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3000上市公司财报凸显失衡之困 利润过于依赖金融业

2017-06-07 09:35:00   经济参考报

多位经济界人士分析认为,上市公司财报显示,伴随供给侧结构性改革初见成效,新旧动能加速转换。但在“三期叠加”背景下,经济发展仍处于爬坡过坎的艰难过程,产能过剩、需求不足等结构性矛盾尚未实质扭转,仍需进一步化解。

杠杆风险仍然较高民企业绩增长明显好于国企

上市公司财报暴露出部分企业存在各类经营风险,值得引起关注。主要包括如下三个方面。

一是业绩滑坡甚至亏损。

数据显示,2016年沪市419家上市公司净利润下降,其中145家降幅超过50%;236家公司主营业务亏损,其中131家依靠政府补助、资产处置收益等非经常性损益项目实现盈利;107家亏损公司中,31家公司因两年亏损等财务指标触及退市指标被实施退市风险警示,2家公司因连续三年亏损被暂停上市。同期深市有42家公司处于退市风险警示状态。

二是盈利质量不高,杠杆风险较高。

沪市1157家盈利公司中,212家公司经营活动产生的现金流净额为负,部分非金融类公司存在杠杆比率较高现象,180余家公司资产负债率达70%以上。

三是治理和规范运作方面存在缺陷。

以沪市为例,51家公司年度报告被年审会计师出具非标准审计意见;部分公司会计政策、估计和处理不规范,对财务报表结果产生不当影响;部分公司内部控制被出具否定或无法表示意见。

不过,上市公司财报显示,不同经济成分发展也呈现较大差异,得益于各项支持非公有制经济发展政策措施的深入落实,民营经济的增长明显好于国有经济。

以沪市为例,除金融行业外,国企主要分布于采掘、电力、交通运输、汽车、钢铁等传统制造业。受周期性等因素影响,2016年沪市国企收入同比仅上升2.41%,净利润则下降1.28%,低于沪市平均水平。

与之形成鲜明对比的是,沪市民企同期收入和利润实现“双升”,增长率分别达到20%和29%,远高于沪市平均水平。

上交所资本市场研究所分析认为,在国企混改政策引导下,国企以并购重组为抓手积极推动提质增效。但受限于管理机制、行业周期等多种因素影响,经营效益增长仍有待提升。有必要加快推进国企国资改革,并以提高核心竞争力和资源配置效率为目标,形成有效的公司治理、灵活高效的市场化经营机制,以进一步发挥助推经济发展的关键作用。

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