VI
摘 要
铝在我国的需求量仅次于钢铁，而且铝是行业关联度极高的产业，与其关联
的产业涉及建筑、交通运输业、机械制造、电子行业等。铝业的健康发展在国民
经济中占有重要的地位。目前未见专门针对铝工业行业上市公司财务绩效实证研
究的报道，铝工业行业上市公司财务绩效的实证研究对于铝工业行业财务绩效评
价有重要意义，对铝工业发展决策具有参考价值。

本文综述了国内外财务绩效评价研究的相关文献，阐述了财务绩效评价的理
论基础——委托代理理论和利益相关者理论，以沪深两市上市的 18 家铝工业行
业上市公司为研究样本，对 18 家铝工业行业上市公司 2007 至 2011 年财务现状
进行描述性统计分析，得知：2009 年开始铝工业行业盈利能力逐步提高；5 年间
铝工业行业营运能力虽有提高，但幅度很小；铝工业行业偿债能力比较好，而且
短期偿债能力有所提高；铝工业行业企业间成长能力参差不齐。

运用因子分析法评价了 18 家铝工业行业上市公司的财务绩效，评价实证研
究结果显示：2011 年铝工业行业上市公司财务绩效比较理想，总资产增长率、
销售净利率和流动比率是影响铝工业行业财务绩效的关键因素；通过 2008 至
2011 年上市公司四年财务绩效得分的综合比较分析，得出：铝行业上市公司财
务绩效参差不齐，四年财务绩效比较好的企业有南山铝业、利源铝业、亚太科技、
罗普斯金和栋梁新材，财务绩效不好的企业有中国铝业、*ST 关铝、常铝股份、
宁波富邦等。然后选取了南山铝业、利源铝业、亚太科技、罗普斯金、栋梁新材、
中孚实业和焦作万方 7 家上市公司为对象，分析其财务绩效好或差的原因。

在上述分析的基础上，本文提出了加强技术改造，提高产品的技术含量，降
低企业生产成本；设法提高企业的成长能力；促进产业链发展，提高盈利能力；
加大铝土矿资源开发力度，加大开拓铝市场力度，提高营运能力，以提高铝工业
行业企业的财务绩效水平。

关键词：铝工业；上市公司； 财务绩效； 因子分析法VII
Abstract
The demand of aluminium is second only to the demand of iron and steel in
China. And aluminium industry is highly related to other industries, for example
Construction，transportation, machinery manufacturing, electronic industry and so on.
The healthy development of aluminum is very important to the national economy. But
there has been not financial performance study about aluminum industry listed
company so that it has important significance to the theory of aluminum industry
financial performance, as well as has reference value for the aluminum industry
development polic.
This paper reviews the relevant literature on financial performance evaluation at
home and abroad, expounds the theoretical foundation of financial performance
evaluation -- the principal-agent theory and the stakeholder theory, as 18 aluminum
industry listing Corporation that listing in Shanghai and Shenzhen two city as research
sample, then descriptive statistically analysing 18 aluminum industry listing
Corporation from 2007 to 2011 financial situation, finally drawing five Conclusions.
The first one is that profitability of aluminum industry gradually increasese in the
beginning of 2009. The second one is the operation ability of aluminum industry has
increased in 5 years, but the magnitude is very small. The third one is the solvency
ability of aluminum industry is good, and short-term debt-paying ability has improved.
The last one is the growth ability of aluminum industry enterprises is uneven.
Using the factor analysis method to evaluate the 18 aluminum industry listing
Corporation&39;s financial performance evaluation, the empirical result shows: the
financial performance of aluminum industry listing Corporation is ideal in 2011, and
the key factors to affect the financial performance of aluminum industry is the growth
rate of total assets, sales net interest rate and liquidity ratio. Then through
comprehensive comparison and analysis the financial performance score of listing
Corporation from 2008 to 2011 years, drawing that the leve of the aluminum industry
listing Corporation financial performance is uneven, the enterprises that have good
financial performance in four years are Nanshan aluminum, Liyuan aluminum,
Asia-Pacific Technology, Ropes Kim and the pillars of the new material, the
enterprises that have bad financial performance in four years are China aluminum,
*ST aluminum, Ningbo Fubon and so on. Finally the paper selects 7 listing
Corporation as the object, analysising the causes of its financial performance is good