杜邦分析法和平衡计分卡法是两种常用的财务绩效评估工具,二者各具优缺点。比较了杜邦分析法和平衡计分卡法在电商企业财务分析和绩效分析中的应用优缺点和适用领域,得出以下结论:杜邦分析法通过拆解净资产收益率,揭示盈利能力、资产使用效率和财务杠杆运用,适合深度财务分析。但忽视市场环境和非财务因素,且无法全面衡量企业综合绩效;平衡计分卡从财务、客户、内部业务流程和学习与成长等多维度评估企业绩效,提供全面的绩效视角,促进战略对接和跨部门协调。但需要投入大量资源,且存在指标设定复杂且依赖管理文化的缺点。DuPont analysis and Balanced Scorecard are two commonly used financial performance evaluation tools, both of which have their own advantages and disadvantages. By comparing the advantages and disadvantages of DuPont analysis method and balanced scorecard method in the application of financial analysis and performance analysis of e-commerce enterprises, the following conclusions are drawn: DuPont analysis method reveals profitability, asset use efficiency and financial leverage by disintegrating return on equity, which is suitable for in-depth financial analysis. But it ignores the market environment and non-financial factors, and can not measure the comprehensive performance of enterprises. The Balanced Scorecard evaluates corporate performance from multiple dimensions such as finance, customers, internal business processes, and learning and growth, providing a comprehensive performance perspective and facilitating strategic alignment and cross-functional coordination. However, it requires a lot of resources, and has the disadvantages of complex indicator setting and relying on management culture.
利用2008~2019年A股880家上市公司数据,考虑异质机构投资者的因素的情况下,考察流动性与股价崩盘风险之间的作用关系。研究表明:1) 流动性与股价崩盘风险之间呈现明显的正向相关性,尤其在稳定型机构分组中表现更为显著;2) 机构投资者在流动性和股价崩盘风险具有调节作用,稳定性机构投资者持股时更加显著;3) 进一步对二者作用机制的研究发现,机构投资者特别是稳定型机构投资者的中介作用显著。Based on the data of 880 A-share listed companies from 2008 to 2019, and considering the factors of heterogeneous institutional investors, this paper investigates the relationship between liquidity and the risk of stock price collapse. The results show that: 1) There is a significant positive correlation between liquidity and stock price collapse risk, especially when stable institutions are grouped;2) Institutional investors have a moderating effect on liquidity and stock price collapse risk, which is more significant when stable institutional investors hold shares;3) A further study on the mechanism of the two mechanisms shows that institutional investors, especially stable institutional investors, play a significant intermediary role.
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