中国上市公司资本效率与财务风险调查:2017

The Capital Efficiency and Financial Risk Survey of Chinese Listed Companies:2017

本调查以2017年3381家A股上市公司作为研究对象,对2017年中国上市公司资本效率与财务风险状况进行了全国层面、行业层面、地区层面以及专题调查,研究发现:(1)2017年中国上市公司总资金管理绩效稳中向好,经营活动资金管理绩效相对于投资活动依旧优势明显,但总资金配置对不同经济活动间的资金管理绩效差异敏感性较差;(2)面对资金面趋紧局势,2017年中国上市公司通过加强生产渠道资金管理,让渡采购渠道资金占用,促使经营活动营运资金管理绩效整体层面保持平稳;(3)2017年中国上市公司总体财务风险稳定且处于低位,多数行业及三大地区偏好风险规避式财务安排;(4)短期财务风险总体可控,多数行业短期财务风险处于低位,少数行业由于自身营运资金占用较低且周转较快采取了短借长投的融资策略,个别行业受产能过剩影响,出现短借长投现象,短期财务风险较高;(5)东部地区上市公司发展相对成熟,资金效率稳定,财务风险较低,而中、西部地区上市公司资金效率表现出较高的成长性,同时财务风险也较高;(6)通过专题调查发现,产能过剩类企业资金回报率出现跳跃式上涨,但短期财务风险过高,不同经济性质控股公司在资本效率方面差异明显,高杠杆类上市公司财务风险水平有所下降,重资产类上市公司相比轻资产类上市公司在资金管理绩效方面仍存在巨大差距。

Based on 3381 A-share listed companies in 2017,this paper surveys capital efficiency and financial risk of Chinese listed companies from the views of state,industry,region,and specific topics.The research finds that:(1)The performance of overall level capital management is stable and has improved in 2017.The performance of operating capital management is still superior to that of investment activity capital,but total capital allocation is insensitive to the difference;(2)Faced with the financial stress,Chinese listed companies has maintained stable performance of working capital management through reducing capital occupation in purchasing channel and improving capital efficiency in production channel;(3)The overall financial risk is stable and low in 2017.Most industries and three regions prefered risk-averse financial arrangements;(4)Short-term financial risk is generally controllable,and most industries have low short-term financial risk;(5)The eastern region has relatively mature economy,stable capital efficiency and low financial risk,while the central and western regions have both higher growth in capital efficiency and higher financial risk;(6)The return on capital of overcapacity companies has jumped up,but the short-term financial risk of those is too high.There are obvious differences in capital efficiency among different holding companies.The level of financial risk of high-leverage companies has decreased,and the gap between heavy asset companies and light asset companies is still huge.