中国军工行业经济效益的聚类分析——以航空航天、兵器船舶上市公司为例

Cluster Analysis on Economic Efficiency of China's Military Industry——A Case Study of Listed Companies of Aerospace, Shipbuilding

以反映经济效益的偿债能力、经营能力、盈利能力和发展能力四大指标为依据,对2015年和2017年航空航天、兵器船舶行业上市公司进行聚类分析。结果显示,位于北京、上海等地的军工企业发展平稳,位于湖北、江西等地的公司经济效益有所提升,国家战略对军工行业发展存在影响。军改后,航空航天、兵器船舶行业上市公司盈利能力整体提升,经营能力、偿债能力、发展能力下降。由于资产规模扩张过快,发展能力整体下滑,在今后的发展中要注重质与量的关系。

Based on the four economic efficiency indicators of debt-paying ability,operational ability,profitability,and development ability,this paper makes a cluster analysis of listed companies of aerospace and shipbuilding industries in 2015 and 2017.The results show that the military-industrial enterprises developed steadily in Beijing and Shanghai.The economic efficiency of military-industrial enterprises in Hubei and Jiangxi improved.The development of the military industry is influenced by national strategy.After the military reform,the profitability of listed companies in aerospace and shipbuilding improved,but the other three indicators of operational ability,debt-paying ability and development ability declined.Due to the rapid expansion of asset scale and the decline of development capacity,more attention should be paid to the relationship between quality and quantity in the future.