新分类指引下上市公司财务比率行业特征检验

Industry Characteristics of Financial Ratios: a Test Based on New Classification Standard

本文以沪深两市A股1108家上市公司2011-2013年数据为样本,对6个财务比率的行业特征进行检验。结果表明：上市公司财务比率具有显著行业差异,净利润率、债务资产比率和资产周转率的行业差异具有稳定性,净资产收益率、流动比率和存货周转率的行业差异不具有稳定性;此外,债务资产比率和资产周转率的行业差异可以被行业解释的比例较高,说明不同行业倾向于维持一个较为稳定的资本结构和运营效率。

This paper tests industry characteristics of the six financial ratios based on 1108 A-share listed companies beween2011-2013. The result shows that, there is a statistically significant difference between mean industry financial ratios. The differences between mean industry for the ratios which are net profit margin ratio, total leverage and asset turnover ratio are rather stable, while those for the ratios which are return on equity, current ratio and inventory turnover, are unstable. The further study shows that the differences can be better explained by the industry of two ratios: total leverage and asset turnover ratio, and it indicates that different industries tend to maintain a relatively stable capital structure and operational efficiency.Based on results above,some suggestions were given at last.