摘要
选择中国1994年底以前在上海、深圳证券交易所上市的282家A股上市公司为研究对象,运用主成份分析和多元回归分析的数理统计方法,确定和解释了影响中国上市公司可持续增长的主成份因素,并研究了上市公司可持续增长与公司营运能力、偿债能力、盈利能力和成长能力的平衡关系。分析结果表明:1)公司可持续增长率与资产负债率成反比,与流动比率、速动比率成正比;2)公司可持续增长率与公司盈利能力正相关,即盈利率越高,可持续增长比率也越高;3)除商业行业外,其余行业公司的可持续增长率与成长能力正相关;4)除商业行业外,不论是样本整体还是分行业、分规模,公司的可持续增长率均与营运能力正相关。
With the sample of Chinese A-stock public companies which appear on Stock Exchange of Shanghai and Shenzhen before 1994,and by using the factor method and regression,this paper finds out and explains the equilibrium relation among sustainable growth of Chinese public companies,profitability and capability of debt-repayment and capability of operation. This paper discover: (1)The sustainable growth rate of a public company is in inverse proportion to asset-debt ratio, but in direct proportion to current debt ratio as well as acid test ration. (2)There is a positive correlation between the sustainable growth rate of a public company and its profitability. That's to say, the higher earning rate, the higher sustainable growth rate.(3)The sustainable growth rate of all public firms other than those of the commerce industry is positively correlated to the growth capacity.(4)Apart from the commerce industry, there is a positive correlation between the sustainable growth and the operation capability of the public companies, regardless of their integral sample, industries sample and scale sample.
出处
《重庆大学学报（自然科学版）》
EI
CAS
CSCD
北大核心
2003年第12期111-116,共6页
Journal of Chongqing University
基金
国家自然科学基金(NSFC)
加拿大CCUIPP联合资助项目(70142011)
关键词
上市公司
可持续增长
主因素分析
public companies
sustainable growth
main factor analysis
