基于偏序集理论的食品制造业上市公司财务绩效评价
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摘要
为了提高食品制造企业财务绩效水平,满足利益相关者信息需求,建立盈利能力、营运能力、偿债能力和发展能力四个维度的评价指标体系,采用偏序集评价方法,对17家食品制造企业财务绩效进行评价。财务绩效排名和HASSE图的结果表明:较高的成本费用会导致较低水平的企业财务绩效;激烈的市场竞争环境将驱动企业不断创新生产,提高经营效率,进而提升财务绩效水平;从产业链布局角度,上游与下游企业之间在财务绩效水平上存在显著差异,即上游企业的财务绩效水平要高于下游企业。为此,企业间应相互合作,共同提高财务绩效。
In order to improve the financial performance level of food manufacturing enterprises and meet the information needs of stakeholders, the method of partial order set is adopted to evaluate the financial performance of 17 food manufacturing enterprises from four dimensions of profitability,operation ability, solvency and development ability. The ranking result of financial performance based on HASSE diagram shows that the higher cost expense will lead to the lower level of financial performance of enterprises, and the fierce market competition environment will drive enterprises to continuously innovate production, improve operating efficiency, and then improve the level of financial performance. From the perspective of industrial chain layout, there is a significant difference in financial performance between upstream and downstream enterprises, that is, the financial performance level of upstream enterprises is higher than that of downstream enterprises.Therefore, enterprises should cooperate with each other to improve financial performance.
In order to improve the financial performance level of food manufacturing enterprises and meet the information needs of stakeholders, the method of partial order set is adopted to evaluate the financial performance of 17 food manufacturing enterprises from four dimensions of profitability,operation ability, solvency and development ability. The ranking result of financial performance based on HASSE diagram shows that the higher cost expense will lead to the lower level of financial performance of enterprises, and the fierce market competition environment will drive enterprises to continuously innovate production, improve operating efficiency, and then improve the level of financial performance. From the perspective of industrial chain layout, there is a significant difference in financial performance between upstream and downstream enterprises, that is, the financial performance level of upstream enterprises is higher than that of downstream enterprises.Therefore, enterprises should cooperate with each other to improve financial performance.
引文
[1]赵越春,王怀明.消费者对制造业企业社会责任的认知及影响因素研究--江苏食品制造业案例[J].产业经济研究,2013(3):101-110.ZHAO Yuechun,WANG Huaiming.Research on Consumers'Cognition of the Social Responsibility of Manufacturing Enterprises and its Influencing Factors--A Case Study of Jiangsu Food Manufacturing Industry[J].Industrial Economics Research,2013(3):101-110.
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[8]韩光道,杨雪.基于主成分分析法的商业银行财务评价研究[J].金融理论与实践,2012(4):35-41.HAN Guangdao,YANG Xue.Research on Financial Evaluation of Commercial Banks based on Principal Component Analysis[J].Financial Theory and Practice,2012(4):35-41.
[9]赵息,齐建民,郝静.基于因子分析的上市公司并购财务绩效评价--来自主板市场的经验证据[J].西安电子科技大学学报(社会科学版),2012(3):66-71.ZHAO Xi,QI Jianmin,HAO Jing.Financial Performance Evaluation of Mergers and Acquisitions of Listed Companies based on Factor Analysis--Empirical Evidence from the Main Board Market[J].Journal of Xidian University(Social Science Edition),2012(3):66-71.
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[12]雷辉,王亚男,聂珊珊,等.基于财务绩效综合指数的竞争战略绩效时滞效应研究[J].会计研究,2015(5):64-71+95.LEI Hui,WANG Yanan,NIE Shanshan,et al.Research on the Time-lag Effect of Competitive Strategy Performance based on the Composite index of Financial Performance[J].Accounting Research,2015(5):64-71+95.
[13]杨洪波,胡畔,陈映赫.基于组合赋权的上市公司财务绩效评价[J].辽宁工程技术大学学报(社会科学版),2012(5):464-468.YANG Hongbo,HU Pan,CHEN Yinghe.Financial Performance Evaluation of Listed Companies based on Portfolio Weighting[J].Journal of Liaoning University of Engineering and Technology(Social Science Edition),2012(5):464-468.
