上市公司长期股权投资质量探析——以安徽省为例  

Investigation and Analysis on the Quality of Long-term Equity Investments of Listed Companies:A case study based on Anhui Province

作　　者：叶璋礼[1] YE Zhangli(College of Economics and Management, Huaibei Normal University, Huaibei 235000, China)

机构地区：[1]淮北师范大学经济与管理学院,安徽淮北235000

出　　处：《皖西学院学报》2022年第3期52-57,75,共7页Journal of West Anhui University

基　　金：安徽省高校人文社科研究重大项目(SK2019ZD31)。

摘　　要：基于2014版CAS2将权益性投资划分为长期股权投资和权益性金融资产,以2018—2020年安徽辖区沪深A股上市公司为研究样本,考察分析长期股权投资的获利能力及其对公司盈余的影响。研究结果表明:超过三分之二的上市公司持有长期股权投资,其中七成为制造业;长期股权投资占总资产比重超过10%的上市公司占比9.41%;从整体上看,长期股权投资质量较高,其收益率均值超过总资产收益率均值22%以上,前者是后者二倍以上的上市公司2020年达到16家,占上市公司数18%以上;从个例看,长期股权投资既可以成为上市公司盈余扩大的“助推器”,也可能演变成亏损加剧的“加速器”。提升长期股权投资质量,企业需要优化决策机制和管理流程,从战略和战术两个层面厘清权益性投资是否为长期股权投资,积极防范并化解长期股权投资面临的风险,适时评价分析长期股权投资质量,确保其稳健、优质和高效,助力企业高质量发展。Based on CAS2(2014),equity investment is divided into long-term equity investment and equity financial assets.Taking listed companies of Anhui province in China's A-share market from 2018 to 2020 as research samples,the profitability of long-term equity investments and its impact on corporate earnings were investigated and analyzed.The results showed that:more than two-thirds of the sampled listed companies hold long-term equity investments,among which 70%of the companies are in manufacturing,9.41%of sampled listed companies with long-term equity investments account for more than 10%of its total assets.Overall,the average return rate of long-term equity investments exceeds the average return rate of total assets by 22%.The number of listed companies with the former rate more than twice of the latter rate reached 16 in 2020,accounting for more than 18%of the sampled listed companies.From individual cases'perspectives,long-term equity investments can become the“booster”of the earnings expansion of listed companies,but it may also turn out to be the“accelerator”of the loss intensification.To improve the quality of long-term equity investments,the enterprises need to account equity investment for long-term equity investments from strategic and tactical levels,optimize decision-making mechanism and management process at the same time,prevent and dissolve the risks,and timely evaluate and analyze the quality of long-term equity investment,to ensure the conservatism,high quality and high efficiency,and help the high-quality development of the companies.

关 键 词：长期股权投资 投资收益 总资产收益率 金融资产 风险 

分 类 号：F832.7[经济管理—金融学]