摘要
A股民营物流上市公司财务竞争力研究
摘要
随着互联网的高质量发展和我国经济的高速增长，数字化、智能化和信息化发展的特
点逐渐在经济领域显现，在电商的带动下物流企业发展迅速，对提高市场资源配置水平、
推动产业结构调整等发挥了重要作用。对公司竞争力而言，财务竞争力是其中不可缺少的
一部分，是从财务管理的角度来提升公司竞争力，对物流公司的进一步发展和壮大具有重
要的意义。在此背景下，论文希望通过研究A股民营物流上市公司的财务竞争力，为A股
民营物流上市公司提高综合实力奠定理论依据。
本文研究以理论分析法为主，辅之以实证研究法，分析评价和提升A股民营物流上市
公司的财务竞争力。理论部分分析了民营物流企业及其财务竞争力的概念与理论内容，并
研究了民营物流企业财务竞争力的形成机制，并在这个基础上，建立了A股民营物流上市
公司财务竞争力评价指标体系。实证部分主要选择5家A股民营物流上市公司为研究对象，
选取2016年-2020年5年的年报数据，样本总量为250个，从盈利能力、偿债能力、营运
能力和成长能力四个方面选取了净资产收益率、总资产报酬率、营业利润率等10项财务
指标，构建了由7个正向指标和3个适度指标组成的A股民营物流上市企业财务竞争力评
估指标体系，通过因子分析方法对A股民营物流上市公司财务竞争力进行了评价。实证结
果表明，目前我国A股民营物流上市公司财务竞争力整体上呈现出中等偏上的特点，而成
长能力、偿债能力、盈利能力、营运能力具有一些不足。据此本文对A股民营物流上市企
业财务竞争力的提升提出五点参考意见：保持企业的盈利能力，提高企业偿债能力，重视
企业营运能力，注重企业成长能力，着眼未来发展、提升综合能力等。
希望通过本文的研究，能引起A股民营物流上市公司对财务竞争力的重视，同时也为
如何进一步提升我国A股民营物流上市公司财务竞争力提供一个思路和理论参考。
关键词：民营物流上市公司；财务竞争力；因子分析法
I
ABSTRACT
RESEARCH ON THE FINANCIAL COMPETITIVENESS OF
A-SHARE PRIVATE LOGISTICS LISTED COMPANIES
ABSTRACT
With the rapid growth of the Internet technology and the high-quality development of China's
economy, the features of digitalization, intelligence and information development gradually
appear in the economic field. Driven by e-commerce, logistics enterprises develop rapidly, which
plays an important role in optimizing the allocation of market resources and promoting industrial
restructuring.Financialcompetitivenessisanindispensablepartofthecompany's
competitiveness strength, which is of great significance for the further development of the
company toenhance thecompany's competitivenessfromthe perspectiveof financial
management. In this context, the paper hopes to lay a theoretical foundation for A-share private
logistics listed companies to improve their comprehensive strength by studying the financial
competitiveness of A-share private logistics listed companies.
This paper adopts the method of combining theory with empirical analysis, evaluate and
improve the financial competitiveness of A-share privatelogistics listed companies. The
theoretical part analyzes the concept and theoretical content of private logistics enterprises and
theirfinancialcompetitiveness,andstudiestheformationmechanismoffinancial
competitiveness of private logistics enterprises. Based on this, it constructs the financial
competitiveness evaluation index system of A-share private logistics listed companies. Positive
part mainly choose five A-share private logistics listed companies as the research object, selected
from 2016-2020，5 years annual report data, sample of 250, from the profitability, solvency,
operating ability and ability to grow, which four aspects of the ROE, return on total assets,
operating profit margin 10 financial indicators, is constructed of seven positive indicators and
three moderate indicators of A-share private logistics listed company financial competitiveness
III