本文選題：煤炭行業(yè)　切入點：資產(chǎn)結(jié)構(gòu)　出處：《華東交通大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：煤炭行業(yè)是我國的基礎(chǔ)產(chǎn)業(yè),其在電力、熱力方面都起到重要作用,在我國國民經(jīng)濟中占據(jù)著重要地位。而煤炭上市公司,作為煤炭行業(yè)中公司規(guī)模較大、經(jīng)營較好的企業(yè),為開辟煤炭行業(yè)的融資道路以及改善公司治理結(jié)構(gòu)等方面具有重要作用,同時也有利于現(xiàn)代企業(yè)制度在煤炭企業(yè)的實施。然而隨著近年來煤炭市場疲軟,外界逐漸減少在煤炭產(chǎn)業(yè)的投資,企業(yè)效益持續(xù)下降,同時由于多年來煤炭積累的巨量產(chǎn)能,市場在供給上的調(diào)整速度遲緩,煤炭價格持續(xù)大幅下跌,幾乎整個行業(yè)都處于虧損狀態(tài)。此外,由于煤炭企業(yè)內(nèi)部沒有合理的資源配置,這導(dǎo)致了資產(chǎn)結(jié)構(gòu)不合理,資產(chǎn)在企業(yè)的生產(chǎn)經(jīng)營中的作用無法得到最大限度的發(fā)揮,從而進一步削弱盈利水平。資產(chǎn)結(jié)構(gòu)是指企業(yè)的總資產(chǎn)中各項資產(chǎn)所占的比值,表示出的是一種比例關(guān)系。資產(chǎn)結(jié)構(gòu)其實就是企業(yè)對資金利用程度效果的體現(xiàn),當(dāng)一個企業(yè)將資金引入后,后續(xù)將會出現(xiàn)不同形式的資產(chǎn),因此這就對企業(yè)資產(chǎn)結(jié)構(gòu)的合理性提出了要求,是否擁有合理的資產(chǎn)結(jié)構(gòu)意味著企業(yè)能否在未來持續(xù)進行正常的生產(chǎn)經(jīng)營活動,同時也影響企業(yè)的盈利情況。如果企業(yè)的資產(chǎn)結(jié)構(gòu)不合理,可能會阻礙企業(yè)未來的發(fā)展,嚴重時甚至可以導(dǎo)致企業(yè)的破產(chǎn)。因此本文在現(xiàn)有的研究成果上,考慮到煤炭產(chǎn)業(yè)在我國經(jīng)濟中的重要地位,將煤炭行業(yè)上市公司作為樣本,研究資產(chǎn)結(jié)構(gòu)與盈利能力之間的關(guān)系。本文從煤炭行業(yè)著手,依據(jù)2011年至2015年28家煤炭上市公司年度財務(wù)報表的數(shù)據(jù),通過實證分析并結(jié)合查閱的國內(nèi)外文獻,對煤炭行業(yè)上市公司資產(chǎn)結(jié)構(gòu)與盈利能力間存在的關(guān)系進行分析研究。首先,利用煤炭企業(yè)公布的財務(wù)數(shù)據(jù)進行分別對其資產(chǎn)結(jié)構(gòu)和盈利能力進行分析,并從中找出影響煤炭企業(yè)資產(chǎn)結(jié)構(gòu)合理性的原因;其次,以上海和深圳上市的二十八家煤炭行業(yè)上市公司為樣本,對其在2011-2015年的資產(chǎn)結(jié)構(gòu)與盈利能力作定量分析。同時選出更可以代表資產(chǎn)結(jié)構(gòu)的5個指標(biāo):存貨比率、貨幣資金比率、固定資產(chǎn)比率、應(yīng)收賬款比率、以及無形資產(chǎn)比率,再選取代表獲利水平的總資產(chǎn)報酬率和凈資產(chǎn)收益率。在對各指標(biāo)數(shù)據(jù)進行描述性統(tǒng)計后,設(shè)定總資產(chǎn)報酬率和凈資產(chǎn)收益率為被解釋變量,以存貨比率、貨幣資金比率、固定資產(chǎn)比率、應(yīng)收賬款比率和無形資產(chǎn)比率作解釋變量,進行多元回歸分析,實證檢驗資產(chǎn)結(jié)構(gòu)和盈利能力的定量關(guān)系。由實證分析可以得出結(jié)論:在總資產(chǎn)中,貨幣資金的占比與盈利能力正相關(guān);應(yīng)收賬款、存貨、固定資產(chǎn)為負相關(guān),無形資產(chǎn)比率相關(guān)性不顯著。最后針對前文的分析結(jié)果,針對煤炭行業(yè)的特點,為構(gòu)建合理的資產(chǎn)結(jié)構(gòu)、提升獲利能力提出相關(guān)建議。
[Abstract]:The coal industry is the basic industry of our country, which plays an important role in electric power and thermal power, and occupies an important position in the national economy of our country. It plays an important role in opening up the financing path of the coal industry and improving the corporate governance structure. It is also conducive to the implementation of the modern enterprise system in coal enterprises. However, with the weakness of the coal market in recent years, The outside world has gradually reduced its investment in the coal industry, and the profits of enterprises have continued to decline. At the same time, as a result of the huge capacity accumulated in coal over the years, the market has been slow to adjust its supply, and the price of coal has continued to drop sharply. Almost the entire industry is in a state of loss. In addition, because there is no reasonable allocation of resources within coal enterprises, this leads to an unreasonable structure of assets, and the role of assets in the production and operation of enterprises cannot be maximized. Thus further weakening the level of profitability. The asset structure refers to the ratio of each asset in the total assets of an enterprise, indicating a proportional relationship. The asset structure is in fact the embodiment of the effect of the enterprise on the degree of capital utilization. When an enterprise introduces funds, there will be different forms of assets in the future, so the rationality of the asset structure of the enterprise is required. Whether the enterprise has a reasonable asset structure means that the enterprise can continue to carry out normal production and operation activities in the future, and at the same time affect the profit situation of the enterprise. If the asset structure of the enterprise is not reasonable, it may hinder the future development of the enterprise. If it is serious, it can even lead to the bankruptcy of enterprises. Therefore, in the light of the existing research results, considering the important position of coal industry in our economy, this paper takes listed companies in coal industry as a sample. Based on the data of 28 coal listed companies' annual financial statements from 2011 to 2015, this paper studies the relationship between asset structure and profitability. The relationship between asset structure and profitability of listed companies in coal industry is analyzed. Firstly, the asset structure and profitability of listed companies are analyzed by using the financial data published by coal enterprises. And find out the reasons that affect the rationality of coal enterprises' asset structure. Secondly, take 28 listed coal industry companies listed in Shanghai and Shenzhen as samples. Quantitative analysis of its asset structure and profitability in 2011-2015. Five indicators more representative of asset structure are also selected: inventory ratio, monetary capital ratio, fixed asset ratio, accounts receivable ratio, and intangible asset ratio. Then select the rate of return on total assets and the rate of return on net assets, which represent the level of profit. After the descriptive statistics are made on the data of each index, the rate of return on total assets and the rate of return on net assets are set as the explained variables. The ratio of fixed assets, accounts receivable and intangible assets is explained by multivariate regression analysis, and the quantitative relationship between asset structure and profitability is empirically tested. The proportion of money funds is positively related to profitability; accounts receivable, inventory, fixed assets are negative correlation, intangible assets ratio correlation is not significant. Finally, according to the previous analysis results, according to the characteristics of the coal industry, In order to build a reasonable asset structure, improve profitability put forward relevant suggestions.
【學(xué)位授予單位】：華東交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F426.21;F832.51

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