뗚7뻭뗚2웚릤튵릤돌쓪3퓂쎺첿탐튵짏쫐릫쮾닆컱뷡릹럖컶뫂쟥쏱,헔맺뷜(쳬뷲듳톧맜샭톧풺,쳬뷲300072)햪튪:헫뛔컒맺쎺첿탐튵짏쫐릫쮾쫽쒿뷏뛠틔벰움볛횸뇪뢴퓓뗄쟩뿶,튻냣뗄움볛랽램뫜쓑뷢뻶움볛횸뇪뗄좨훘뫍쿠맘탔컊쳢,틲ퟓ럖컶램퓲쓜뷏뫃뗘뷢뻶짏쫶컊쳢ꆣ닉폃듋램뛔쎺첿탐튵짏쫐릫쮾뗄닆컱뷡릹ힴ뿶뷸탐쇋ퟛ뫏럖컶,춨맽룷룶릫쮾ퟛ뫏뗃럖뷡맻뗄쿠뮥뇈뷏,뗃돶쇋뷸튻늽쳡룟릫쮾ퟛ뫏킧틦뗄튻냣탔랽램ꆣ맘볼듊:쎺첿탐튵;닆컱뷡릹;틲ퟓ럖컶;짏쫐릫쮾훐춼럖샠뫅:F830ꆡꆡꆡꆡ컄쿗뇪쪶싫:Aꆡꆡꆡꆡ컄헂뇠뫅:100727375(2004)0220055205FinancialStructureofListedCompaniesinCoalMiningIndustryHAOQing2min,ZHAOGuo2jie(,China)Abstract:Factoranalysiscanbeusedtodeterminethecorrelationandweightsofevaluationindexes,,thepaperpresentsageneraltechniquetoimprovethecompanyꆯ:coalminingindustry;financialstructure;factoranalysis;listedcompanyꆡꆡ쯦ퟅ컒맺막욱쫐뎡뗄늻뛏삩죝,뷘횹떽2003쓪뿉쓜짙쯰쪧훷튪탅쾢뗄잰쳡쿂춨맽얨쯵탅쾢붫뛠캬4퓂뗗,퓚맺쓚짏쫐뗄릫쮾쫽쒿틑뺭듯떽쇋1238쫽뻝붵뗍캪뗍캬ퟛ뫏횸뇪뗄뛠풪춳볆럖컶랽램ꆣ헢볒ꆣ쏦뛔죧듋뛠뗄짏쫐릫쮾,죧뫎톡퓱춶뛔쿳틔킩뗍캬뗄ퟛ뫏횸뇪폖돆ퟛ뫏틲ퟓ,춨뎣뿉틔룹뻝뻟벰죧뫎룹뻝닆컱횸뇪쳥쾵움볛릫쮾뗄뺭펪튵벨,돉쳥뗄튵횪쪶뷢쫍ퟛ뫏틲ퟓ랴펳뗄뛀쳘몬틥ꆣ쿂쏦캪춶헟ꆢ맜샭헟뗈폐맘죋풱릲춬맘탄뗄훘튪뿎쳢뻍뷡뫏쎺첿탐튵짏쫐릫쮾,펦폃틲ퟓ럖컶램뛔웳튵횮튻ꆣ쒿잰뗄움볛랽램훷튪폐솽듳샠\[1\]:튻샠쫇뛔뗄닆컱뷡릹뷸탐ퟛ뫏움볛,늢뛔ퟮ훕뗃럖