摘要
企业盈利能力是衡量企业发展质量与竞争力的重要指标，随着市场经济环境日益复杂多变，探究影响企业盈利能力的因素具有重要的理论和现实意义。本研究旨在系统分析企业盈利能力的影响因素，基于财务报表数据，选取了资产报酬率作为企业盈利能力的代理变量，综合运用因子分析法、多元线性回归分析等方法，以我国沪深两市A股制造业上市公司为样本进行实证研究。结果表明，企业的资本结构、运营效率、规模大小、成长能力对企业盈利能力有着显著影响，其中运营效率对盈利能力的正向促进作用最为明显，而过高的资产负债率会对盈利能力产生抑制作用。创新之处在于将非财务指标纳入考量范围，如创新能力指标，发现其与企业盈利能力存在正相关关系，这为企业提升盈利能力提供了新的思路，即重视创新发展。本研究为企业管理者优化经营决策、提高盈利能力提供参考依据，也为投资者评估企业价值提供借鉴，同时丰富了企业盈利能力影响因素方面的研究成果。
关键词：企业盈利能力；运营效率；资本结构
Abstract
Corporate profitability is a critical indicator for measuring the quality of development and competitiveness of enterprises. As the market economy environment becomes increasingly complex and volatile, investigating the factors influencing corporate profitability holds significant theoretical and practical implications. This study aims to systematically analyze the determinants of corporate profitability. Based on financial statement data, return on assets (ROA) was selected as a proxy variable for corporate profitability. Factor analysis and multiple linear regression analysis were employed to conduct empirical research using manufacturing companies listed on the Shanghai and Shenzhen A-share markets as samples. The results indicate that capital structure, operational efficiency, firm size, and growth capability significantly impact corporate profitability. Among these factors, operational efficiency exhibits the most pronounced positive effect on profitability, whereas excessively high debt-to-asset ratios tend to inhibit profitability. An innovative aspect of this study lies in incorporating non-financial indicators, such as innovation capability metrics, which reveal a positive correlation with corporate profitability. This finding offers new insights for enhancing profitability through prioritizing innovation and development. This research provides managerial implications for optimizing business decisions and improving profitability, serves as a reference for investors assessing corporate value, and enriches the literature on the determinants of corporate profitability.
Keywords：Enterprise Profitability; Operational Efficiency; Capital Structure
目 录
摘要 I
Abstract II
一、绪论 1
(一) 企业盈利能力研究背景与意义 1
(二) 国内外研究现状综述 1
(三) 研究方法与技术路线 2
二、宏观环境对企业盈利能力的影响 2
(一) 经济周期波动的影响分析 2
(二) 政策法规的导向作用 3
(三) 技术进步的推动效应 4
三、内部因素对企业盈利能力的作用 4
(一) 经营管理水平的贡献 4
(二) 成本控制能力的重要性 5
(三) 创新能力的驱动作用 6
四、行业特征与市场竞争对企业盈利能力的影响 6
(一) 行业生命周期的影响 6
(二) 市场竞争程度的分析 7
(三) 产业链位置的价值创造 8
结 论 9
参考文献 10
企业盈利能力是衡量企业发展质量与竞争力的重要指标，随着市场经济环境日益复杂多变，探究影响企业盈利能力的因素具有重要的理论和现实意义。本研究旨在系统分析企业盈利能力的影响因素，基于财务报表数据，选取了资产报酬率作为企业盈利能力的代理变量，综合运用因子分析法、多元线性回归分析等方法，以我国沪深两市A股制造业上市公司为样本进行实证研究。结果表明，企业的资本结构、运营效率、规模大小、成长能力对企业盈利能力有着显著影响，其中运营效率对盈利能力的正向促进作用最为明显，而过高的资产负债率会对盈利能力产生抑制作用。创新之处在于将非财务指标纳入考量范围，如创新能力指标，发现其与企业盈利能力存在正相关关系，这为企业提升盈利能力提供了新的思路，即重视创新发展。本研究为企业管理者优化经营决策、提高盈利能力提供参考依据，也为投资者评估企业价值提供借鉴，同时丰富了企业盈利能力影响因素方面的研究成果。
关键词：企业盈利能力；运营效率；资本结构
Abstract
Corporate profitability is a critical indicator for measuring the quality of development and competitiveness of enterprises. As the market economy environment becomes increasingly complex and volatile, investigating the factors influencing corporate profitability holds significant theoretical and practical implications. This study aims to systematically analyze the determinants of corporate profitability. Based on financial statement data, return on assets (ROA) was selected as a proxy variable for corporate profitability. Factor analysis and multiple linear regression analysis were employed to conduct empirical research using manufacturing companies listed on the Shanghai and Shenzhen A-share markets as samples. The results indicate that capital structure, operational efficiency, firm size, and growth capability significantly impact corporate profitability. Among these factors, operational efficiency exhibits the most pronounced positive effect on profitability, whereas excessively high debt-to-asset ratios tend to inhibit profitability. An innovative aspect of this study lies in incorporating non-financial indicators, such as innovation capability metrics, which reveal a positive correlation with corporate profitability. This finding offers new insights for enhancing profitability through prioritizing innovation and development. This research provides managerial implications for optimizing business decisions and improving profitability, serves as a reference for investors assessing corporate value, and enriches the literature on the determinants of corporate profitability.
Keywords：Enterprise Profitability; Operational Efficiency; Capital Structure
目 录
摘要 I
Abstract II
一、绪论 1
(一) 企业盈利能力研究背景与意义 1
(二) 国内外研究现状综述 1
(三) 研究方法与技术路线 2
二、宏观环境对企业盈利能力的影响 2
(一) 经济周期波动的影响分析 2
(二) 政策法规的导向作用 3
(三) 技术进步的推动效应 4
三、内部因素对企业盈利能力的作用 4
(一) 经营管理水平的贡献 4
(二) 成本控制能力的重要性 5
(三) 创新能力的驱动作用 6
四、行业特征与市场竞争对企业盈利能力的影响 6
(一) 行业生命周期的影响 6
(二) 市场竞争程度的分析 7
(三) 产业链位置的价值创造 8
结 论 9
参考文献 10
