区域型乳品上市公司资产质量分析——以阳光乳业为例  

Analysis of Asset Quality of Regional Dairy Listed Companies--Taking Sunshine Dairy Industry as an Example

作　　者：陈林林 CHEN Linlin(Lanzhou University of Finance and Economics,Lanzhou Gansu 730000)

机构地区：[1]兰州财经大学,甘肃兰州730000

出　　处：《中国乳业》2024年第12期35-41,46,共8页China Dairy

摘　　要：随着我国经济从高速增长阶段转向高质量发展阶段,公司也面临着向高质量方向发展的推动,资产质量作为关键因素,对公司的发展产生着重要影响。本文以江西阳光乳业集团有限公司(简称“阳光乳业”)为例,深入剖析了区域型乳品上市公司的资产质量。通过对比阳光乳业与新疆天润乳业股份有限公司(简称“天润乳业”)在2019—2023年间的净资产收益率、总资产收益率、总资产周转率、存货周转率、应收账款周转率、流动比率、速动比率、获现比率以及清算价值比率等多项财务指标,揭示了阳光乳业资产质量的现状与变化趋势。研究发现,尽管阳光乳业的盈利能力高于天润乳业和行业均值,但近年来其净资产收益率和总资产收益率均呈现下降趋势,总资产周转能力和资产运营效率有待提升。同时,阳光乳业短期偿债能力较强,但存在资产冗余问题,未能充分利用资产产生更多收益。此外,阳光乳业的清算价值比率持续上升,显示出其有形资产价值的提升。本文的研究对于理解区域型乳品上市公司的资产质量特征及其影响因素具有重要意义,为相关企业提升资产质量提供有益的参考。As China's economy shifts from a high-speed growth stage to a high-quality development stage,companies are also facing a push towards high-quality development.Asset quality,as a key factor,has a significant impact on the company's development.This paper took Jiangxi Sunshine Dairy Group Co.,Ltd.,(short for Sunshine Dairy)as an example to deeply analyze the asset quality of regional dairy listed companies.By comparing the net asset return rate,total asset return rate,total asset turnover rate,inventory turnover rate,accounts receivable turnover rate,current ratio,quick ratio,cash ratio,and liquidation value ratio of Sunshine Dairy and Xinjiang Tianrun Dairy Co.,Ltd.,(short for Tianrun Dairy)from 2019 to 2023,this study revealed the current status and changing trends of asset quality in Sunshine Dairy.Research has found that although the profitability of Sunshine Dairy is higher than that of Tianrun Dairy and the industry average,its net asset return rate and total asset return rate have shown a downward trend in recent years,and the total asset turnover capacity and asset operation efficiency need to be improved.At the same time,Sunshine Dairy has a strong short-term debt paying ability,but there is a problem of asset redundancy,which has prevented it from fully utilizing its assets to generate more income.In addition,the liquidation value ratio of Sunshine Dairy continues to rise,indicating an increase in its tangible asset value.This study was of great significance for understanding the asset quality characteristics and influencing factors of regional dairy listed companies,and provided useful references for related enterprises to improve asset quality.

关 键 词：区域型乳品上市公司 资产质量 阳光乳业 

分 类 号：F426.82[经济管理—产业经济] F406.7