뷡맻뷸탐닆컱횸뇪훷맛뢳좨뗄랽램,떫떱움볛횸뇪뷏뛠쟒맘ퟛ뫏럖컶,첽쳖뷸튻늽쳡룟릫쮾킧틦뗄튻냣탔랽램ꆣ쾵뢴퓓쪱,폃듋랽램좷뚨횸뇪좨훘,죝틗맋듋쪧뇋룸움볛뷡맻듸살튻뚨뗄훷맛펰쿬;쇭튻샠움볛랽램훷1ꆡ풭쪼쫽뻝뗄쫕벯폫뒦샭튪캪뚨솿랽램,죧AHPꆢDEA뗈랽램,떱닆컱횸뇪볤볙짨폐n룶퇹놾릫쮾,쎿룶릫쮾톡폃쿠춬뗄닆뗄쿠맘뛈뷏듳쪱,뫜쓑뻹뫢룷횸뇪뗄쿠뛔훘튪탔,춬컱횸뇪쫽쒿릲볆m룶,듓뛸탎돉nꇁm캬풭쪼맛닢퇹튲죝틗떼훂움볛쪧뫢ꆣ캪쇋뇜쏢퓚움볛훐돶쿖짏쫽뻝뻘헳Xnꇁmꆣ헢샯좡훐맺쎺첿릤튵킭믡췸\[2\췆]쫶샠쯆컊쳢,뿉틔톡폃틲ퟓ럖컶램뷸탐ퟛ뫏럖컶ꆣ볶뗄폫쎺첿탐튵폐맘뗄13볒퓚맺쓚짏쫐뗄A막(닎틲ퟓ럖컶램쫇펢맺탄샭톧볒폃볻뇭4,쳞돽틁쓜B막)ퟷ캪퇹놾릫쮾,n=13ꆣ톡폃살럖컶훇솦닢퇩뗃럖뗄훷튪랽램,쫇룹뻝룷룶맛닢뻞뎱탅쾢췸쫽뻝훐탄\[3\쳡]릩뗄쿠펦퇹놾짏쫐릫쮾횸뇪쳡릩뗄탅쾢솿쿠뛔듳킡살좷뚨횸뇪좨훘,퓚뺡2002쓪뛈닆컱횸뇪16룶,m=16ꆣ헢퇹뻍탎돉13ꇁ쫕룥죕웚:2003203224ퟷ헟볲뷩:뫂쟥쏱(19692)쓐,뫓놱헔쿘죋,늩쪿퇐뺿짺,훷튪퇐뺿랽쿲캪웳튵맜샭퇐뺿.' 1995-2005 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
56릤ꆡ튵ꆡ릤ꆡ돌뗚7뻭16캬풭쪼맛닢쫽뻝뻘헳,뿉틔ퟶ뷸튻늽뒦샭ꆣ=0뗄m룶럇뢺쳘헷횵(ꛋ1ꇝꛋ2ꆭꛋmꇝ0),평YYꇤ=평폚룷룶횸뇪뗄떥캻솿룙늻춳튻,쟒룶뇰뇤솿R뗃돶YYꇤ=R=UꛋIUꇤ(U캪헽붻뻘헳,싺ퟣUUꇤ뗄쫽솿벶뷏듳,캪쇋뇜쏢볆쯣뷡맻쫜횸뇪솿룙뫍쫽=UꇤU=I),쇮UꇤY=F(F캪훷틲ퟓ뻘헳),퓲폐솿벶뗄펰쿬,탨튪뛔횸뇪뷸탐풤쿈뒦샭:쫗쿈붫횸뇪FFꇤ=ꛋI,쟒Fꛁ=UꇤYꛁ,웤훐ꛁ=1,2ꆭn,뇭쪾쎿튻ퟶ춬쟷쫆뮯뒦샭,틲뛠쫽횸뇪쫇쟷쫆풽룟풽뫃,맊뛔룶Fꛁ캪뗚ꛁ룶퇹놾훷틲ퟓ뗄횵ꆣ닺뢺햮싊뗈폐맘횸뇪좡웤떹쫽쪹웤뫍듳뛠쫽횸뇪닉좡훷돉럖럖컶램뷸탐돵쪼틲ퟓ럖컶ꆣ폃듺쫽춬쟷쫆뮯;웤듎,뷸탐쫽뻝뗄컞솿룙뮯뒦샭,짨yij캪뗄맛뗣,훷돉럖쫇p룶뇤솿뗄튻킩쳘쫢뗄쿟탔ퟩ뫏ꆣ뺭맽뇪ힼ뮯뒦샭뫳뗄쫽뻝(i=1,2,ꆭ,n;j=1,2,ꆭ룷룶훷돉럖볤늻쿠맘,벴뗚튻훷돉럖틲ퟓF1쫇뇤솿m,컞쳘쫢쮵쏷틔쿂쿠춬),볆쯣릫쪽캪yij=(xij-쿟탔ퟩ뫏훐뻟폐ퟮ듳랽닮뗄P룶뇤솿뗄쿟탔ퟩ뫏;x)j/ꛄj,Xj,캪뗚j룶횸뇪뗄뻹횵,ꛄj캪쿠펦뗄뇪ힼ뗚뛾룶훷돉럖틲ퟓF2쫇폫뗚튻룶F1늻쿠맘쟒뻟폐닮ꆣ뇪ힼ뮯뒦샭뫳뗄쫽뻝yij뻹횵캪쇣,랽닮캪1,쿠뗚뛾듳랽닮뗄P룶뇤솿뗄쿟탔ퟩ뫏,웤폠틀듎샠췆ꆣ맘뻘헳R뫍킭랽닮뻘헳S췪좫튻퇹,뿉틔ퟷ캪뷸탐헢P룶릫릲틲ퟓ붫U뻘헳럖캪솽늿럖U=[U1,틲ퟓ럖컶뗄웰쪼뇪ힼ뮯쫽뻝ꆣU2\],춬쪱평UꇤY=F뗃돶Y=U1ꆤF+Uꆤmꇁ1ppꇁꇁ2nm(m-p)F2웤훐,Uꇁ1F1캪P룶릫릲틲ퟓ쓜릻뷢쫍뗄늿2ꆡ볆쯣쿠맘뻘헳(m-p)m럖,U2F2캪닐폠컳닮쿮,쇮ꛅ=U2F2,뗃떽쿠펦뗄틲퓚닆컱횸뇪쳥쾵훐,쫽뻝횮볤늻뿉뇜쏢뗘듦퓚ퟓ쒣탍캪Y=U1F1+ꛅ,웤훐U1캪퓘뫉뻘헳,F1캪튻뚨뗄쿠맘맘쾵ꆣ닉폃SPSS춳볆죭볾\[4\볆]쯣쿠맘훷틲ퟓ,ꛅ캪쳘쫢틲ퟓퟱ듓헽첬럖늼ꆣ틲ퟓ쒣탍볲뻘헳,릫쪽캪R=YꆤYꇤ=(r)jjmꇁm,웤훐rij=뮯캪Y=AF+ꛅꆣ웤훐F1,F2...Fp캪릫릲틲ퟓ,쫇ꇆm퓚룷룶뇤솿훐릲춬돶쿖뗄틲ퟓ,A=ayij=uꛋijj캪틲itytjꆣ틲캪욪럹폐쿞,퓚듋늻퓙튻튻쇐돶ꆣ쿠맘t=1뻘헳뗄럇뛔뷇풪쯘쫽횵뷏듳,쮵쏷횸뇪횮볤뻟폐뷏ퟓ퓘뫉뻘헳,aij뇭쪾뗚i룶뇤솿퓚뗚j룶훷튪틲ퟓ짏룟뗄쿠맘탔뗄좨훘(믲퓘뫉),aij=Cov(Yi,F)j,볈뗚i룶뇤솿폫,뇤솿볤폐퇏훘뗄릲쿟탔컊쳢,죧맻폃훷맛뢳좨믲뚨솿랽램뫜쓑냑컕룷룶횸뇪뗄좨훘ꆣ볆쯣뗚j룶훷튪틲ퟓ뗄킭랽닮\[5\]ꆣ돶뗄잰P룶훷틲ퟓ뗄샛볆릱쿗싊캪Vp=KMO춳볆솿퓚틔짏,쮵쏷뇤솿볤욫쿠맘뛈듳:Bartlettꆯs쟲탎볬퇩뷡맻쿔쪾쿠맘뻘헳늢럇떥캻헳,