我国食品行业上市公司财务绩效评价——基于因子分析和聚类分析

Financial Performance Evaluation of Listed Companies in China's Food Industry:Based on Factor Analysis and Cluster Analysis

[目的]为更系统、全面地分析我国食品行业上市公司的财务绩效。[方法]选取反映企业财务绩效的12个财务指标,先采用因子分析法将它们降维为4个因子,再根据这4个因子,采用k均值聚类(k-means)法对样本进行分类。[结果](1)食品上市公司财务绩效表现参差不齐,行业发展不均衡;(2)4个因子对食品上市公司财务绩效的影响程度各有不同,盈利能力因子对财务绩效的影响最大,偿债能力因子和营运能力因子次之,发展能力因子的影响最小;(3)聚类分析将样本公司分成3大类,分别是营运能力和发展能力较强但盈利能力较弱的成长高效型公司、偿债能力较强但其他能力较弱的低效型公司、盈利能力较强但其他能力较弱的高盈利型公司。[结论]针对不同类型公司提出不同的发展建议。

[Objective]To analyze the financial performance of Chinese listed companies in food industry more systemati⁃cally and comprehensively.[Method]12 financial indicators that reflect the financial performance of enterprises are se⁃lect;first,their dimensions are reduced to 4 factors through factor analysis method;then,according to these 4 factors,the samples are classified through k-means clustering method[.Result](1)The financial performances of listed food com⁃panies are varied,and the industry development is unbalanced.(2)The four factors have different degrees of influence on the financial performance of food listed companies.The profitability factor has the greatest impact on financial perfor⁃mance,followed by the solvency factor and the operating ability factor,and the development ability factor has the least impact.(3)In cluster analysis,the sample companies are divided into three categories,namely,high-growth efficient companies with strong operation and development ability but weak profitability,low-efficiency companies with strong debt paying ability but weak other abilities,and high-profit companies with strong profitability but weak other abilities.[Conclusion]Different development proposals are made for different types of companies.