我国环卫企业盈利能力现状研究——基于杜邦分析法

Research on the Profitability of Sanitation Enterprises in China:Based on Dupont Analysis

环卫企业良好的盈利能力对推进我国环卫市场化可持续发展、进一步提高环卫市场化率具有重要意义。基于杜邦分析法(DuPontAnalysis),选取2018—2020年我国4家环卫企业的财务指标,分析影响环卫企业盈利能力的源头因素。结果表明:不同环卫企业的销售净利率并没表现出显著性差异,盈利能力的差别主要来源于企业的权益乘数与资产周转率;环卫企业的运营管理水平差别不大,财务结构和业务发展模式是影响其盈利能力的主要因素。为进一步提高环卫企业的盈利能力,从提高运营管理水平、开拓环卫业务新增长点、优化融资结构3个方面提出建议。

Good profitability of environmental sanitation enterprises is of great significance for promoting the sustainable development environmental sanitation marketization and further improving the marketization rate of environmental sanitation in China.Based on DuPont analysis,the financial indicators of four domestic sanitation enterprises from 2018 to 2020 were selected.The source factors affecting the profitability of sanitation enterprises were analyzed.The results showed that the net sales interest rate of different sanitation enterprises did not show significant differences,and the difference in profitability mainly come from the equity multiplier and asset turnover rate of enterprises.There was little difference in the operation and management level of environmental sanitation enterprises,and the financial structure and business development model were the main factors affecting their profitability.Suggestions were put forward to further improve the profitability of environmental sanitation enterprises from three aspects:improving the operation and management level,developing new growth points of environmental sanitation business and optimizing the financing structure.