ꇆpmꛋꛋi/ꇆjꆣ릫쪽훐Vp뇭쪾잰P룶ퟛ뫏틲ퟓ쯹냼몬룷룶횸뇪볤늢럇뛀솢i=1j=1,뻟폐튻뚨뗄쿠맘탔ꆣ룷룶횸뇪탅쾢솿햼ퟜ탅쾢솿뗄뇈훘(P<M),튻냣좡V뗄돵쪼릲춬뛈캪1,쳡좡틲ퟓ뫳뗄퓙짺릲춬뛈(쮵쏷룷p>85%,듋쪱뿉틔폃잰P룶ퟛ뫏틲ퟓ듺쳦풭살뗄m룶룶뇤솿럖뇰놻쳡좡탅쾢뇈샽)뛠쫽퓚틔짏,싺ퟣ뷸횸뇪,듓뛸붵뗍쇋횸뇪뗄캬뛈,쪹럖컶뗄컊쳢볲떥탐틲ퟓ럖컶뗄잰쳡,뿉틔틀듋맘쾵헒떽룷횸뇪쓚늿뗄뮯ꆣ듓뇭1훐뷡맻뿉볻,잰4룶ퟛ뫏틲ퟓ뻍냼몭쇋훷튪맘솪뫍뷡릹맘쾵,듓뛸쳡좡돶릫릲틲ퟓꆣ16룶닆컱횸뇪훐뗄%뗄탅쾢ꆣ틲듋뿉틔폃헢4룶ퟛ뫏틲ퟓ듺쳦풭살뗄16룶횸뇪뷸탐릫쮾뗄닆컱3ꆡ볆쯣쳘헷횵뫍쳘헷쿲솿늢쳡좡틲ퟓ뷡릹럖컶믲뺭펪튵벨움볛ꆣ평쿠맘쾵쫽뻘헳R,볆쯣싺ퟣ쳘헷랽돌|R-ꛋI|뇭1ꆡ틲ퟓ쳘헷횵폫릱쿗싊틲ퟓ(F)F1F2F3F4F5F6F7F8F9F10F11F12ꆫF16쳘헷횵릱쿗싊(%)샛믽릱쿗싊(%)탽뫳쳘헷횵탽뫳릱쿗싊탽뫳샛믽' 1995-2005 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
뗚2웚뫂쟥쏱,헔맺뷜:쎺첿탐튵짏쫐릫쮾닆컱뷡릹럖컶57bij캪뺭맽랽닮벫듳헽붻탽뫳뻘헳B뗄쾵쫽ꆣ뇤뮻4ꆡ틲ퟓ퓘뫉뻘헳뗄탽뫳뗄뷡맻쪹뻟폐뷏킡릲탔랽닮뗄뇤솿퓚뻶뚨볲떥뷡틲ퟓ럖컶뗄쒿뗄늻뷶쫇캪헒돶훷틲ퟓ,룼훘튪릹쪱폐쿠뛔뷏듳뗄좨훘ꆣ쫽톧짏틑뺭횤쏷,틲ퟓ퓘뗄쫇횪뗀룷룶훷틲ퟓ퓚쿖쪵훐쯹듺뇭뗄틢틥ꆣ춨맽뫉뻘헳뺭맽짏쫶뇤뮻뫳,풭살뗄킭랽닮맀볆뻘헳뫍짏쫶랽램쟳뷢뗄돵쪼틲ퟓ뻘헳뫜쓑싺ퟣꆰ볲떥뷡릹닐닮뻘헳늢캴랢짺쿔훸뇤뮯[6],횻쫇틲ퟓ퓘뫉뻘헳ힼ퓲ꆱ랢짺쇋뇤뮯,뛸뛔틲,쓑틔룸돶뻟폐쪵볊틢틥뗄뷢쫍(볻뇭2폒냫ퟓ놾짭듳킡늻믡폐쏷쿔펰쿬ꆣ늿럖)ꆣ틲듋탨튪내헕튻뚨뗄맦퓲(춨뎣폃랽닮벫듳뺭맽탽뗄틲ퟓ퓘뫉뻘헳(볻뇭2ퟳ냫늿럖)훐룷룶탽램)뷸탐ퟸ뇪탽,쪹뻘헳내탐믲헟쇐쿲0믲1틲ퟓ뗄뻟쳥몬틥뇈뷏쏷쿔,틗폚뷸탐튵뷢쫍ꆣ듓솽벫랽쿲럖뮯,훘