CAJ | 학술논문

通过选取深市和沪市2012年A股酿酒造酒业上市公司的财务数据，对酿酒造酒业上市公司的盈利能力进行因子分析。分析结果显示影响酿酒造酒业上市公司盈利能力的主要因素是总资产、总资产周转率、股权集中度和每股经营现金流量。公司的规模越大即总资产的自然对数越大，则公司的综合盈利能力越强；总资产周转率越大，总资产周转速度越快，则公司的综合盈利能力越强；总资产周转率越快，公司的经营盈利能力就越强，这体现出营业毛利率与其总资产周转率密切相关，总资产周速度快，占用的资源少，产生的价值大，营业毛利率将显著提高，而营业毛利率与盈利能力密切相关，总资产周转率与综合盈利能力亦密切相关。为提高酿酒造酒业上市公司的盈利能力，应控制公司规模，提高公司总资产周转率和综合盈利能力，股权集中度不宜过高，要保有适度的现金，提高经营的灵活性。
통과선취심시화호시2012년A고양주조주업상시공사적재무수거，대양주조주업상시공사적영리능력진행인자분석。분석결과현시영향양주조주업상시공사영리능력적주요인소시총자산、총자산주전솔、고권집중도화매고경영현금류량。공사적규모월대즉총자산적자연대수월대，칙공사적종합영리능력월강；총자산주전솔월대，총자산주전속도월쾌，칙공사적종합영리능력월강；총자산주전솔월쾌，공사적경영영리능력취월강，저체현출영업모리솔여기총자산주전솔밀절상관，총자산주속도쾌，점용적자원소，산생적개치대，영업모리솔장현저제고，이영업모리솔여영리능력밀절상관，총자산주전솔여종합영리능력역밀절상관。위제고양주조주업상시공사적영리능력，응공제공사규모，제고공사총자산주전솔화종합영리능력，고권집중도불의과고，요보유괄도적현금，제고경영적령활성。
Carrying out factor analysis of the profitability of wine industry listed companies by means of financial data of A shares of Shen-zhen and Shanghai in 2012, the results show that the influence factors are total assets, total asset turnover, equity concentration, and the operating cash flow per share. The greater size of the company and the greater natural logarithm of total assets mean the comprehensive profitability is stronger;the greater turnover and the faster speed also mean the profitability is stronger;which reflects the operating margin is closely related with total asset turnover, that is the faster speed of total assets will occupy less resources, produce great value and in-crease operating margin significantly, while the operating margin and the total asset turnover are both closely related with the profitability. The listed companies should control the scale and improve the total asset turnover and comprehensive profitability, control ownership con-centration, keep a moderate amount of cash and improve the operating flexibility.