中国航空工业上市公司经营绩效研究

本文通过选取2011～2015年中国航空工业18家上市公司的指标数据,构建多元回归模型,分析了其股权布局、技术创新及业务管理3个层面的因素对绩效的作用情况。结果表明：国有持股比重与经营绩效的关系呈显著倒“U”型,且以营业利润率（OPR）为被解释变量回归时其临界值为56.06%,而国有股比例均值是52.03%,尚处于临界值内,由此可知目前的国有持股尚能促进公司绩效的提升,但以总资产收益率（ROA）回归时则有超出临界值（51.32%）的风险;还有股权的集中程度、研发经费的投入力度对绩效均有正面影响,但后者有1年的滞延期;而销售成本率对绩效却有明显的抑制作用。最后,根据实证结果,为我国航空工业的发展提出几点建议。

Research on the Operating Performance of China's Listed Aviation Companies

Selects index data of 18 China's listed aviation companies during 2011-2015 years,a nd establishes the regression model,this paper analyzes the role of the various factors of the stock layout,technological innovation and business management lev el on the performance.The results show:the relationship between the proportion o f state ownership and operating performance is significantly inverted"U"type,a nd the operating margin(OPR)as the explained variable regression when the crit ical value is 56.06％,while the mean proportion of state-owned shares is 52.03％,which is still in the critical value.It can be seen that the current state-owne d shareholding can promote the improvement of corporate performance,but the retu rn on total assets(ROA)has a risk of exceeding the critical value(51.32％).T he concentration degree of equity and the input of R&D funds have positive effec ts on performance,but the latter has 1 years delay.While the sales cost rate has a significant inhibitory effect on performance.Finally,according to the empiric al results,some suggestions for the development of China's aviation industry ar e put forward.