上市公司财务状况评价研究—基于零售业公司的经验证据

近年来，中国零售业发展迅速，销售额持续增长，企业之间的竞争日益激烈。改革开放的深入使得外资零售业不断入侵中国零售市场，给本土零售企业带来巨大的竞争与压力。本土零售企业要想在如此激烈的环境下生存下来并处于领先地位，一定要制定一套行之有效的经营战略。而制定经营战略的前提就是深刻了解企业本身的财务状况并科学地对其进行分析。因此我们要合理地评价企业的财务状况。本文以59家零售业上市公司2011年的财务指标为研究对象，综合选取了盈利能力、现金流、偿债能力、资产营运能力、发展能力这5类指标下的14个财务指标，运用因子分析得出一个由五个公因子构成的综合财务状况评价模型。通过模型可以计算出企业的综合财务状况得分，并根据结果了解企业发展中的问题。
关键词：零售行业；财务状况评价；综合指标；因子分析

Abstract
In recent years, China’s retail trade has developed rapidly. It also has a boom in retail sales. With the deepening of reforming and opening, foreign retail constantly invaded China’s retail market. It takes the local retail enterprises a significant competitive and pressure. To survive in such a competitive environment and be in a leadership position, we must develop a set of effective business strategy. At first we should have a deep understanding of the financial position of the enterprise itself and then scientifically analyze them. So we have to evaluate the financial situation of the enterprise. In this paper, we see the 59 retail listed companies as the research object, choose 5 comprehensive indicators of profitability, cash flow, solvency, asset operating capacity, developing capacity which contain 14 financial indicators. By the factor analysis we arrive at an evaluation model constituted by five common factors. The model can calculate the consolidated score of the financial position and help us find problems in the enterprise development.
Key words: Retail; Evaluation of Financial Conditions; Composite Index; Factor Analysis

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