탂뗷헻탅쾢솿퓚늻춬틲ퟓ짏뗄럖뇭2뿉볻,ퟛ뫏틲ퟓF1훷튪랴펳뗄쫇릫쮾뗄펯샻쓜늼솦,듺뇭웳튵뗄춶쫕틦뫍믱좡샻죳뗄쓜솦,뿉틔볲,믱뗃뻟폐쏷좷쿖쪵틢틥뗄릫릲틲ퟓꆣ랽닮벫듳탽쫇닉폃헽붻뇤뮻뻘헳U돆캪펯샻틲ퟓ;ퟛ뫏틲ퟓF2랴펳뗄쫇릫쮾뗄놾뷡(UUꇤ=UꇤU=릹뫍닺뢺햮ힴ뿶,듺뇭릫쮾뗄뎥햮쓜솦뫍닺쇷I)뫍틲ퟓ퓘뫉뻘헳A,볆쯣탂뻘헳B=AꆤU,싺ퟣV=ꇆp{mꆤ(ꇆm뚯탔,뿉틔볲돆캪뎥햮틲ퟓ;ퟛ뫏틲ퟓF3듺뇭웳튵b22)ij/h2i-(ꇆmb2ij/h22)i/m2}뗄퓶뎤뫍랢햹쓜솦,뿉틔볲돆캪돉뎤틲ퟓ;틲ퟓF4j=1i=1i=1ퟮ듳,웤훐랴펳릫쮾뗄ퟜ닺훜뫍웳튵뺭펪쟩뿶,볲돆뺭펪h2i=ꇆpa2ij캪릲탔랽닮(폖뷐릲춬뛈)ꆣ틲ퟓꆣi=1뇭2ꆡ탽잰뫳뗄틲ퟓ퓘뫉뻘헳탽틔뫳틲ퟓ퓘뫉뻘헳탽틔잰틲ퟓ퓘뫉뻘헳F1ꆡꆡF2ꆡꆡF3ꆡꆡF4ꆡꆡF1ꆡF2ꆡꆡF3ꆡꆡF4쎿막쫕틦뺻쫕틦싊쎿막뺻샻훷펪샻죳싊쿺쫛쎫샻싊쇷뚯뇈싊닺뢺햮싊쎿막뺻닺뺻닺뇈싊만뚨뇈싊펦쫕훜싊듦믵훜싊ퟜ훜싊훷펪퓶뎤싊뺻퓶뎤ퟜ퓶싊ꆡ볆쯣틲ퟓ뗄뗃럖헳bjk(k=1,2,3,4)(닎볻뇭3)ꆣ붫뇪ힼ뮯뒦샭뫳뗄웰쪼쫽뻝뻘헳yij돋틔틲ퟓ뗃럖뻘헳bjk,듓뛸뗃돶룷퓚좷뚨룷룶ퟛ뫏틲ퟓ퓚쪵볊훐듺뇭뗄쪵볊몬틥룶퇹놾릫쮾퓚펯샻쓜솦ꆢ뎥햮쓜솦ꆢ돉뎤쓜솦뫍뺭펪뫳,닉폃믘맩램볆쯣돶룷룶퇹놾릫쮾뗄틲ퟓ뗃럖뻘틲ퟓ랽쏦뗄뗃럖zik=y)ijꆤbjk(볻뇭4ꆣ샽죧뗚i룶' 1995-2005 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
58릤ꆡ튵ꆡ릤ꆡ돌뗚7뻭릫쮾퓚펯샻탔틲ퟓF1랽쏦뗄뗃럖캪zik=ꇁ쎿V1=%,V2=%,V3=%,V4=막쫕틦+ꇁ뺻닺쫕틦싊+ꇁ쎿막뺻샻%(퓚뇭1훐)뗃돶룷룶퇹놾릫쮾뗄ퟜ뗃럖fi=죳+...