摘要
去杠杆、降风险成为近年来的经济热点问题。本文以A股上市的23家航运企业为研究对象,分析近年来航运企业财务杠杆与收益的关系。通过计量回归模型及stata软件分析发现:航运企业高财务杠杆并没有带来高收益,并且呈现出负相关关系,违背了一般经济规律。通过杜邦分析法,分析其产生的主要原因,并为航运企业合理负债提出对策建议。
Deleveraging and reducing risks have become hot economic issues in recent years.This paper takes 23 shipping enterprises listed on the a-share market as the research object and analyzes the relationship between financial leverage and earnings of shipping enterprises in recent years.Through the regression model of measurement and the analysis of stata software,this paper finds that the high financial leverage of shipping enterprises does not bring high returns,and presents a negative correlation,which violates the general economic law.Therefore,through dupont analysis,this paper analyzes the main reasons for its emergence,and puts forward some countermeasures and suggestions for shipping enterprises reasonable liabilities.
作者
周丽华
甘爱平
ZHOU Lihua;GAN Aiping(School of Economics &Management,Shanghai Maritime University,Shanghai 201306,China)
出处
《海洋经济》
2018年第4期19-25,共7页
Marine Economy
基金
国家社科基金[11BJY110]
上海市政府决策咨询项目[2017-YJ-E02]
关键词
财务杠杆
收益计量回归
杜邦模型
Financial leverage
Return measurement regression
Dupont model
