發(fā)布時間：2018-08-25 19:30

【摘要】：伴隨著經(jīng)濟增長的放緩,我國GDP的增速呈放緩趨勢,由前些年的高速增長變?yōu)榻鼛啄甑闹懈咚僭鲩L,逐漸步入了發(fā)展的新常態(tài)時期,我國制造業(yè)作為支柱性產(chǎn)業(yè)也面臨了巨大的壓力與影響,制造業(yè)的發(fā)展速度也開始放緩,開始進入到新常態(tài)時期。隨著國家提出的兩化融合體系與頒布的《中國制造2025》,制造業(yè)又引起了各界的關(guān)注。制造業(yè)的高固定成本導致了其行業(yè)具有較高的經(jīng)營杠桿,進而導致較高的經(jīng)營風險,而經(jīng)營杠桿可以反映企業(yè)對固定資產(chǎn)的利用率,通過研究企業(yè)經(jīng)營杠桿水平,可以完善企業(yè)成本管理,合理控制投入與產(chǎn)出的關(guān)系,在生產(chǎn)經(jīng)營過程中獲取杠桿效益。然而,大部分的學者對我國上市公司的研究主要集中在資本結(jié)構(gòu)方面,對經(jīng)營杠桿的研究相對比較匱乏,所以研究企業(yè)經(jīng)營杠桿對于企業(yè)調(diào)控成本結(jié)構(gòu)、改善企業(yè)經(jīng)營策略、提高企業(yè)經(jīng)營效益具有重要意義�；�于此,本文首先對經(jīng)營杠桿的研究情況進行了全面分析,介紹經(jīng)營杠桿的內(nèi)涵并闡述經(jīng)營杠桿的影響因素。其次選取國泰安數(shù)據(jù)庫中A股制造業(yè)上市公司2010-2015年的數(shù)據(jù)樣本為研究對象,通過成本結(jié)構(gòu)分解模型得出固定成本與變動成本數(shù)據(jù),進行制造業(yè)上市公司經(jīng)營杠桿系數(shù)的計算。再次選擇企業(yè)盈利能力指標,分析企業(yè)經(jīng)營杠桿系數(shù)的總體水平、分布情況。最后通過企業(yè)整體財務(wù)狀況與經(jīng)營杠桿系數(shù)區(qū)間的對應關(guān)系,確定經(jīng)營杠桿系數(shù)最優(yōu)區(qū)間。本文研究結(jié)果表明:制造業(yè)上市公司2010-2015年經(jīng)營杠桿總體平均值為3.998,其中經(jīng)營杠桿處于[1,2.5]區(qū)間的制造業(yè)企業(yè)數(shù)量最多,占到總企業(yè)數(shù)的64.42%,企業(yè)經(jīng)營杠桿最優(yōu)區(qū)間為[1,2.5],在此區(qū)間企業(yè)財務(wù)狀況達到最高水平。制造業(yè)上市公司應注重對資產(chǎn)結(jié)構(gòu)的管理,保持合理的成本結(jié)構(gòu),加強對經(jīng)營杠桿的控制,使經(jīng)營杠桿保持在合理區(qū)間,同時制定合理的經(jīng)營策略,使經(jīng)營杠桿發(fā)揮正向的杠桿效應,保證企業(yè)可以持續(xù)健康穩(wěn)定的發(fā)展。
[Abstract]:With the slowdown of economic growth, the growth rate of GDP in China shows a tendency to slow down, from the high speed growth in previous years to the medium and high speed growth in recent years, which has gradually entered the new normal period of development. As a pillar industry, the manufacturing industry of our country also faces enormous pressure and influence, the development speed of the manufacturing industry also begins to slow down, beginning to enter the new normal period. With the integration of the two systems and the promulgation of "made in China 2025", the manufacturing industry has attracted the attention of all walks of life. The high fixed cost of manufacturing industry leads to higher operating lever, which leads to higher operating risk, which can reflect the utilization rate of fixed assets. It can perfect the enterprise cost management, control the relation between input and output reasonably, and obtain the lever benefit in the process of production and management. However, most of the scholars' research on listed companies in China is mainly focused on the capital structure, and the research on the management leverage is relatively scarce, so the research on the enterprise management leverage to adjust and control the cost structure of the enterprise, improve the enterprise management strategy. It is of great significance to improve the operating efficiency of enterprises. Based on this, this paper firstly makes a comprehensive analysis of the research situation of business leverage, introduces the connotation of business leverage and expounds the influencing factors of business leverage. Secondly, the data sample of A share manufacturing listed companies in Cathay Security database from 2010 to 2015 is selected as the research object. The fixed cost and variable cost data are obtained by the cost structure decomposition model, and the operating leverage coefficient of manufacturing listed companies is calculated. Then select the profitability index to analyze the overall level and distribution of the business leverage coefficient. Finally, the optimal interval of the operating lever coefficient is determined by the corresponding relationship between the whole financial situation of the enterprise and the interval of the operating lever coefficient. The results of this study show that the average operating lever of manufacturing listed companies from 2010 to 2015 is 3.998, in which the number of manufacturing enterprises in the range of [12.5] is the largest. Accounting for 64.42% of the total number of enterprises, the optimal range of business leverage is [12.5], in which the financial situation of enterprises reaches the highest level. The listed companies in manufacturing industry should pay attention to the management of assets structure, maintain reasonable cost structure, strengthen the control of operating lever, keep the management lever in a reasonable range, and formulate reasonable management strategy at the same time. Make the management lever exert the positive lever effect, guarantee the enterprise can develop healthily and stably.
【學位授予單位】：首都經(jīng)濟貿(mào)易大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F425;F406.7

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