本文選題：工業(yè)制造業(yè) + 資本回報(bào)率　； 參考：《中國(guó)海洋大學(xué)》2014年碩士論文

【摘要】：對(duì)我國(guó)資本回報(bào)率的測(cè)算一直是近年來(lái)國(guó)內(nèi)外研究的熱點(diǎn)問(wèn)題，但當(dāng)前的研究成果基本上都是基于全國(guó)平均水平和視角，而對(duì)于某個(gè)地區(qū)或組織的資本回報(bào)率測(cè)算卻少有涉及。山東省是我國(guó)的經(jīng)濟(jì)大省，國(guó)內(nèi)生產(chǎn)總值一直位居全國(guó)前列，其制造業(yè)在工業(yè)中占據(jù)著主導(dǎo)地位。對(duì)山東省工業(yè)制造業(yè)資本回報(bào)率測(cè)算與利潤(rùn)來(lái)源進(jìn)行研究，對(duì)于探尋山東省經(jīng)濟(jì)增長(zhǎng)動(dòng)力，具有重要意義。 本文選取了2007-2012年6年間的山東省工業(yè)制造業(yè)共40家上市公司作為研究樣本，采用實(shí)證研究的方法，以?xún)糍Y產(chǎn)收益率和總資產(chǎn)收益率作為衡量資本回報(bào)率的核心指標(biāo)，多角度選取研究變量，對(duì)240個(gè)樣本數(shù)據(jù)進(jìn)行面板數(shù)據(jù)回歸分析。研究結(jié)果表明，山東省工業(yè)制造業(yè)企業(yè)的資產(chǎn)負(fù)債率與資本回報(bào)率負(fù)相關(guān)，職工薪酬與其正相關(guān)，機(jī)器設(shè)備增長(zhǎng)率與其正相關(guān)，技術(shù)人員數(shù)量與其正相關(guān)，股權(quán)集中度與其呈現(xiàn)正U型相關(guān)。山東省工業(yè)制造業(yè)企業(yè)的利潤(rùn)來(lái)源于較低的負(fù)債水平，人力資本、技術(shù)資本、固定資產(chǎn)的投入以及合理的股權(quán)結(jié)構(gòu)。 本文分為六個(gè)部分。第一部分為引言，介紹了本文的研究背景、選題依據(jù)、研究的具體問(wèn)題以及研究問(wèn)題的意義和價(jià)值。第二部分是文獻(xiàn)綜述和理論基礎(chǔ)，回顧了國(guó)內(nèi)外關(guān)于資本回報(bào)率和傳統(tǒng)杜邦分析體系的研究成果，并作簡(jiǎn)單評(píng)述，對(duì)成本收益理論和價(jià)值創(chuàng)造理論進(jìn)行了總結(jié)。第三部分是研究方法與設(shè)計(jì)，包括樣本數(shù)據(jù)的選取，變量的設(shè)計(jì)、假設(shè)的提出和模型的選擇。第四部分為描述性統(tǒng)計(jì)及檢驗(yàn)，分別對(duì)自變量和因變量進(jìn)行了描述性統(tǒng)計(jì)，并對(duì)模型進(jìn)行了F值檢驗(yàn)和Hausman檢驗(yàn)以確定模型的回歸模式。第五部分是實(shí)證結(jié)果與分析，本文用EViews6.0對(duì)模型進(jìn)行回歸，并根據(jù)回歸結(jié)果進(jìn)行分析。第六部分是結(jié)論與政策性建議，根據(jù)本文研究的問(wèn)題和實(shí)證分析結(jié)果提出本文的結(jié)論，并探尋山東省工業(yè)制造業(yè)企業(yè)的利潤(rùn)來(lái)源，在此基礎(chǔ)上提相應(yīng)出政策，建議山東省工業(yè)制造業(yè)企業(yè)在維持合理的股權(quán)機(jī)構(gòu)基礎(chǔ)上，，控制資產(chǎn)負(fù)債率、拓寬融資渠道加大對(duì)人力資本、技術(shù)資本、固定資產(chǎn)的投入力度。 通過(guò)本文的寫(xiě)作，作者深切感受到對(duì)山東省工業(yè)制造業(yè)企業(yè)這種區(qū)域主體的資本回報(bào)率的測(cè)算和利潤(rùn)來(lái)源研究的重要性，本文的創(chuàng)新點(diǎn)在于對(duì)研究對(duì)象和變量指標(biāo)的選取以及研究結(jié)果方面的改進(jìn)。然而由于作者能力有限，本文也存在一定的研究局限性，希望以后國(guó)內(nèi)學(xué)界能對(duì)這一領(lǐng)域的探索和研究更加深遠(yuǎn)。
[Abstract]:The measurement of the rate of return on capital in China has been a hot topic in recent years, but the current research results are basically based on the national average level and perspective, but the measurement of the rate of return on capital of a certain region or organization is seldom involved. Shandong Province is a big economic province in China, and its manufacturing industry occupies a leading position in industry. It is of great significance to study the measurement of the return on capital and the source of profit of Shandong industrial manufacturing industry for exploring the motive force of economic growth in Shandong province. In this paper, 40 listed companies in the industrial manufacturing industry of Shandong Province from 2007 to 2012 are selected as the research samples, and the return on net assets and the return on total assets are taken as the core indicators to measure the return on capital. In this paper, 240 sample data were analyzed by panel data regression analysis. The results show that the asset-liability ratio of Shandong industrial manufacturing enterprises is negatively correlated with the rate of return on capital, the compensation of workers is positively correlated with it, the growth rate of machinery and equipment is positively correlated with it, and the number of technicians is positively correlated with it. Equity concentration and its positive U-type correlation. The profits of industrial manufacturing enterprises in Shandong province are derived from the lower debt level, human capital, technical capital, fixed assets investment and reasonable equity structure. This paper is divided into six parts. The first part is the introduction, which introduces the research background, the basis of the topic, the specific problems of the research and the significance and value of the research. The second part is the literature review and theoretical basis, reviews the domestic and foreign research on the return on capital and the traditional DuPont analysis system, and makes a brief comment, and summarizes the cost-benefit theory and the value creation theory. The third part is the research method and design, including sample data selection, variable design, hypothesis and model selection. In the fourth part, descriptive statistics and test are made for independent variables and dependent variables, and F-value test and Hausman test are used to determine the regression model of the model. The fifth part is empirical results and analysis, this paper uses EViews6.0 regression model, and according to the results of regression analysis. The sixth part is the conclusions and policy recommendations, according to the problems and empirical analysis of the results of this paper, and explore the source of profits of Shandong industrial manufacturing enterprises, on the basis of this, put forward the corresponding policies. It is suggested that Shandong industrial manufacturing enterprises should control the ratio of assets and liabilities on the basis of maintaining reasonable equity institutions and broaden the financing channels to increase the investment in human capital, technical capital and fixed assets. Through the writing of this paper, the author deeply feels the importance of calculating the rate of return on capital and studying the source of profit of Shandong industrial manufacturing enterprises. The innovation of this paper lies in the selection of the research object and variable index and the improvement of the research results. However, due to the limited capacity of the author, there are some limitations in this paper. It is hoped that the domestic academic circles will explore and study this field more deeply in the future.
【學(xué)位授予單位】：中國(guó)海洋大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F406.7

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