發(fā)布時(shí)間：2018-08-25 19:30

【摘要】：伴隨著經(jīng)濟(jì)增長的放緩,我國GDP的增速呈放緩趨勢(shì),由前些年的高速增長變?yōu)榻鼛啄甑闹懈咚僭鲩L,逐漸步入了發(fā)展的新常態(tài)時(shí)期,我國制造業(yè)作為支柱性產(chǎn)業(yè)也面臨了巨大的壓力與影響,制造業(yè)的發(fā)展速度也開始放緩,開始進(jìn)入到新常態(tài)時(shí)期。隨著國家提出的兩化融合體系與頒布的《中國制造2025》,制造業(yè)又引起了各界的關(guān)注。制造業(yè)的高固定成本導(dǎo)致了其行業(yè)具有較高的經(jīng)營杠桿,進(jìn)而導(dǎo)致較高的經(jīng)營風(fēng)險(xiǎn),而經(jīng)營杠桿可以反映企業(yè)對(duì)固定資產(chǎn)的利用率,通過研究企業(yè)經(jīng)營杠桿水平,可以完善企業(yè)成本管理,合理控制投入與產(chǎn)出的關(guān)系,在生產(chǎn)經(jīng)營過程中獲取杠桿效益。然而,大部分的學(xué)者對(duì)我國上市公司的研究主要集中在資本結(jié)構(gòu)方面,對(duì)經(jīng)營杠桿的研究相對(duì)比較匱乏,所以研究企業(yè)經(jīng)營杠桿對(duì)于企業(yè)調(diào)控成本結(jié)構(gòu)、改善企業(yè)經(jīng)營策略、提高企業(yè)經(jīng)營效益具有重要意義�；�于此,本文首先對(duì)經(jīng)營杠桿的研究情況進(jìn)行了全面分析,介紹經(jīng)營杠桿的內(nèi)涵并闡述經(jīng)營杠桿的影響因素。其次選取國泰安數(shù)據(jù)庫中A股制造業(yè)上市公司2010-2015年的數(shù)據(jù)樣本為研究對(duì)象,通過成本結(jié)構(gòu)分解模型得出固定成本與變動(dòng)成本數(shù)據(jù),進(jìn)行制造業(yè)上市公司經(jīng)營杠桿系數(shù)的計(jì)算。再次選擇企業(yè)盈利能力指標(biāo),分析企業(yè)經(jīng)營杠桿系數(shù)的總體水平、分布情況。最后通過企業(yè)整體財(cái)務(wù)狀況與經(jīng)營杠桿系數(shù)區(qū)間的對(duì)應(yīng)關(guān)系,確定經(jīng)營杠桿系數(shù)最優(yōu)區(qū)間。本文研究結(jié)果表明:制造業(yè)上市公司2010-2015年經(jīng)營杠桿總體平均值為3.998,其中經(jīng)營杠桿處于[1,2.5]區(qū)間的制造業(yè)企業(yè)數(shù)量最多,占到總企業(yè)數(shù)的64.42%,企業(yè)經(jīng)營杠桿最優(yōu)區(qū)間為[1,2.5],在此區(qū)間企業(yè)財(cái)務(wù)狀況達(dá)到最高水平。制造業(yè)上市公司應(yīng)注重對(duì)資產(chǎn)結(jié)構(gòu)的管理,保持合理的成本結(jié)構(gòu),加強(qiáng)對(duì)經(jīng)營杠桿的控制,使經(jīng)營杠桿保持在合理區(qū)間,同時(shí)制定合理的經(jīng)營策略,使經(jīng)營杠桿發(fā)揮正向的杠桿效應(yīng),保證企業(yè)可以持續(xù)健康穩(wěn)定的發(fā)展。
[Abstract]:With the slowdown of economic growth, the growth rate of GDP in China shows a tendency to slow down, from the high speed growth in previous years to the medium and high speed growth in recent years, which has gradually entered the new normal period of development. As a pillar industry, the manufacturing industry of our country also faces enormous pressure and influence, the development speed of the manufacturing industry also begins to slow down, beginning to enter the new normal period. With the integration of the two systems and the promulgation of "made in China 2025", the manufacturing industry has attracted the attention of all walks of life. The high fixed cost of manufacturing industry leads to higher operating lever, which leads to higher operating risk, which can reflect the utilization rate of fixed assets. It can perfect the enterprise cost management, control the relation between input and output reasonably, and obtain the lever benefit in the process of production and management. However, most of the scholars' research on listed companies in China is mainly focused on the capital structure, and the research on the management leverage is relatively scarce, so the research on the enterprise management leverage to adjust and control the cost structure of the enterprise, improve the enterprise management strategy. It is of great significance to improve the operating efficiency of enterprises. Based on this, this paper firstly makes a comprehensive analysis of the research situation of business leverage, introduces the connotation of business leverage and expounds the influencing factors of business leverage. Secondly, the data sample of A share manufacturing listed companies in Cathay Security database from 2010 to 2015 is selected as the research object. The fixed cost and variable cost data are obtained by the cost structure decomposition model, and the operating leverage coefficient of manufacturing listed companies is calculated. Then select the profitability index to analyze the overall level and distribution of the business leverage coefficient. Finally, the optimal interval of the operating lever coefficient is determined by the corresponding relationship between the whole financial situation of the enterprise and the interval of the operating lever coefficient. The results of this study show that the average operating lever of manufacturing listed companies from 2010 to 2015 is 3.998, in which the number of manufacturing enterprises in the range of [12.5] is the largest. Accounting for 64.42% of the total number of enterprises, the optimal range of business leverage is [12.5], in which the financial situation of enterprises reaches the highest level. The listed companies in manufacturing industry should pay attention to the management of assets structure, maintain reasonable cost structure, strengthen the control of operating lever, keep the management lever in a reasonable range, and formulate reasonable management strategy at the same time. Make the management lever exert the positive lever effect, guarantee the enterprise can develop healthily and stably.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F425;F406.7

