上市公司资产运营效率实证研究

本文通过实证研究，分析了影响中国上市公司资产运营效率的四个重要因素：企业规模、主营业务利润率、负债比率和非流通股比例。本文研究表明：在上市公司业绩尚佳的时候，资产运营效率与企业规模、企业非流通股比例之间呈正相关，与主营业务利润之间负相关，与负债比例无关。随着上市公司经营业绩的下降，资产运营效率逐渐脱离上述因素影响，原因为政府支持力度的下降和经营者内部人控制。因此，要提高中国上市公司资产运营效率，需改进内外部治理结构和政府公务员管理体制。

An empirical research on assets operating efficiency of listed company

In this article we mainly discuss four factors which influence assets operating efficiency of Chinese listed companies： enterprise scale, gross margin ratio, debt ratio and the proportion of non-outstanding shares. Our conclusion is： when the performance of a listed company is fairly good, its assets operating efficiency has a positive relation with its scale and its proportion of non-outstanding shares and a negative relation with its gross margin ratio. When the performance of a listed company goes down, the relation of its assets operating efficiency with the four factors becomes confused, the reason of this phenomenon is the decline of governmental help and the existence of internal control of management. So, if we want to improve the assets operating efficiency, we must improve the internal and external governance of corporation, and we should improve our regulating svstem of public servants.