汽车制造业财务杠杆与盈利能力的实证分析

An Empirical Analysis of Financial Leverage and Profitability in Automobile Manufacturing Industry

周星宇 韩亮亮

Xingyu Zhou Liangliang Han

辽宁大学 商学院，辽宁 沈阳 110136

School of Business Administration，Liaoning University，Shenyang Liaoning 110136，China

近年来，作为国民经济支柱的汽车行业销量不断下降，财务杠杆比率持续攀升。为提高汽车制造企业盈利能力，借助SPSS 26.0和EXCEL 2010工具，采集了汽车企业中145家沪深Ａ股上市公司2017—2019年的财务数据为样本，通过实证分析，研究企业财务杠杆比率与企业盈利能力的关系。研究结果表明，我国汽车上市公司财务杠杆水平与盈利能力呈负相关关系；企业成长能力与盈利能力呈正相关关系，且企业成长能力在影响盈利能力的过程中存在一定的中介效应；企业财务杠杆水平与成长能力呈负相关关系。

In recent years, the sales volume of the automobile industry, which is the backbone of the national economy, has been declining, and the financial leverage ratio has continued to rise. In order to improve the profitability of automobile manufacturing enterprises, this paper used SPSS 26.0 and Excel 2010, collected the financial data of 145 auto A?share listed companies in Shanghai and Shenzhen from 2017 to 2019 as samples to conduct an empirical analysis and test of the relationship between corporate leverage ratio, corporate growth ability and profitability. The results show that there is a negative correlation between leverage ratio and profitability, positive correlation between corporate growth ability and profitability, negative correlation between corporate leverage ratio and growth ability, and there is a certain intermediary effect in the influence of corporate growth ability on profitability.

辽宁省教育厅项目(LJC202039)

10.3969/j.issn.1672-6952.2022.02.015