云南省有色金属类上市公司成长研究--基于托宾Q的行业成长性实证分析

Research on the Growth of Non-ferrous Metals Listed Companies in Yunnan Province: An Empirical Analysis Based on Tobin Q Industry Growth

有色金属行业是云南省上市公司数量最多的一个行业,该行业企业的发展水平及成长状况对云南省的经济发展有着深远影响。近年来,随着国际市场环境的变化及国内环保要求的提高,有色金属类企业的成长面临着越来越多的压力及不确定性,如何在不利的宏微观环境下谋求生存与发展,成为云南省有色金属类上市公司所面临的重大课题。基于2013-2017年云南省7家有色金属上市公司财务数据,以托宾Q为成长性指标,对公司相关财务指标回归分析,研究表明:市净率、流动比率、营业成本率、销售期间费用率是影响公司成长性的关键因素;加强产业链整合、强化技术创新是有效提升云南省有色金属类上市公司成长性的有效途径。

The non-ferrous metal industry is an industry with the largest number of listed companies in Yunnan Province. The development of companies in this industry have a profound impact on the economic development of Yunnan Province. In recent years, with the changing environment of international market and the increasing requirements of domestic environmental protection, the non-ferrous metal companies’ growth is facing more and more pressure and uncertainty. How to seek survival and development in the adverse macro and micro environment has become a major issue faced by non-ferrous metal listed companies in Yunnan Province. Based on the financial data of seven non-ferrous metal listed companies in Yunnan Province from 2013 to 2017, this paper selected Tobin’s Q as the growth indicator, and studied the financial indicators that affect companies’ growth by using the regression analysis method. Through empirical analysis, the P/B ratio, current ratio, operating cost ratio and expense ratio during sales of non-ferrous metal listed companies in Yunnan Province are the key factors affecting the companies’ growth. On the basis of this analysis, the paper put forward that strengthening the integration of industrial chain and technological innovation can effectively promote the growth of non-ferrous metal listed companies in Yunnan Province.