【作者】 李娟；

【导师】 徐伟平；

【作者基本信息】 湖南大学 ， 应用经济学， 2020， 硕士

【摘要】 民营经济是我国国民经济发展的重要力量,在我国经济供给侧结构性改革背景下,经济发展方式正在由粗放式向内涵式转变,因此民营上市企业中各方利益相关者对企业经营绩效越来越关注。探索不同行业民营上市企业经营绩效的影响因素并进行差异分析,有利于企业根据行业特性提高经营绩效。通过理论分析可知,影响企业经营绩效的因素主要包括企业规模、股权集中度、高管薪酬和财务杠杆。其中民营上市企业规模通过影响企业盈利能力、偿债能力和营运能力对经营绩效产生影响;企业股权集中度越高则越有利于经营绩效的提高;企业高管薪酬的提高对经营绩效同时具有正向和负向的作用;企业财务杠杆与经营绩效之间存在倒U型关系,长期负债相比于流动负债来说更利于经营绩效的提升。通过收集整理2009-2018年569家民营上市企业的相关数据,采用主成份分析法对企业和各行业的经营绩效进行评价可知,2009-2018年我国民营上市企业的综合经营绩效呈现持续下降趋势,而行业差异在2009-2011年间呈现扩大趋势,2011-2016年间呈现缩小趋势,2016-2018年间又呈现扩大趋势。为了进一步研究民营上市企业经营绩效的影响因素和行业差异,通过构建面板回归模型进行实证分析后发现,对经营绩效的各层面影响中,企业规模对盈利能力、成长能力具有正向作用,对现金流量和营运能力具有负向作用;股权集中度对盈利能力、偿债能力、成长能力、营运能力和综合经营绩效均存在正向作用;高管薪酬对盈利能力和成长能力具有负向作用,对现金流量和营运能力具有正向作用;财务杠杆与企业的盈利能力、偿债能力、成长能力之间存在倒U型关系,与现金流量存在U型关系,而当财务杠杆超过一定水平后对营运能力和综合经营绩效具有负向作用。此外,对于不同的财务杠杆,长期负债比例对企业的偿债能力、成长能力和综合经营绩效具有正向作用,对现金流量具有负向作用。由于行业经营情况不同,这些影响因素存在明显的行业差异。企业规模对综合经营绩效的正向作用仅存在于房地产、电力热力燃气及水生产和供应业。股权集中度对综合经营绩效的正向作用仅存在于制造业、信息传输软件和信息技术服务业、交通运输仓储和邮政业。财务杠杆对综合经营绩效的影响在行业间差异较大,信息传输软件和信息技术服务业存在倒U型关系,批发和零售业存在负向作用,电力热力燃气及水生产和供应业存在正向作用,而制造业和房地产业均是在超过一定水平后存在负向作用。为了促进各行业民营上市企业经营绩效协调发展,需要从持续性扩大企业规模、合理调整股权结构、改善高管薪酬结构和优化企业财务杠杆四方面进行,具体包括:提高房地产业、电力热力燃气及水生产和供应业的企业规模;控制信息传输软件和信息技术服务业企业规模的扩张速度;提高制造业、信息传输软件和信息技术服务业、交通运输仓储和邮政业的股权集中度;单一化现金薪酬激励效果有限,要结合股权激励,丰富高管薪酬结构;降低房地产业整体财务杠杆但提高长期负债比例,适当提高制造业、批发和零售业的长期负债比例。更多还原

【Abstract】 Through theoretical analysis,it can be seen that the factors that affect enterprise performance mainly include enterprise size,equity concentration,executive compensation and financial leverage.According to the analysis of the situation,the number by the end of 2019 China’s private listed companies a total of 2376,industry management features include: mainly manufacturing,finance,enterprise scale is the most abundant but doing less overall,wholesale and retail business is the best,electric heating gas and water production and supply industry overall management worst,transportation,warehousing and postal service profit ability,scientific research and technology service industry growth ability best best.Through the principal component analysis method to evaluate the business performance of enterprises and various industries,it can be seen that from 2009 to 2018,the comprehensive business performance of China’s private listed enterprises presented a trend of continuous decline,while the industry difference presented an increasing trend from 2009 to 2011,a decreasing trend from 2011 to 2016,and an expanding trend from 2016 to 2018.In order to further study the factors affecting the business performance of private listed enterprises and the industry differences,the empirical analysis by building a panel regression model shows that among the influences on business performance at all levels,enterprise size has a positive effect on profitability and growth ability,and a negative effect on cash flow and operation ability.Equity concentration has a positive effect on profitability,debt paying ability,growth ability,operating ability and comprehensive management performance.Executive compensation has a negative effect on profitability and growth,and a positive effect on cash flow and operating capacity.There is an inverted U-shaped relationship between financial leverage and an enterprise’s profitability,debt paying ability and growth ability,and u-shaped relationship between financial leverage and cash flow.When financial leverage exceeds a certain level,it has a negative effect on operating ability and comprehensive management performance.In addition,for different financial leverage,the ratio of long-term debt has a positive effect on the enterprise’s solvency,growth ability and comprehensive management performance,and a negative effect on cash flow.Because of the difference of industry management,there are obvious differences in these influencing factors.The positive effect of Enterprise scale on comprehensive operating performance only exists in the production and supply of real estate,electric power,heating gas and water.The positive effects of ownership concentration on comprehensive operating performance only exist in manufacturing,information transmission software and information technology services,transportation warehousing and postal services.The influence of financial leverage on comprehensive operating performance is quite different among industries,there is an inverted u-shaped relationship between information transmission software and information technology services,and there is a negative effect between wholesale and retail industries,the production and supply of electricity,heat,gas and water have a positive effect,while the manufacturing and real estate industries have a negative effect after exceeding a certain level.In order to promote the coordinated development of the operating performance of private listed enterprises in various industries,it is necessary to continuously expand the enterprise scale,reasonably adjust the shareholding structure and optimize the financial leverage of enterprises.Specifically,it includes: improving the enterprise scale of real estate industry,electric power,heat,gas and water production and supply industries;To control the expansion speed of information transmission software and information technology service industry enterprises;Increasing equity concentration in manufacturing,information transmission software and information technology services,transportation,warehousing and postal services;Reduce the overall financial leverage of the real estate industry but increase the proportion of long-term debt,and appropriately increase the proportion of long-term debt of the manufacturing industry,wholesale and retail industry.更多还原