酿酒造酒业上市公司盈利能力分析

Profitability Analysis of Wine Industry Listed Companies

通过选取深市和沪市2012年A股酿酒造酒业上市公司的财务数据,对酿酒造酒业上市公司的盈利能力进行因子分析。分析结果显示影响酿酒造酒业上市公司盈利能力的主要因素是总资产、总资产周转率、股权集中度和每股经营现金流量。公司的规模越大即总资产的自然对数越大,则公司的综合盈利能力越强;总资产周转率越大,总资产周转速度越快,则公司的综合盈利能力越强;总资产周转率越快,公司的经营盈利能力就越强,这体现出营业毛利率与其总资产周转率密切相关,总资产周速度快,占用的资源少,产生的价值大,营业毛利率将显著提高,而营业毛利率与盈利能力密切相关,总资产周转率与综合盈利能力亦密切相关。为提高酿酒造酒业上市公司的盈利能力,应控制公司规模,提高公司总资产周转率和综合盈利能力,股权集中度不宜过高,要保有适度的现金,提高经营的灵活性。

Carrying out factor analysis of the profitability of wine industry listed companies by means of financial data of A shares of Shen-zhen and Shanghai in 2012, the results show that the influence factors are total assets, total asset turnover, equity concentration, and the operating cash flow per share. The greater size of the company and the greater natural logarithm of total assets mean the comprehensive profitability is stronger;the greater turnover and the faster speed also mean the profitability is stronger;which reflects the operating margin is closely related with total asset turnover, that is the faster speed of total assets will occupy less resources, produce great value and in-crease operating margin significantly, while the operating margin and the total asset turnover are both closely related with the profitability. The listed companies should control the scale and improve the total asset turnover and comprehensive profitability, control ownership con-centration, keep a moderate amount of cash and improve the operating flexibility.