数字化转型背景下我国乳品企业财务绩效分析OA
Analysis of the Financial Performance of China's Dairy Enterprises under the Background of Digital Transformation
在数字经济与实体经济深度融合的背景下,数字化转型已成为我国乳品企业实现高质量发展的重要路径.本文采用实证研究与案例研究相结合的方法,系统分析数字化转型对我国乳品企业财务绩效的影响.基于2016-2024年我国24 家A股及港股乳品上市公司数据,构建双向固定效应模型进行实证检验,结果表明:数字化转型与企业长期财务绩效之间存在显著的"U"型非线性关系,即转型初期因数字化建设投入较高,对财务绩效产生抑制作用;随着转型深入,数字化成效逐步释放,转为正向促进财务绩效增长.异质性分析显示,国有企业数字化转型对财务绩效的影响更为显著.进一步地,本文选取伊利股份、蒙牛乳业、光明乳业、天润乳业四家头部企业为典型案例,运用杜邦财务分析、帕利普财务分析及经营活动现金流量分析,横向对比其2023年与2024年的财务绩效表现.研究发现,部分企业因并购整合不当、资产减值计提、高额税负及经营活动现金流转化效率较低等因素,财务绩效波动较大.基于此,本文提出加强并购后整合管理、推进产品多元化与品牌建设、完善ESG治理等建议,以期为我国乳品企业优化数字化转型路径、提升财务绩效提供理论参考与实践启示.
Under the background of the deep integration of the digital economy and the real economy,digital transformation has become a crucial pathway for China's dairy enterprises to achieve high-quality development.This paper employed a mixed-method approach combining empirical research and case study analysis to systematically investigate the impact of digital transformation on the financial performance of China's dairy enterprises.Using panel data from 24 A-share and H-share listed dairy companies in China from 2016 to 2024,a two-way fixed effects model is constructed for empirical testing.The results revealed a significant U-shaped nonlinear relationship between digital transformation and long-term corporate financial performance.In the initial stage of transformation,the high costs of digital construction exert a negative impact on financial performance;however,as digital transformation deepens,its positive effects gradually emerge,significantly enhancing financial performance.Heterogeneity analysis indicates that the impact of digital transformation on financial performance is more pronounced in state-owned enterprises.Furthermore,this study conducted a horizontal comparative analysis of four leading dairy enterprises—Yili Group,Mengniu Dairy,Bright Dairy,and Tianrun Dairy—using DuPont financial analysis,Palip financial analysis,and operating cash flow analysis to assess their financial performance in 2023 and 2024.The findings showed that factors such as improper post-merger integration,asset impairment provisions,high tax burdens,and low conversion efficiency of operating cash flow contribute to significant fluctuations in financial performance.Based on these findings,this paper proposed policy recommendations including strengthening post-merger integration management,promoting product diversification and brand building,and improving ESG governance.This study provided theoretical insights and practical guidance for optimizing digital transformation pathways and enhancing financial performance in China's dairy industry.
曾耀锐;杨紫艺;冯源;邢凯琪
武汉纺织大学管理学院,湖北 武汉 430200重庆工商大学会计学院,重庆 400067四川轻化工大学数学与统计学院,四川 宜宾 644002东北师范大学罗格斯大学纽瓦克学院,吉林 长春 130117
数字化转型财务绩效乳品企业杜邦财务分析帕利普财务分析财务可持续增长率
digital transformationfinancial performancedairy enterpriseDuPont financial analysis systemPalippe financial analysis systemfinancial sustainable growth rate
《中国乳业》 2026 (3)
2-9,8
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