+ꇁퟜ닺퓶뎤싊,짏쪽훐룷룶닆컱횸zikVk,뛔ퟮ훕ퟛ뫏뗃럖뷡맻뷸탐업탲뫍뷸튻늽럖컶ꆣ뇪캪뗚i룶퇹놾릫쮾뛔펦뗄닆컱횸뇪ꆣ춨맽럖컶룷룶릫쮾뗄닆컱뷡릹쟩뿶,캪쳡룟릫쮾뗄붫zik퓙돋틔뺭맽탽뫳쿠펦ퟛ뫏틲ퟓ뗄릱쿗싊ퟛ뫏킧틦쳡릩닎뾼ꆣ뇭3ꆡ틲ퟓ뗃럖쾵쫽뻘헳(bjk)쎿막뺻쎿막훷펪쿺쫛쇷뚯닺쎿막뺻만뚨펦쫕듦믵ퟜ훷펪뺻ퟜ쫕틦쫕틦뺻샻샻싊쎫싊뇈싊뢺햮뺻닺뇈뇈싊훜훜훜퓶뎤퓶뎤퓶싊F1ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ012ꆡꆡꆡꆡꆡꆡꆡ킡뷡쓜솦ꆢ놾뺭펪뫍랢햹쓜솦랽쏦룷늻쿠춬,뻶닟헟뿉틔룹뻝ퟔ벺뛔릫쮾뗄닠훘뗣늻춬ퟶ돶쿠펦뻶닟ꆣ듓뇭4훐뷡맻뿉볻,늻춬뗄릫쮾퓚펯샻탔ꆢ뎥햮뇭4ꆡ2002쓪뛈ퟛ뫏뗃럖벰업탲듺싫볲돆탐튵F1F2F3F4ퟜ럖ퟜ업탲000933짱믰막럝닉뻲튵뷰얣쓜풴닉뻲튵짱훝막럝닉뻲튵컷즽쎺뗧닉뻲튵횣훝쎺뗧(1)삼뮨뿆뒴닉뻲튵 1995-2005 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
뗚2웚뫂쟥쏱,헔맺뷜:쎺첿탐튵짏쫐릫쮾닆컱뷡릹럖컶59쫇릫쮾믽벫뗷헻닺욷뷡릹,룟뢽볓횵닺욷뗄닺쿺솿뷡맻,헒돶늻춬릫쮾횮볤뗄뇈뷏폅쫆쯹퓚,좡뎤늹퓶볓ꆣ?훝쎺튵뗄펯샻쓜솦(F1=)뒦폚뗚튻뛌,랢믓웳튵뗄쳘뎤,훰늽쳡룟릫쮾ퟛ뫏뺺헹솦ꆣ캻(쿺쫛쎫샻싊룟듯%),틲듋웤업쏻캪3ꆣ틲듋쎺첿닉뻲탐튵튪쿫뷸튻늽쳡룟웳튵뗄ퟛ뫏닎뾼컄쿗:킧틦,뇘탫ퟟ뛠풪뮯랢햹뗄뗀슷,뷸탐쎺첿뗄짮볓릤\[1\쳯]ꆡ,쿮뺲쳱.뺭볃ꆢ뮷뺳럇쿟탔쾵춳뗄풤닢뫍뗷뿘(쾴톡ꆢ붹뮯ꆢ랢뗧뫍뮯릤뗈),죧뷰얣쓜풴ꆢ?훝쎺튵\[M\]놱.뺩:훐맺춳볆돶냦짧,.퓚쎺첿닉뻲튵뗄믹뒡짏듳솦랢햹랢뗧뫍쳺슷퓋쫤뗈\[2\쎺]첿탐튵짏쫐릫쮾쇐뇭\[EB/OL\]..ퟛ뫏킧틦뇈뷏뫃뗄튵컱,쪹릫쮾뗄ퟛ뫏킧틦듳듳퓶,2003206208.볓ꆣ쳡룟릫쮾뗄놾퓋펪킧싊튲쫇볓잿릫쮾ퟛ뫏뺺\[3\릫]쮾닆컱횸뇪\[EB/OL\]. 1995-2005 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
