刘道学 董碧晨 颜铠晨

摘 要： 当前，我国经济正处于由高速增长向高质量发展的转型升级关键阶段。企业财务质量的改善有助于提升企业总体高质量发展水平。以江浙上市民营企业为样本，运用因子分析法，从盈利能力、成长能力、营运能力及偿债能力四个维度对两省民营企业财务质量进行实证比较分析研究，发现两省民营企业高质量发展在财务质量上体现出相似特征与明显差异，针对财务质量问题提出了进一步助推民营企业高质量发展的对策建议。

关键词： 财务质量;高质量发展;上市企业;因子分析

中图分类号： F 275

文献标志码： A

A Comparative Study on the High-quality Development ofPrivate Enterprises in Jiangsu and Zhejiang： Analysis Basedon Financial Data of Private Listed Companies

LIU Daoxue DONG Bichen YAN Kaichen

（1.Institute for China Small and Medium Enterprises，Zhejiang University of Technology，Hangzhou 310023，China; 2.College of Management， Zhejiang Universityof Technology， Hangzhou 310023， China）

Abstract： At present， China′s economy is at a critical stage of transformation and upgrading from high-speed growth to high-quality development. The improvement of corporate financial quality will help enhance the overall high-quality development of the enterprise. Taking private enterprises in Jiangsu and Zhejiang regions as a sample， using factor analysis to conduct an empirical comparative analysis of the financial quality of private enterprises in the two provinces from the four dimensions of profitability， growth capacity， operating capacity and solvency， and found that the private enterprises in the two provinces are of high quality development reflects similar characteristics and obvious differences in financial quality， and put forward countermeasures and suggestions to further promote high-quality development of enterprises in response to financial quality problems.

Key words： financial quality; high-quality development; listed companies; factor analysis

1 問题的提出

党的十九大以来，我国经济发展步入由高速增长向高质量发展转变的新时代。江浙两省是我国民营经济发达的重要代表性区域，近年来都在不断优化民营企业营商环境，厚植民营企业高质量发展沃土。2020年年初以来，受突如其来的新冠病毒疫情影响，江浙地区大量民营中小企业面临停业停产减收困境，同时迎难而上，积极促进数字化、智能化复工复产，通过产业链、供应链、资金链的恢复重建，持续推进企业高质量发展。但仍有不少民营企业现代管理不规范，特别是企业财务制度不健全，导致企业盈利能力、成长能力、营运能力及偿债能力偏弱，直接影响到企业的筹资质量、投资质量、资金运营质量及利益分配质量等。有基于此，本文从财务质量评价的角度，选取江浙样本研究民营企业高质量发展问题，在现阶段具有比较重要的理论和现实意义。……