我国工业企业资金利润率的影响因素理论与实证研究

Studies on the Theoretical and Empirical Factors Affecting the Profit Rate of Capital of Industry in China

资金利润率是评价企业经营绩效的重要指标之一。本文先从理论上分析了影响工业企业资金利润率的因素 :经济体制、金融体制、企业融资机制、企业所有制、劳动生产率和其他因素导致的社会平均利润率的变化趋势。然后用全国工业企业的资料进行分析 ,实证表明 :经济体制、企业融资机制、企业所有制、劳动生产率对企业利润率的提高有正的贡献 ;银行贷款利率对企业资金利润率的提高有负的贡献 ;随着时间的推移 ,企业利润率有明显的下降趋势 ,这必须引起足够重视。

Profit rate of capital is an important indicator of the earning effect of enterprise. This paper first theoretically discusses the important factors which are economic mechanism, finance mechanism, financing mechanism of enterprise, system of enterprise ownership, productivity and the trend of social profit rate. Then, it empirically proves the factors' effect on capital profit rate. It is proved that economic mechanism and financing mechanism and the clear right of enterprise property and productivity are positive to capital profit rate, however, interest rate and the decreasing tendency are negative to capital profit rate, which must be noticed.