供给侧结构性改革下马钢股份财务绩效研究

供给侧结构性改革下马钢股份财务绩效研究摘要钢铁行业作为我国国民经济的重要基础性产业，为推动我国经济的发展发挥了举足轻重的作用。在后金融危机时代和后疫情时代，我国经济发展进入了“新常态”之后，经济结构的转型升级给传统重资产的钢铁行业提出了更高要求。在新的时代背景下，钢铁行业产能过剩的问题成为任何钢铁企业必须面对的问题。2015年11月习总书记在中央财经小组会议上提出“供给侧结构性改革”，进而提出“去产能、去库存、去杠杆、降成本、补短板”的五大任务，减少生产领域中的无效、低效供给，增大有效、高效供给。供给侧结构性改革为处于发展瓶颈期的钢铁行业带来发展的方向与动力，但是改革是一个长期的过程，改革的效果更是需要长时间去检验，分析2016年的供给侧改革是否给钢铁企业带来显著的正向影响及是否需要持续推进改革具有重要的理论和实际意义。基于此，本文以马钢股份作为研究对象，探究了在供给侧结构性改革的背景下马钢股份采取了哪些具体措施、实施的情况如何以及遇到了哪些困难、供给侧结构性改革前后马钢股份财务绩效的变化情况。本文首先分析了供给侧改革在我国实行的背景，结合国内外现有的研究成果和供给侧改革及绩效评价的相关理论，对马钢股份在供给侧改革下“三去一降一补”的主要任务所做出的实践进行分析，在此基础上从横向和纵向两个层次对马钢股份供给侧改革的绩效进行评价。纵向方面主要结合财务分析方法对供给侧改革前后马钢股份偿债能力、营运能力、发展能力及盈利能力进行比较分析，并在此基础上选取了补充指标从去库存、去杠杆、降成本效果进行分析：横向方面主要通过因子分析将马钢股份供给侧改革效果与同行业进行对比分析。在此基础上分析发现马钢股份供给侧改革效果方面还存在资产负债率较高、发展潜力不足、增效成果不显著以及存货周转效率低等问题。为保障供给侧改革效果的持续性，本文提出要降低企业财务杠杆、增强自身盈利能力，加快企业转型升级、促进可持续发展，降低企业成本、增加降本力度，强化存货管理、坚持去库存等建议。以期通过本文的研究及对策，为供给侧改革背景下的马钢股份的财务绩效水平有进一步提升提供可借鉴的建议。关键词：供给侧结构性改革：财务绩效；财务分析；因子分析：马钢股份AbstractAs an important basic industry of my country's national economy,the steelindustry has played a pivotal role in promoting the development of my country'seconomy.In the post-financial crisis era and post-epidemic era,after my country'seconomic development has entered the "new normal",the transformation andupgrading of the economic structure has placed higher demands on the traditionalasset-heavy steel industry.In the context of the new era,the problem of overcapacityin the steel industry has become a problem that any steel company must face.InNovember 2015,General Secretary Xi proposed "supply-side structural reforms"atthe Central Finance and Economics Group meeting,and then proposed the five majortasks of "cutting overcapacity,destocking,deleveraging,reducing costs,and makingup for shortcomings"to reduce production in the field.Ineffective and inefficientsupply,increase effective and efficient supply.Supply-side structural reforms havebrought development direction and impetus to the steel industry in the developmentbottleneck period.However,reforms are a long-term process,and the effects ofreforms need to be tested for a long time to analyze whether the supply-side reformsin 2016 have benefited the steel industry.The significant positive impact ofenterprises and whether they need to continue to promote reforms has importanttheoretical and practical significance.Based on this,this article takes Maanshan Iron Steel as the research object,and explores what specific measures Maanshan Iron Steel has taken in the contextof supply-side structural reforms,how they are implemented,and what difficultiesthey have encountered,before and after the supply-side structural reforms.Changes inthe financial performance of shares.This article first analyzes the background of theimplementation of supply-side reforms in my country,combined with existingresearch results at home and abroad and relevant theories of supply-side reforms andperformance evaluation,and discusses Maanshan Iron Steel's "three removals,onereduction and one supplement"under the supply-side