山西煤炭上市公司财务竞争力比较研究

A Comparative Study on the Financial Competitiveness of Shanxi Coal Listed Companies

现以山西11家煤炭上市公司2004-2014年财务数据为样本,应用因子分析方法评价了其财务竞争能力。评价的结果表明:山西煤炭上市公司整体财务竞争力呈现出了先增强后降低的趋势,2008年是其竞争力降低的转折点。获利能力、成长能力的降低和效率水平的下降是其财务竞争力降低的主要原因。对其财务竞争力公因子影响因素比较分析得出:单一的产品结构影响了煤炭上市公司的财务竞争力的稳定性;上市公司煤炭产业的过度投资限制了其未来成长能力;流动负债率过高,将使得煤炭上市公司面临短期的偿债压力。

Taking the financial data of 11 coal listed compa- nies in Shanxi as the sample, the application factor analysis method was used to evaluate the financial competitiveness of listed companies.The results showed that： the overall finan- cial competitiveness of Shanxi coal listed companies showed a trend of first increasing and then decreasing. In 2008, it was the turning point of the competitiveness of the listed companies.Profitability, lower growth and lower levels of effi- ciency are the main reasons for the lower financial competi- tiveness.The comparative analysis of the influence factors of the financial competitiveness of public factors： a single prod- uct structure affects the stability of the financial competi- tiveness of coal listed companies;The excessive investment of Listed Companies in the coal industry has limited its future growth ability. The current debt ratio is too high, which will make the coal listed companies face the pressure of short- term debt repayment.