工业企业利润增速变化及其原因分析

Characteristics and Causes of Changes in Profit Growth Rate of Current Industrial Enterprises

2018年,中国不同经济类型工业企业利润增速共振下行,从效益指标看,主营业务收入增速下降是企业利润增速下降最主要的原因。此外,企业管理费用等支出刚性上涨进一步侵蚀企业利润。私营企业自2017年以来扩张负债并同时增持低收益率流动资产也对利润增长产生影响。2017年年中至今全球主要经济体经济增速下行,造成中国商品出口增速大幅下降,是近两年中国工业需求边际变化的主要推动因素。下一阶段,应把工业体系动态平衡、协同发展作为建设现代化经济体系的重要目标,通过逆周期调节力度有效稳定总需求,研究解决企业"费用侵蚀利润"问题。

In 2018,the profit growth rate of industrial enterprises of different economic types in China fell resonantly.Judging from the benefit indicators,the decline in the growth rate of main business income was the main reason for the decline in the profit growth rate of enterprises.In addition,the rigid rise in expenditures such as enterprise management fees further eroded profits of enterprises.Private enterprises have expanded their liabilities and increased their holdings of low-yield current assets since 2017,which also had an impact on profit growth.Since the mid-2017,the economic growth rate of major economies in the world has declined,resulting in a sharp drop in the growth rate of China’s commodity exports,which was the main driving factor for the marginal changes in China’s industrial demand in the past two years.In the next stage,the dynamic balance and coordinated development of the industrial system should be taken as the important objectives for the construction of modern economic system.The overall demand should be effectively stabilized through counter-cyclical adjustment efforts.The problem of'cost erodes profits'of enterprises should be studied and solved.