摘要

本文选择了一个有代表性的农业公司亚盛集团，并对其运营和财务状况进行分析。同时，使用杜邦分析模型来分析亚盛企业资产的经营和获利能力。并且进一步对现金流量内容、资产和资本结构的指标进行分析。最后，得出结论亚盛集团盈利不足的主要原因是成本高、最终利润低、资产周转率低、使用效率低和资本结构调整不合理。引起这些因素的主要原因是农业产品成本上升、价格下降、前几年资产过剩、低利用率。并且亚盛集团由政府控制，高层管理倾向于发行股票来增加资金。债务负担相对较低。针对亚盛集团以上出现的问题，本文提出了建议亚盛集团应该相应的削减成本、改善资产使用提高资金的使用率并且发挥财务杠杆的作用。其次这篇文章对促进农业企业可持续发展具有重要的理论和实际意义。

关键词：亚盛集团;投资风险;风险分析

Analysis on the effect of investment income on profitability of agricultural enterprises

Abstract

This paper chooses a representative agricultural company, Yasheng Group, and analyzes its operation and financial situation. At the same time, DuPont analysis model is used to analyze the asset management and profitability of Yasheng enterprises. And further analyze the cash flow content, assets and capital structure indicators. Finally, it is concluded that the main reasons for the lack of profit of Yasheng Group are high cost, low final profit, low asset turnover rate, low use efficiency and unreasonable capital structure adjustment. The main causes of these factors are the rising cost and falling price of agricultural products, surplus assets and low utilization rate in previous years. Moreover, Yasheng Group is controlled by the government, and the top management tends to issue stocks to increase funds. The debt burden is relatively low. In view of the above problems of Yasheng Group, this paper proposes that Yasheng Group should cut costs, improve the use of assets, increase the utilization rate of funds and play the role of financial leverage. Secondly, this article has important theoretical and practical significance for promoting the sustainable development of agricultural enterprises.

Key Words：yasheng; investment risk; risk analysis

 

目录

摘要 2

Abstract 3

引言 6

1.绪论 1

1.1研究背景 1

1.2研究目的 1

1.3研究意义 1

1.4文献综述 2

1.4.1 国外研究现状 2

1.4.2 国内研究现状 3

2.农业上市公司投资风险研究的相关理论 4

2.1投资风险与负外部性 4

2.2现代投资组合理论 4

2.2.1现代投资组合理论基础 4

2.2.2现代投资组合理论的应用 5

3.亚盛集团经营及财务现状 6

3.1 行业发展情况 6

3.2 亚盛集团介绍 6

3.3亚盛集团盈利能力指标的分析 6

3.3.1净资产收益率分析 6

3.3.2销售净利率分析 7

3.3.3总资产周转率分析 9

3.3.4 权益乘数分析 11

4.亚盛集团盈利能力不足的问题 12

4.1产品成本较高 12

4.2货币资金利用效率偏低 12

4.3应收账款周转效率偏低 12

5.提升农业公司盈利能力的方案 13

5.1加强对企业信用政策的控制 13

5.2加强对企业资金的利用效率 13

5.3加强对产品的研发与人才培养力度 14

结论 14

参 考 文 献 16

致谢 18