【相似文獻(xiàn)】

相關(guān)期刊論文 前10條

1 王靜剛;關(guān)于經(jīng)營杠桿理論的探討[J];華東經(jīng)濟(jì)管理;2000年01期

2 鄭翔;李國妤;;經(jīng)營杠桿模型的建立和探討[J];科技進(jìn)步與對(duì)策;2003年15期

3 容少華;基于企業(yè)經(jīng)營杠桿的一點(diǎn)看法[J];財(cái)會(huì)月刊;2004年07期

4 馮宗敏,崔毅;經(jīng)營杠桿指標(biāo)的分解及應(yīng)用[J];財(cái)會(huì)月刊;2004年11期

5 孫莉;李妍妍;;關(guān)于經(jīng)營杠桿的區(qū)間分析[J];財(cái)會(huì)月刊;2007年14期

6 汪冬梅;;經(jīng)營杠桿與經(jīng)營風(fēng)險(xiǎn)關(guān)系的經(jīng)濟(jì)學(xué)解釋[J];財(cái)會(huì)通訊(理財(cái)版);2007年07期

7 魏東玲;;淺談企業(yè)經(jīng)營杠桿[J];商場現(xiàn)代化;2007年34期

8 劉承智;;經(jīng)營杠桿定量分析在教學(xué)中的改進(jìn)[J];邵陽學(xué)院學(xué)報(bào)(社會(huì)科學(xué)版);2008年S1期

9 張榮山;;芻議經(jīng)營杠桿系數(shù)與安全邊際率的關(guān)系[J];財(cái)會(huì)月刊;2008年03期

10 任月明;;經(jīng)營杠桿問題探析[J];會(huì)計(jì)師;2009年04期

相關(guān)重要報(bào)紙文章 前9條

1 鄭海英;用經(jīng)營杠桿系數(shù)判斷經(jīng)營風(fēng)險(xiǎn)[N];中國財(cái)經(jīng)報(bào);2003年

2 ;經(jīng)營杠桿與經(jīng)營風(fēng)險(xiǎn)[N];財(cái)會(huì)信報(bào);2005年

3 朱會(huì);控制經(jīng)營風(fēng)險(xiǎn)關(guān)鍵看變動(dòng)成本（一）[N];海峽財(cái)經(jīng)導(dǎo)報(bào);2005年

4 潘笑融;鋼貿(mào)商，試水電商促轉(zhuǎn)型[N];中國冶金報(bào);2014年

5 寧博;這個(gè)承包合同忽略了什么？[N];中國財(cái)經(jīng)報(bào);2004年

6 寧博　李雪勤　李海峰;利潤，我怎樣才能不掉進(jìn)你的陷阱[N];中國財(cái)經(jīng)報(bào);2005年

7 ;鄂武商 穩(wěn)定增長 價(jià)值低估[N];中國證券報(bào);2007年

8 黃靚;穩(wěn)定的德國成中國投資新寵[N];中國聯(lián)合商報(bào);2014年

9 記者 王曉宇;64家非上市券商去年盈利增逾四成[N];上海證券報(bào);2014年

相關(guān)碩士學(xué)位論文 前8條

1 張娜;創(chuàng)業(yè)板上市公司財(cái)務(wù)杠桿與經(jīng)營杠桿對(duì)財(cái)務(wù)績效的影響研究[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2015年

2 葛欣;上市公司經(jīng)營杠桿的實(shí)證研究[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2017年

3 楊淑慧;滬深上市公司經(jīng)營杠桿實(shí)證研究[D];中國海洋大學(xué);2006年

4 高婧;基于作業(yè)成本法的經(jīng)營杠桿研究[D];山西大學(xué);2011年

5 鄭曉琳;作業(yè)成本法下經(jīng)營杠桿模型的修正[D];山西大學(xué);2012年

6 楊曉紅;經(jīng)營杠桿與財(cái)務(wù)杠桿對(duì)公司系統(tǒng)風(fēng)險(xiǎn)的影響[D];上海財(cái)經(jīng)大學(xué);2006年

7 肖鳳梅;杠桿匹配對(duì)公司財(cái)務(wù)業(yè)績影響的實(shí)證研究[D];新疆財(cái)經(jīng)大學(xué);2010年

8 唐凌鳳;S公司財(cái)務(wù)診斷與優(yōu)化[D];華南理工大學(xué);2010年

，

本文編號(hào)：2203875