[14]王郭歆,赵冬梅.我国食品行业上市公司盈利能力及影响因素分析[J].现代商业,2017(4):114-116.WANG Guoxin,ZHAO Dongmei.Profitability of Listed Companies in China's Food Industry and Analysis of Influencing Factors[J].Modern Business,2017(4):114-116.
[15]叶陈刚,裘丽,张立娟.公司治理结构?内部控制质量与企业财务绩效[J].审计研究,2016(2):104-112.YE Chengang,QIU Li,ZHANG Lijuan.Corporate Governance Structure,Internal Control Quality and Corporate Financial Performance[J].Audit Research,2016(2):104-112.
[16]Veronika Fenyves,Tibor Tarnóczi,Kinga Zsidó.Financial Performance Evaluation of Agricultural Enterprises with DEA Method[J].Procedia Economics and Finance,2015,32.
[17]杨博文,张天,陈丽壮.中国风电上市公司财务绩效评价研究[J].税务与经济,2012(1):63-67.YANG Bowen,ZHANG Tian,CHEN Lizhuang.Research on Financial Performance Evaluation of Chinese Wind Power Listed Companies[J].Tax and Economics,2012(1):63-67.
[18]杨延娇,王吉恒.基于DEA和Malmquist指数的乳制品企业营销绩效评价--以7家乳制品上市公司为例[J].农业技术经济,2014(9):122-128.YANG Yanjiao,WANG Jiheng.Marketing Performance Evaluation of Dairy Enterprises based on DEA and Malmquist Index--a Case Study of 7Listed Dairy Companies[J].Journal of Agrotechnical Economics,2014(9):122-128.
[19]颜克高,陈晓春.非营利组织财务绩效评价的实证研究[J].统计与决策,2011(3):148-150.YAN Kegao,CHEN Xiaochun.Empirical Study on Financial Performance Evaluation of Non-profit organizations[J].Statistics and Decision-making,2011(3):148-150.
[20]Berna(Kiran)Bulgurcu.Application of TOPSISTechnique for Financial Performance Evaluation of Technology Firms in Istanbul Stock Exchange Market,Procedia--Social and Behavioral Sciences,Volume 62,24 October 2012,Pages 1033-1040.
[21]Meysam Shaverdi,Mohammad Rasoul Heshmati,Iman Ramezani.Application of Fuzzy AHPApproach for Financial Performance Evaluation of Iranian Petrochemical Sector[J].Procedia Computer Science,2014,31.
[22]周延,郭建林.基于因子分析和聚类分析的寿险公司财务评价[J].华东师范大学学报(哲学社会科学版),2010,42(2):83-88.ZHOU Yan,GUO Jianlin.Financial Evaluation of Life Insurance Companies based on Factor Analysis and Cluster Analysis[J].Journal of East China Normal University(Philosophy and Social Sciences Edition),2010,42(2):83-88.
[23]李刚,李建平,孙晓蕾,等.兼顾序信息和强度信息的主客观组合赋权法研究[J].中国管理科学,2017,25(12):179-187.LI Gang,LI Jianping,SUN Xiaolei,et al.Research on Subjective and Objective Combination Weighting Method Combining Order Information and Intensity Information[J].China Management Science,2017,25(12):179-187.
[24]岳立柱,李良琼.应用偏序集表示权重难以获知的TOPSIS模型[J].模糊系统与数学,2017,31(4):167-174.YUE Lizhu,LI Liangqiong.TOPSIS Model with Partial Ordered set Representation Weight Difficult to Know[J].Fuzzy Systems and Mathematics,2017,31(4):167-174.
[25]范懿.一个有关哈斯图的解析方法[J].上海第二工业大学学报,2003,1(1):17-22.FAN Yi.An Analytical Method for HASS Diagram[J].Journal of Shanghai Second Polytechnic University,2003,1(1):17-22.
[26]赵晶.区域水资源配置方案综合评价研究[D].博士论文,2009.
[27]宋效中,张祎.行业财务绩效综合评价--基于财务比率的熵权主成分分析[J].经济问题,2011(6):97-101.SONG Xiaozhong,ZHANG Yi.Comprehensive Evaluation of Industry Financial Performance--Entropy Weight Principal Component Analysis based on Financial Ratio[J].Economic Problems,2011(6):97-101.
