黑龙江地区的工业基地在早期工业化进程中发挥了重要作为，即使在当代也 在我国的工地基地中占有重要地位。本文以黑龙江省制造业为研究对象，了解该 地区制造业财务绩效现状，发现黑龙江省制造业上市公司主要存在哪些财务绩效 问题，解决黑龙江省制造业在转型升级中遇到的财务绩效管理问题。本文从对黑 龙江省制造业财务绩效可能存在的影响因素出发构建指标，对本文所选取的23 家案例公司的财务绩效进行评价。利用定性比较分析发现多样本之间存在的共性 特征及产生高财务绩效的变量组合，结合各案例公司实际财务状况，发现案例公 司财务绩效存在的诸多现实问题，及时提出建设性意见，积极整改提升财务绩效。 首先，结合文献梳理企业财务绩效评价相关的理论和评价方法。随后，从财 务绩效评价中盈利能力、偿债能力、营运能力、成长能力等四个关键维度，初步 构建了符合黑龙江省制造业财务绩效现状的指标体系。 其次，验证初选指标及分类的合理性，再对指标进行预处理、相关性检验、 提取公因子，对提出的公因子的数量和实际意义与初步构建的评价指标体系进行 对比，结果表明，初步构建的评价指标体系是合理的。 最后，根据因子分析结果确定各二级评价指标和三级评价指标的权重，构建 盈利能力、偿债能力、营运能力、成长能力的评价得分模型，随后对各案例的财 务绩效单方面和综合能力和评价并排名。将因子分析提出的公因子设定为前因条 件变量，根据证监会备案行业类属情况，筛选符合研究目的的23家案例公司为 研究样本。依清晰集定性比较分析步骤，进行二分数据，构建真值表、必要性检 验和反事实分析，随后对条件变量必要性进行检验，检验路径构型稳健性后生成 针对案例公司的财务绩效提升的路径构型结果。结合各案例公司的实际情况与各 路径匹配分析，为企业提供切实可行的财务绩效提升路径和对策建议。 关键词：制造业；上市公司；财务绩效；评价；路径 哈尔滨工程大学硕士学位论文 Abstract TheindustrialbaseinHeilongjiangareahasplayedanimportantroleintheearly industrializationprocess,eveninthecontemporaryconstructionsitebaseinChina. ThispapertakesmanufacturingindustryofHeilongjiangProvinceastheresearch object,understandsthecurrentsituationofthefinancialperformanceofthe manufacturingindustryinHeilongjiangProvince,findsoutwhichfinancial performanceproblemsexistinthelistedcompaniesofthemanufacturingindustryin HeilongjiangProvince,andsolvesthefinancialperformancemanagementproblems encounteredinthetransformationandupgradingofthemanufacturingindustryin HeilongjiangProvince.Basedontheanalysisofthefactorsthatmayaffectthe financialperformanceofmanufacturingindustryinHeilongjiangProvince,thispaper constructsindicatorstoevaluatethefinancialperformanceof23selectedcompanies. Byusingqualitativecomparativeanalysis,wefindcommonfeaturesamongmultiple samplesandvariablecombinationsthatproducehighfinancialperformance. Combinedwiththeactualfinancialsituationofeachcasecompany,wefindmany practicalproblemsinthefinancialperformanceofthecasecompany,Putforward constructivesuggestionsintime,activelyrectifyandimprovefinancialperformance. First,combingtherelatedtheoriesandmethodsoffinancialperformance evaluation.Then,fromthefourkeydimensionsofprofitability,solvency,operation abilityandgrowthabilityinthefinancialperformanceevaluation,anindexsystemis preliminarilyconstructedwhichconformstothecurrentsituationofmanufacturing financialperformanceinHeilongjiangProvince. Secondly,verifytherationalityoftheprimaryindexandclassification, preprocesstheindex,testthecorrelation,extractthecommonfactors,andcompare thenumberandpracticalsignificanceoftheproposedcommonfactorswiththe preliminaryevaluationindexsystem.Theresultsshowthatthepreliminaryevaluation indexsystemisreasonable. Finally,accordingtotheresultsoffactoranalysis,theweightsofthetwo-level andthree-levelevaluationindexesaredetermined,andtheevaluationscoremodelof profitability,solvency,operationabilityandgrowthabilityisconstructed.Thenthe financialperformanceofeachcaseisevaluatedandrankedunilaterallyand 黑龙江省制造业上市公司财务绩效评价与提升路径研究 comprehensively.Thecommonfactorproposedbyfactoranalysisissetasthe antecedentconditionvariable,and23casecompaniesthatmeettheresearchpurpose areselectedastheresearchsamplesaccordingtothefiledindustrycategoryofCSRC. Accordingtotheprocedureofclearsetqualitativecomparativeanalysis,weconstruct thetruthtable,necessitytestandcounterfactualanalysisbasedontwopointsofdata, andthentestthenecessityofconditionvariables.Aftertestingtherobustnessofpath configuration,wegeneratethepathconfigurationresultsforthefinancialperformance improvementofthecasecompanybinedwiththeactualsituationofeachcase companyandthematchinganalysisofeachpath,thispaperprovidesfeasiblepaths andCountermeasuresforenterprisestoimprovetheirfinancialperformance. Keywords:Manufacturingindustry;listedcompany;Financialperformance; Evaluation;Path 哈尔滨工程大学硕士学位论文 目录 第1章绪论······················································································1 1.1研究背景、目的和意义.............................................................................................1 1.1.1研究背景......................................................................................................1 1.1.2论文研究目的.......................................................................................................2 1.1.3论文研究意义.......................................................................................................2 1.2国内外研究现状...........................................................................................................3 1.2.1国外研究现状.......................................................................................................3 1.2.2国内研究现状.......................................................................................................6 1.2.3国内外研究现状评述..........................................................................................8 1.3论文总体思路、主要内容与研究方法...................................................................9 1.3.1总体思路................................................................................................................9 1.3.2主要研究内容.....................................................................................................10 1.3.3研究方法..............................................................................................................11 1.4论文创新之处............................................................................................................12 第2章黑龙江省制造业上市公司财务绩效评价指标体系构建·····················13 2.1制造业上市公司财务绩效的影响因素...........................................................13 2.2财务绩效评价指标体系构建原则.........................................................................14 2.3初选财务绩效评价指标...........................................................................................15 2.3.1盈利能力指标.....................................................................................................16 2.3.2偿债能力指标.....................................................................................................17 2.3.3营运能力指标.....................................................................................................17 2.3.4成长能力指标......................................................................................................18 2.4指标体系验证.............................................................................................................19 2.4.1样本选取与数据预处理....................................................................................19 2.4.2因子分析验证过程............................................................................................21 2.4.3公因子的命名与验证结果...............................................................................24 2.5本章小结.....................................................................................................................26 第3章黑龙江省制造业上市公司财务绩效评价模型构建···························27 3.1黑龙江省制造业上市公司财务绩效评价模型的选择.......................................27 3.1.1因子分析评价财务绩效