：随着我国城市化进程步伐的推进，城市建设投资公司在市政 公共项目及民生工程项目的建设方面也随之加快。但由于建设项目投 资额大，建设周期长，盈利空间小，投资回报期长，需要的资金额较 大，为了获取项目建设资金，地方政府不断通过融资平台发行城市建 设债券，另一方面，债券发行的混乱和管理体制的缺陷，导致地方债 务风险随之增加。为了保证城市建设投资公司持续健康发展，财政部 2014年颁布了《国务院关于加强地方政府性债务管理的意见》，并于 2017年下发了《财政部关于坚决制止地方以政府购买服务名义违法 违规融资的通知》，其目的强化建设投资公司资金管理，提升建设投 资公司财务绩效。 本文立足于利益相关者理论及委托代理理论，通过对曲靖建设投 资公司经营成效的分析，探讨其财务绩效的现状，根据财务绩效评价 指标的构建目标与原则，在系统总结国内外学者财务绩效评价指标的 基础上，运用特尔菲法从偿债能力、盈利能力、营运能力、成长能力 及管理能力方面构建曲靖建设投资公司财务绩效评价指标体系，运用 层次分析法确定一级指标与二级指标权重，依据《企业效评价标准值》 及模糊综合评价计算曲靖建设投资公司财务绩效综合值。计算结果表 明：曲靖建设投资公司财务绩效综合值为：71.78分，处于“中等” 水平。根据财务绩效评价结果，结合曲靖建设投资公司的实际情况， 提出偿债能力提升需关注速动比率、现金比率及资产负债率；盈利能 II 力应重点关注主营业务利润率、净资产收益率、现金盈余保障倍数及 资本收益率；营运能力提升应重点关注应收账款周转率、流动资产周 转率及资产现金回收率；成长能力应关注资本保值增值率、营业利润 增长率及营业现金净流量增长率；管理能力提升应全面关注战略管理、 风险控制、人力资源及经营决策。 关键词：建设投资公司；财务绩效；提升策略 III RESEARCHONTHEEVALUATIONANDPROMOTIONOF FINANCIALPERFORMANCEOFQUJING CONSTRUCTIONINVESTMENTCOMPANY YanfangZhang(MBA) DirectedbyWenjunLiu Abstract:WiththeprogressofurbanizationinChina,theconstruction ofmunicipalpublicprojectsandpeople'slivelihoodprojectsinurban constructioninvestmentcompanieshasalsobeenaccelerated.However, duetothelargeamountofinvestment,longconstructioncycle,small profitspace,longinvestmentreturnperiodandlargeamountoffunds neededforconstructionprojects,localgovernmentscontinuetoissue urbanconstructionbondsthroughfinancingplatforminordertoobtain projectconstructionfunds.Ontheotherhand,theconfusionofbond issuanceandtheshortcomingsofmanagementsystemleadtotheincrease oflocaldebtrisk.Inordertoensurethesustainedandhealthy developmentofthecityconstructioninvestmentcompany,theMinistry ofFinancepromulgatedtheStateCouncil'sOpinionsonStrengthening LocalGovernmentDebtManagementin2014,andtheMinistryof FinanceissuedtheNoticeonResolutelySuppressingIllegalFinancingin theNameofGovernmentPurchaseServicesin2017.Itspurposeisto strengthenthecapitalmanagementofconstructioninvestmentcompany IV andimprovethefinancialperformanceofconstructioninvestment company. BasedonStakeholderTheoryandprincipal-agenttheory,this paperexploresthecurrentsituationoffinancialperformanceofQujing ConstructionInvestmentCompanythroughtheanalysisofitsoperating results.Accordingtotheconstructionobjectivesandprinciplesof financialperformanceevaluationindex,onthebasisofsystematically summarizingthefinancialperformanceevaluationindexofscholarsat homeandabroad,thispaperusesDelphimethodtoconstructthefinancial performanceevaluationindexsystemofQujingConstructionInvestment Companyfromtheaspectsofsolvency,profitability,operationability, growthabilityandmanagementability.Thispaperusestheanalytic hierarchyprocesstodeterminetheweightsofthefirstandsecond indicators,andcalculatesthecomprehensivefinancialperformancevalue ofQujingConstructionInvestmentCompanybasedontheStandard ValueofEnterpriseEffectivenessEvaluationandFuzzyComprehensive Evaluation.Theresultsshowthatthecomprehensivevalueoffinancial performanceofQujingConstructionInvestmentCompanyis71.78, whichisatthe"medium"level.Accordingtotheresultsoffinancial performanceevaluationandtheactualsituationofQujingConstruction InvestmentCompany,itisproposedthattheimprovementofsolvency shouldfocusonthequickratio,cashratioandasset-liabilityratio. V Profitabilityshouldfocusonprofitmarginofmainbusiness,returnonnet assets,multipleofcashsurplusguaranteeandreturnoncapital.Emphasis shouldbelaidontheturnoverofaccountsreceivable,currentassetsand cashrecoveryofassetstoenhanceoperationalcapacity.GrowthAbility ShouldPayAttentiontoCapitalValuePreservationandValueAdded Rate,IncreaseRateofOperatingProfitandIncreaseRateofNet OperatingCashFlow.Theimprovementofmanagementabilityshould payattentiontostrategicmanagement,riskcontrol,humanresourcesand businessdecision-making. Keywords:ConstructionInvestmentCompany;FinancialPerformance; PromotionStrategy 目录 摘要..............................................................................................................I Abstract.................................................................................................III 第1章绪论.............................................................................................1 1.1选题背景......................................................................................1 1.2研究意义......................................................................................2 1.2.1优化公司结构，合理配置资源.......................................2 1.2.2为科学决策提供依据.......................................................2 1.2.3为财务绩效评价提供指导...............................................3 1.3国内外研究综述..........................................................................3 1.3.1国外研究现状...................................................................3 1.3.2国内研究现状....................................................................5 1.3.3研究述评............................................................................7 1.4研究思路与方法..........................................................................8 1.4.1研究思路...........................................................................8 1.4.2研究方法...........................................................................8 1.5研究内容......................................................................................9 第2章相关概念与理论基础...............................................................11 2.1财务绩效评价概念....................................................................11 2.2建设投资公司财务绩效评价基础要素....................................11 2.3建设投资公司财务绩效评价方法............................................12 2.3.1沃尔评价法.....................................................................12 2.3.2EVA评价法......................................................................13 2.3.3杜邦分析法.....................................................................13 2.3.4平衡计分卡（BSC）评价方法.......................................13 2.3.5层次分析法（AHP）.......................................................14 2.3.6因子分析法.....................................................................16 2.4相关理论....................................................................................16 2.4.1利益相关者理论.............................................................16 2.4.2委托代理理论.................................................................17 2.4.3最大、最小法则.............................................................17 第3章曲靖建设投资公司财务绩效管理现状...................................19 3.1曲靖建设投资公司基本概况....................................................19 3.2曲靖建设投资公司经营成效....................................................19 3.2.1融资工作成绩突出.........................................................19 3.2.2工程代建投资巨大.........................................................20 3.2.3产业培育稳健起步.........................................................20 3.2.4公共服务提质增效.........................................................20 3.3曲靖建设投资公司财务绩效现状............................................21 3.3.1偿债能力现状.................................................................21 3.3.2盈利能力现状.................................................................21 3.3.3营运能力现状............