供给侧结构性改革下马钢股份财务绩效分析研究摘要钢铁行业是我国重要的支柱产业，在我国经济发展过程中发挥着重要的作用，后疫情时代，我国经济发展进入了“新常态”，经济结构的转型升级给传统重资产的钢铁行业提出了更高要求。在新的时代背景下，钢铁行业产能过剩的问题成为任何钢铁企业必须面对的问题。2015年供给侧结构性改革为处于发展瓶颈期的钢铁行业带来发展的方向与动力，但是改革是一个长期的过程，改革的效果更需要长时间检验，深入探究供给侧改革给钢铁企业带来的影响及这种影响是否具备持续性具有重要的实际意义。本文以马钢股份作为研究对象，结合供给侧改革在我国的实施情祝况及国内外现有的研究成果，以供给侧改革及财务绩效管理相关理论为基础，分析马钢股份供给侧改革的的实际措施，从横向和纵向两个层次对马钢股份供给侧改革的财务绩效进行分析。纵向方面主要结合财务分析方法对马钢股份供给侧结构性改革前后的偿债能力、营运能力、盈利能力及发展能力进行比较分析，并在此基础上选取了补充指标从去产能、补短板、降成本效果进行分析：横向方面主要通过因子分析将马钢股份供给侧结构性改革效果与同行业进行对比分析。研究发现，马钢股份供给侧结构性改革效果方面还存在债务化解效果不明显、存货周转能力较低、增效成果不显著以及发展潜力不足等问题。为保障供给侧结构性改革效果的持续性，本文提出要资本结构优化战略，加强存货管理，低成本战略，加快技术升级改造等建议。以期通过本文的研究及对策，为马钢股份进一步深化供给侧改革及财务绩效水平提升提供行之有效的建议。关键词：供给侧结构性改革；财务绩效；因子分析：马钢股份AbstractAs an important basic industry of China's national economy,the iron and steelindustry has played an important role in promoting the development of China'seconomy.In the post financial crisis era and post epidemic era,China's economicdevelopment has entered the "new normal".The transformation and upgrading ofeconomic structure puts forward higher requirements for the traditional heavy assetsteel industry.In the context of the new era,the problem of overcapacity in the ironand steel industry has become a problem that any iron and steel enterprise must face.The supply-side structural reform in 2015 brought the development direction anddriving force to the iron and steel industry in the bottleneck period of development,but the reform is a long-term process,and the effect of the reform needs to be testedfor a long time.Analyzing whether the supply side structural reform brings goodeffects to iron and steel enterprises and the sustainability of this effect has importanttheoretical and practical significance.Taking Magang Stocks Trading Co.as the research object,this paper firstanalyzes the background of the supply-side structural reform in China,and analyzesthe practice of Magang Stocks Trading Co.in the supply-side structural reform incombination with the existing research results at home and abroad and the relevanttheories of supply-side structural reform and financial performance.On this basis,theperformance of the supply-side structural reform of Magang Stocks Trading Co.isanalyzed from the horizontal and vertical levels.In the vertical aspect,it mainlycombines the financial analysis method to compare and analyze the solvency,operation ability,profitability and development ability of Magang Stocks Trading Co.before and after the supply side structural reform,and on this basis,it selectssupplementary indicators to analyze the effect of removing production capacity,making up weaknesses and reducing costs.In the horizontal aspect,the effect ofstructural reform on the supply-side of Magang Stocks Trading Co.is compared withthat of the same industry through factor analysis.It is found that there are still some problems in the effect of supply-sidestructural reform of Magang Stocks Trading Co.,such as unclear debt resolutioneffect,low inventory turnover capacity,insignificant efficiency results and insufficientdevelopment potential.In order to ensure the sustainability of the effect of supply-sidestructural reform,this paper puts forward some suggestions,such as capital structureoptimization strategy,strengthening inventory management,low-cost strategy andaccelerating technological upgrading.Through the research and Countermeasures ofthis paper,it is expected to provide reference suggestions for the further improvementof the financial performance level of Magang Stocks Trading Co.under thebackground of supply-side structural reform.Keywords:supply-side structural reform;financial performance;factor analysis;Magang Stocks Trading Co.