中国上市公司资本效率与财务风险调查:2023  

The Capital Efficiency and Financial Risk Survey of Chinese Listed Companies:2023

作　　者：王苑琢 宋晓缤 孙莹[1] 王贞洁[1] 王竹泉[1] Wang Yuanzhuo

机构地区：[1]中国海洋大学管理学院/中国企业营运资金管理研究中心,266100

出　　处：《会计研究》2024年第12期179-188,共10页Accounting Research

基　　金：国家自然科学基金(72072166、72402220);国家社科基金(22BGL061)的阶段性成果

摘　　要：中国企业营运资金管理研究中心运用创新的资本效率与财务风险分析体系持续开展中国上市公司资金管理调查,追踪和反映我国实体经济资金管理的发展状况,本文是对2023年度中国非金融类上市公司资金管理调查的全面总结,调查发现:(1)上市公司行业布局持续调整,企业呈做大做强态势。总资金配置于经营活动以及长期资金的比例有所增加,更多资金助力实体经营活动长远发展。(2)多数行业总资金回报率保持稳定,经营活动资金回报率保持稳定或明显上升,东部地区下降较慢,在经济下行压力下东部地区及多数行业总资金管理绩效表现出一定的韧性。(3)经营活动总资金周转率明显下降,营销渠道营运资金、应收及预付款项管理绩效总体恶化。(4)全国、三大地区总体财务风险、短期财务风险均保持稳定,行业层面总体财务风险保持稳定,短期财务风险波动较大。(5)房地产行业目前仍处于低谷期,但总资金管理绩效出现复苏迹象,总体财务风险、短期财务风险偏高,但均有所下降,城投公司资本效率下降且债务风险问题依旧突出。In order to track and reflect the development of capital management in China's real economy,the Business Working Capital Management Research Center of China uses the innovative capital efficiency and financial risk analysis system to continue to carry out the capital management survey of Chinese listed companies.This article is a comprehensive summary of the capital management of Chinese non-financial listed companies in 2023.The sur⁃vey found that:(1)The industry layout of listed companies continues to adjust,and companies are showing a trend of growing bigger and stronger.The proportion of capital stock allocated to operating activities and long-term fund has increased,providing more funds to support the long-term development of physical business activities.(2)The total capital return rate of most industries remains stable,and the return rate of operating funds remains stable or significantly increases.The decline in the eastern region is slower,and under the pressure of economic downturn,the overall capital management perform⁃ance of the eastern region and most industries shows a certain degree of resilience.(3)The total turnover rate of operating activities has significantly de⁃creased,and the overall management performance of marketing channel working capital,accounts receivable,and prepayments has deteriorated.(4)The overall financial risk and short-term financial risk across the country and the three major regions remain stable,while the overall financial risk at the in⁃dustry level remains stable with significant fluctuations in short-term financial risk.(5)The real estate industry is still in a low period,but there are signs of recovery in overall capital management performance.The overall financial risk and short-term financial risk are relatively high,but both have de⁃clined.The capital efficiency of urban investment companies has declined,and debt risk issues remain prominent.

关 键 词：上市公司 资本效率 财务风险 营运资金 调查 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]