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MBA硕士论文_徐州科融环境财务评价及其影响因素分析DOC

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文本描述
摘要
市场经济的瞬息万变,国际间的合作日益加强,企业跨国之间的合作和经营成为趋
势,必然会带来企业之间国际合作的增多,关系也更为复杂,于是,在这种结构关系越
来越复杂的时代,进行严格的财务分析及其评价对任何一个企业来说都显得尤为重要

科融环境 2013-2015 年的净利润均呈现负增长,而同行业其它公司 2013-2015 年净利润
的增长率大多在 70%-80%,甚至有的年份超过 100%。那么,科融环境净利润为何呈现
负增长,同时为何与该行业其它公司出现较大的反差?于是,对科融环境的财务状况进
行研究就显得非常必要。通过对企业财务的分析,不仅可以反映企业的经营成果的好坏,
还可以及时发现企业在生产经营过程中存在的问题,为企业的经营决策和管理提供参考
依据

本文以徐州科融环境资源股份有限公司的财务状况为主线,在阐述其基本概况的基
础上,首先从资产负债、利润、现金流量三个方面分析科融环境的财务报表情况,并基
于偿债能力、盈利能力、营运能力、成长能力四个方面,详细深入的分析了科融环境的
财务状况,同时,运用杜邦分析体系,对科融环境综合财务状况进行了分析;其次,从
偿债能力、盈利能力、营运能力、成长能力等四个方面构建财务综合评价指标体系,立
足于时间和空间维度,通过构建熵值模型和因子分析模型,分别从纵向和横向两个层面
对科融环境的财务状况进行了综合评价;再次,通过构建科融环境财务影响因素指标体
系,采用协整检验与格兰杰因果关系检验法,衡量了企业规模、股权结构、资本结构等
因素对科融环境财务评价的影响;最后,得出本文的主要研究结论,并提出政策建议

本文主要得到如下结论:(1)科融环境具有较强的偿债能力,但更多的依赖于股东
的投资资金;盈利能力在逐渐减弱;营运能力总体来说一般,且在减弱;成长能力较好

(2)科融环境的财务状况随着时间的推移是逐渐减弱的;销售利润率、资产负债率、
存货周转率、净利润增长率等指标对其影响较大;净资产收益率、总资产报酬率、总资
产增长率、净资产增长率等指标对其影响较小。(3)在 14 家上市公司中,科融环境的
综合得分为-0.467027,排于第 12 位,说明其在偿债能力、盈利能力、成长能力和营运
能力方面还存在着较大的差距,表明科融环境的财务状况表现是有所欠缺的,与其他上
市公司相比存在着较大的差距。(4)企业规模对科融环境财务评价影响程度最大,其次
是股权集中度,接下来依次是第一大股东持股比例、股权制衡度、长期负债资本、资产
负债率;股权集中度、股权制衡度、资产负债率与企业规模是科融环境财务评价的格兰
杰原因

关键词:财务评价;熵值法;因子分析法;影响因素;科融环境EVALUATION ON FINANCIAL OF XUZHOU KERONG
ENVIRONMENTAL RESOURCES CO., LTD AND ITS
DETERMINANTS
ABSTRACT
With the rapid changing of market economy and increasingly strengthened international
cooperation, cooperation and operation between countries become a trend, which will
inevitably bring about increased international cooperation between enterprises and the more
complex relationship, so it’s very important for every enterprise to analyze and evaluate
finance rigorously in the more and more complex structure era. The net profit of Kerong
environment in 2013-2015 showed a negative growth, while the growth rate of net profit of
other companies in the same industry in 2013-2015 is mostly 70%-80%, and even some of the
year more than 100%. So, why the net profit of Kerong environment showed negative growth,
and at the same time there was a larger contrast between the other companies in the same
industry As a result, it is very necessary to study the science of Kerong environment
financial situation. The analysis of corporate finance, not only can reflect the business results
of good or bad, but also problem can be found in the process of production, which provided
reference for business decision-making and management.
Taking the financial situation of Xuzhou Kerong environment resources Co., Ltd. as the
main line, based on the elaboration of its basic situation, this paper analyzes the financial
statements of Kerong environment from the aspects of assets and liabilities, profit and cash
flow firstly, and based on the basic situation of ability, profitability, operational capacity and
growth ability the paper analyzes in detail of Kerong environment financial situation, and the
DuPont analysis system is used to analyze the comprehensive financial situation of Kerong
environment. Secondly, the paper tells financial comprehensive evaluation index system from
the profitability, the operation ability and the growth ability of the four aspects, based on the
time and space dimension, gives the comprehensive assessing of Kerong environment from
the vertical and horizontal two levels respectively, through the construction of the entropy
model and factor analysis model, again, the paper measures the factors impacting to the
financial evaluation of Kerong environment such as the size of the enterprise, the ownership
structure and the capital structure, through the construction of financial indicators system and
using the co-integration test and the Granger causality test, and finally, draws the main
conclusions of this study and puts forward some policy suggestions.This paper mainly draws the conclusions as follows: (1) Kerong environment has strong
solvency, but more dependent on the shareholders of the investment funds. Profitability is
gradually weakened. Generally speaking, the operating capacity is weak, and the growth
ability is better. (2) The financial situation of Kerong environment has gradually weakened
with the passage of time; sales profit margin, asset-liability ratio, inventory turnover rate, net
profit growth rate and other indicators of its impact is greater; net assets yield, total assets
return on total assets growth rate, net asset growth and other indicators of its impact is smaller.
(3) Among the 14 listed companies, the comprehensive score of the Kerong environment was
-0.467027, ranked 12th, indicating that there is a large gap between solvency, profitability,
growth ability and operational capacity, Indicating that the financial situation of the Kerong
environment is lacking performance, there is a big gap compared with other listed companies.
(4) The scale of the enterprise has the greatest impact on the financial evaluation of the
Kerong environment, followed by the ownership concentration, the proportion of the largest
shareholder, equity balance, long-term liability capital, asset-liability ratio. Equity
concentration, balance of assets, asset-liability ratio and firm size are the Granger reasons for
the financial evaluation of Kerong environment.
KEY WORDS: Financial evaluation, Entropy analysis, Factor analysis, Influence factor,
Kerong environment目 录
第一章 导论...
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