[2]章振东.基于主成分--熵分析的上市企业财务绩效评价研究[J].求索,2009(2):30-32+149.ZHANG Zhendong.Research on Financial Performance Evaluation of Listed Enterprises based on Principal Component--Entropy Analysis[J].Pursuit,2009(2):30-32+149.
[3]倪筱楠,黄泓杰.上市公司成长性财务评价探讨[J].企业经济,2010(8):187-189.NI Xiaonan,HUANG Hongjie.Discussion on Financial Evaluation of Growth of Listed Companies[J].Enterprise economics,2010(8):187-189.
[4]杨皖苏,杨善林.中国情境下企业社会责任与财务绩效关系的实证研究--基于大?中小型上市公司的对比分析[J].中国管理科学,2016(1):143-150.YANG Wansu,YANG Shanlin.Empirical Study on the Relationship between Corporate Social Responsibility and Financial Performance in Chinese Context--based on the Comparative Analysis of Large and Small Listed Companies[J].China Management Science,2016(1):143-150.
[5]杜鹏,程帆.基于投资人的企业财务评价体系研究[J].技术经济与管理研究,2016(10):21-25.DU Peng,CHENG Fan.Research on Corporate Financial Evaluation System based on Investors[J].Technology Economics and Management Research,2016(10):21-25.
[6]景琦.基于AHP-DEA的传媒业上市公司财务绩效评价研究[J].统计与信息论坛,2017,32(3):92-100.JING Qi.Research on Financial Performance Evaluation of Listed Media Companies based on ahp-dea[J].Statistics and Information BBS,2017,32(3):92-100.
[7]何静.基于主成分分析的汽车行业上市公司财务绩效评价问题研究[J].生产力研究,2010(1):145-146.HE Jing.Research on Financial Performance Evaluation of Listed Automobile Companies based on Principal Component Analysis[J].Productivity Research,2010(1):145-146.
[8]韩光道,杨雪.基于主成分分析法的商业银行财务评价研究[J].金融理论与实践,2012(4):35-41.HAN Guangdao,YANG Xue.Research on Financial Evaluation of Commercial Banks based on Principal Component Analysis[J].Financial Theory and Practice,2012(4):35-41.
[9]赵息,齐建民,郝静.基于因子分析的上市公司并购财务绩效评价--来自主板市场的经验证据[J].西安电子科技大学学报(社会科学版),2012(3):66-71.ZHAO Xi,QI Jianmin,HAO Jing.Financial Performance Evaluation of Mergers and Acquisitions of Listed Companies based on Factor Analysis--Empirical Evidence from the Main Board Market[J].Journal of Xidian University(Social Science Edition),2012(3):66-71.
[10]吕振君,王伟.基于因子和聚类分析法的中国物流上市公司财务绩效评价研究[J].经济研究参考,2013(23):93-95.LU Zhenjun,WANG Wei.Research on Financial Performance Evaluation of Listed Logistics Companies in China based on Factor and Cluster Analysis[J].Economic Research Reference,2013(23):93-95.
[11]刘倩.企业财务绩效评价模型构建--基于主成分分析法[J].生产力研究,2010(6):249-250+254.LIU Qian.Establishment of Enterprise Financial Performance Evaluation Model--based on Principal Component Analysis[J].Productivity Research,2010(6):249-250+254.
[12]雷辉,王亚男,聂珊珊,等.基于财务绩效综合指数的竞争战略绩效时滞效应研究[J].会计研究,2015(5):64-71+95.LEI Hui,WANG Yanan,NIE Shanshan,et al.Research on the Time-lag Effect of Competitive Strategy Performance based on the Composite index of Financial Performance[J].Accounting Research,2015(5):64-71+95.
[13]杨洪波,胡畔,陈映赫.基于组合赋权的上市公司财务绩效评价[J].辽宁工程技术大学学报(社会科学版),2012(5):464-468.YANG Hongbo,HU Pan,CHEN Yinghe.Financial Performance Evaluation of Listed Companies based on Portfolio Weighting[J].Journal of Liaoning University of Engineering and Technology(Social Science Edition),2012(5):464-468.
