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目前对于影响企业创值能力因素的分析大多基于资本结构以及由此引起的企业资本成本的高低,由于制造业对于企业净现金流量的特殊要求,企业营运资本的管理能力对于其价值增值能力的影响并未得出一致的结论。本研究筛选代表企业营运资本管理能力的各单一指标及企业代表企业盈利能力、流动能力的指标,采用因子分析法对其进行降维分析,并建立多元线性回归模型分析制造业企业经济增加值的影响因素,得出制造业企业的盈利能力、流动资产的变现能力与EVA呈显著的正相关关系而不是营运资本管理能力本身,并提出了相关的建议。
At present, the analysis of the factors that affect the ability of a company to create a value is mostly based on the capital structure and the resulting capital cost. Due to the special requirements of the manufacturing industry on the net cash flow of an enterprise, the influence of the management ability of the working capital on its value-added ability Did not reach a consistent conclusion. This study screened the single indicators that represent the management ability of the working capital of enterprises and the indicators of the profitability and liquidity of the enterprises on behalf of the enterprise. The factor analysis method was used to reduce the dimension of the indicators, and the multiple linear regression model was established to analyze the economic value added of the manufacturing enterprises Influencing factors, draw the profitability of manufacturing enterprises, the liquidity of liquidity and EVA was a significant positive correlation rather than working capital management capacity itself, and made the relevant recommendations.