流动性对中国上市公司盈利能力影响研究

Impact of the Added Liquidity of China's Financial System on the Profit Performance of Listed Companies

流动性的快速释放使得上市公司的负债率快速上升,这在资产上反映为存货和应收账款的增加,使得上市公司的资产周转率下降,进而导致产能利用率和毛利率下降;快速上升的负债率也导致财务费用占收入的比例提升,进一步恶化上市公司的盈利能力。在上述分析基础上,本文采用量化分析证明了企业负债率的增长和存货比例的提升会导致非金融上市公司总资产收益率的下降。上市公司应当努力通过调整产品结构来达到提升资产周转率和盈利能力的目的。在此过程中,稳定的流动性环境对于上市公司调整结构有利。

In recent years, quickly released liquidity has caused the rapid increase of debt ratio of listed companies. Fast increase of the debt ratio has also caused the rise of financial expense ratio, which further deterio-rate the profitability of listed companies. Based on the above analysis, this paper uses quantitative analysis to prove that the growth of corporate debt ratio and the improved inventory ratio will lead to the decline of return on total assets in non-financial listed companies. In the past three years, the growth rate of wages has surplassed greatly than revenue growth and corporate earnings growth. In the future, consumption growth will be higher than the growth rate of investment. There-fore, the listed company shall strive to enhance asset turnover and profitability through product restructuring. In this process, a stable liquidity environment will facilitate the restructuring of listed companies.