[14]王郭歆,赵冬梅.我国食品行业上市公司盈利能力及影响因素分析[J].现代商业,2017(4):114-116.WANG Guoxin,ZHAO Dongmei.Profitability of Listed Companies in China's Food Industry and Analysis of Influencing Factors[J].Modern Business,2017(4):114-116.
[15]叶陈刚,裘丽,张立娟.公司治理结构?内部控制质量与企业财务绩效[J].审计研究,2016(2):104-112.YE Chengang,QIU Li,ZHANG Lijuan.Corporate Governance Structure,Internal Control Quality and Corporate Financial Performance[J].Audit Research,2016(2):104-112.
[16]Veronika Fenyves,Tibor Tarnóczi,Kinga Zsidó.Financial Performance Evaluation of Agricultural Enterprises with DEA Method[J].Procedia Economics and Finance,2015,32.
[17]杨博文,张天,陈丽壮.中国风电上市公司财务绩效评价研究[J].税务与经济,2012(1):63-67.YANG Bowen,ZHANG Tian,CHEN Lizhuang.Research on Financial Performance Evaluation of Chinese Wind Power Listed Companies[J].Tax and Economics,2012(1):63-67.
[18]杨延娇,王吉恒.基于DEA和Malmquist指数的乳制品企业营销绩效评价--以7家乳制品上市公司为例[J].农业技术经济,2014(9):122-128.YANG Yanjiao,WANG Jiheng.Marketing Performance Evaluation of Dairy Enterprises based on DEA and Malmquist Index--a Case Study of 7Listed Dairy Companies[J].Journal of Agrotechnical Economics,2014(9):122-128.
[19]颜克高,陈晓春.非营利组织财务绩效评价的实证研究[J].统计与决策,2011(3):148-150.YAN Kegao,CHEN Xiaochun.Empirical Study on Financial Performance Evaluation of Non-profit organizations[J].Statistics and Decision-making,2011(3):148-150.
[20]Berna(Kiran)Bulgurcu.Application of TOPSISTechnique for Financial Performance Evaluation of Technology Firms in Istanbul Stock Exchange Market,Procedia--Social and Behavioral Sciences,Volume 62,24 October 2012,Pages 1033-1040.
[21]Meysam Shaverdi,Mohammad Rasoul Heshmati,Iman Ramezani.Application of Fuzzy AHPApproach for Financial Performance Evaluation of Iranian Petrochemical Sector[J].Procedia Computer Science,2014,31.
[22]周延,郭建林.基于因子分析和聚类分析的寿险公司财务评价[J].华东师范大学学报(哲学社会科学版),2010,42(2):83-88.ZHOU Yan,GUO Jianlin.Financial Evaluation of Life Insurance Companies based on Factor Analysis and Cluster Analysis[J].Journal of East China Normal University(Philosophy and Social Sciences Edition),2010,42(2):83-88.
[23]李刚,李建平,孙晓蕾,等.兼顾序信息和强度信息的主客观组合赋权法研究[J].中国管理科学,2017,25(12):179-187.LI Gang,LI Jianping,SUN Xiaolei,et al.Research on Subjective and Objective Combination Weighting Method Combining Order Information and Intensity Information[J].China Management Science,2017,25(12):179-187.
[24]岳立柱,李良琼.应用偏序集表示权重难以获知的TOPSIS模型[J].模糊系统与数学,2017,31(4):167-174.YUE Lizhu,LI Liangqiong.TOPSIS Model with Partial Ordered set Representation Weight Difficult to Know[J].Fuzzy Systems and Mathematics,2017,31(4):167-174.
[25]范懿.一个有关哈斯图的解析方法[J].上海第二工业大学学报,2003,1(1):17-22.FAN Yi.An Analytical Method for HASS Diagram[J].Journal of Shanghai Second Polytechnic University,2003,1(1):17-22.
[26]赵晶.区域水资源配置方案综合评价研究[D].博士论文,2009.
[27]宋效中,张祎.行业财务绩效综合评价--基于财务比率的熵权主成分分析[J].经济问题,2011(6):97-101.SONG Xiaozhong,ZHANG Yi.Comprehensive Evaluation of Industry Financial Performance--Entropy Weight Principal Component Analysis based on Financial Ratio[J].Economic Problems,2011(6):97-101.
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