我国上市公司资本结构质量分析  

An Analysis of Capital Structure Quality of Listed Companies in China ZHONG Xu,

作　　者：仲旭 路栋博 ZHONG Xu;LU Dongbo(School of Management,Northeastern University at Qinhuangdao,Qinhuangdao 066004,China)

机构地区：[1]东北大学秦皇岛分校管理学院,河北秦皇岛066004

出　　处：《经济论坛》2023年第9期100-111,共12页Economic Forum

摘　　要：财务报表分析为研判企业财务报表数据背后的战略规划、经营管理活动、财务决策水平提供了有效的分析工具。文章以A公司为例,对其2020—2021年合并财务报表和母公司财务报表数据进行了相关的分析之后,对公司的资本结构质量进行了研判,并在此基础上分析母公司及集团发展战略、经营业绩与财务决策水平以及公司治理能力等内容。研究认为,A公司资本结构质量良好,从资本结构的质量分析也反映出了公司实行开拓型战略、具有良好的经营管理和财务筹划水平以及较强的公司治理能力。此外,该研究为企业资本结构质量的分析提供了脉络思路及案例经验,同时也为外部信息的使用者提供了有益借鉴。Financial statement analysis provides an effective analysis tool for studying and judging the strategic planning,business activities and financial decision-making level behind the corporate financial statement data.Tak⁃ing Company A as an example,this paper studies and judges the quality of the Company’s capital structure through a relevant analysis of Company A’s 2020—2021 consolidated statements and parent company’s finan⁃cial statements,and based on this,analyzes the development strategy,operating performance,financial decision making level,corporate governance capacity,etc.of the parent company and the group.This study concludes that Company A has a fine-quality capital structure,and the analysis of capital structure quality also reflects that the Company strategy is pioneering and has good levels of business operation and financial planning level as well as strong corporate governance capacity.In addition,this paper provides train of thoughts and case experience for the analysis of capital structure quality,as well as beneficial reference for external information users.

关 键 词：财务报表分析 资本结构质量 财务决策 公司治理能力 

分 类 号：F276.6[经济管理—企业管理]