh part is the conclusion, generalizes the main points of this article, and points out the deficiencies in this study and the future research directions.
Through the analysis of the assets quality of Listed Companies in China, it is shown that (1) the overall asset scale of listed companies is growing steadily year by year; (2) the overall asset liability ratio is at the middle level, and there is little change between each year, there is no high debt risk, and the overall structure stability can be maintained basically; (3) overall asset returns and accounts receivable. The turnover rate varies greatly, and its reason may be influenced by the economic environment at that time. (4) the assets of all industries are different in terms of scale, income, turnover or guarantee, which shows that the quality of assets has different performance in different industries.
By constructing the comprehensive evaluation index system of the assets quality, this paper evaluates the assets quality of the listed companies of the A shares of the 2007-2010 years by entropy method. The results show that (1) the overall level of the assets quality of the listed companies of our country is low, the difference of the assets quality among the companies is great, the quantity of the high quality and other grade companies is very few, and the quantity of the company's quantity is poor. Relatively more, and most of the companies in the general quality level, resulting in the overall level of low; (2) property quality characteristics, asset effectiveness, value added and profitability and standard values of too much difference, assets and structural differences are more, asset risk and security are less different, indicating that the listed companies are in the capital. The performance of all aspects of the quality of production is extremely uneven; (3) the unbalanced development of the assets quality of various industries, the great change in the degree of good and bad, the low efficiency of the overall asset management in the industry, seriously affecting the business and the development of the industry.
By measuring enterprise performance in multiple angles and establishing a linear regression model, the relationship between the quality of enterprise assets and enterprise performance is measured. The empirical results show that the asset quality is positively related to the net asset yield, the interest rate of interest, the rate of employee's wage growth and the rate of tax increase, indicating the enterprise assets. Quality has a positive impact on the economic income of the enterprise, that is, the protection of the shareholders' rights and interests, the protection of the creditor's rights and interests, the protection of the rights and interests of the employees and the guarantee of the government income. The better the (1) the better the quality of the enterprise's assets, the better the economic profit of the enterprise and the guarantee of the shareholders' rights and interests; (2) the better the quality of the enterprise's assets, the higher the debt service guarantee of the enterprise, the debt of the enterprise. The higher the rights and interests of the owner, the better the protection of the rights and interests of the enterprises; (3) the better the quality of the enterprise assets, the higher the wage growth of the employees, the higher the level of the protection of the employees' rights and interests; (4) the better the quality of the enterprise assets, the higher the tax growth rate of the enterprises, the higher the government's income guarantee. The empirical results show that the quality of assets and the business performance of the enterprise have 4 aspects. Obviously positive correlation.
In view of the empirical results, this paper puts forward the following countermeasures and suggestions: (1) strengthen the government macro-control and supervision, promote industrial structure adjustment, establish and improve industrial development planning and supervision mechanism, clean up the idle assets, prevent duplication of construction, avoid bad capital, reduce the waste of resources and improve the efficiency of asset utilization. (2) set up quality management The idea is to improve the efficiency of enterprise asset management, reduce the occupancy of non-performing assets, make rational distribution and utilization of existing resources from the strategic level of the enterprise, enhance the purpose of the use of assets, optimize the structure of assets, strengthen the ability of enterprise innovation and improve the scientificity of investment decision. Transition investment, establish a complete asset quality management system and responsibility supervision mechanism, strengthen the management of asset items that easily produce non-performing assets, enhance the enterprise's risk resistance and improve the efficiency of asset management. (3) improve the quality of assets, including the real scale of assets, the rationality of asset structure, assets and liabilities, assets. By observing the status of enterprises and industries, we can clearly grasp the real situation of enterprises and provide information for investors to make investment decisions.

【學(xué)位授予單位】：成都理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F273.4;F832.51;F224

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