Article(id=1297134029220893345, tenantId=1146029695717560320, journalId=1296801528146919473, issueId=1297134028650468001, articleNumber=null, orderNo=null, doi=10.12377/1671-4393.26.03.01, pmid=null, cstr=null, oa=null, hot=null, price=null, onlineType=0, articleFormat=0, articleType=null, articleTypeStr=null, receivedDate=null, receivedDateStr=null, revisedDate=null, revisedDateStr=null, acceptedDate=null, acceptedDateStr=null, onlineDate=1787190452150, onlineDateStr=2026-08-20, pubDate=1774368000000, pubDateStr=2026-03-25, doiRegisterDate=null, doiRegisterDateStr=null, onlineIssueDate=1787190452150, onlineIssueDateStr=2026-08-20, onlineJustAcceptDate=null, onlineJustAcceptDateStr=null, onlineFirstDate=null, onlineFirstDateStr=null, sourceXml=null, magXml=null, createTime=1787190452150, creator=13701087609, updateTime=1787190452150, updator=13701087609, issue=Issue{id=1297134028650468001, tenantId=1146029695717560320, journalId=1296801528146919473, year='2026', volume='', issue='3', pageStart='2', pageEnd='157', issueExtLink='null', onlineDate='null', pubDate='1774368000000', pubDateStr='2026-03-25', beforeIssueId=null, nextIssueId=null, price=null, status=1, issueComplete=1, articleOrder=1, issueType=-1, specialIssue=null, createTime=1787190452015, creator='13701087609', updateTime=1787192267815, updator='13701087609', preIssue=null, nextIssue=null, articleTotal=null, ext={EN=IssueExt(id=1297141644734787890, tenantId=1146029695717560320, journalId=1296801528146919473, issueId=1297134028650468001, language=EN, specialIssueTitle=, coverIllustrator=null, specialIssueEditor=, specialIssueAbout=), CN=IssueExt(id=1297141644734787891, tenantId=1146029695717560320, journalId=1296801528146919473, issueId=1297134028650468001, language=CN, specialIssueTitle=, coverIllustrator=null, specialIssueEditor=, specialIssueAbout=)}, issueFiles=null, downloadFileDto=null}, startPage=2, endPage=9, ext={EN=ArticleExt(id=1297134029497717411, articleId=1297134029220893345, tenantId=1146029695717560320, journalId=1296801528146919473, language=EN, title=Analysis of the Financial Performance of China's Dairy Enterprises under the Background of Digital Transformation, columnId=1297134029426414242, journalTitle=China Dairy, columnName=MANAGEMENT, runingTitle=null, highlight=null, articleAbstract=

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.

, authors=Yaorui ZENG1, Ziyi YANG2, Yuan FENG3, Kaiqi XING4, authorsList=Yaorui ZENG, Ziyi YANG, Yuan FENG, Kaiqi XING, authorCompany=null, correspAuthors=null, authorNote=null, correspAuthorsNote=null, copyrightStatement=null, copyrightOwner=null, extLink=null, articleAbsUrl=null, sourceXml=null, magXml=null, pdfUrl=null, pdf=null, pdfFileSize=null, pdfExtLink=null, richHtmlUrl=null, mobilePdfUrl=null, reviewReport=null, pdfFirstPage=null, abstractGraph=null, abstractGraphContent=null, abstractVideo=null, citation=null, cebUrl=null, magXmlContent=null, mapNumber=null, fund=null), CN=ArticleExt(id=1297134029770347173, articleId=1297134029220893345, tenantId=1146029695717560320, journalId=1296801528146919473, language=CN, title=数字化转型背景下我国乳品企业财务绩效分析, columnId=1297134029577409188, journalTitle=中国乳业, columnName=营销管理, runingTitle=null, highlight=null, articleAbstract=

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。

, authors=曾耀锐1, 杨紫艺2, 冯源3, 邢凯琪4, authorsList=曾耀锐, 杨紫艺, 冯源, 邢凯琪, authorCompany=null, correspAuthors=null, authorNote=

曾耀锐(1999-),男,四川成都人,在读硕士,初级会计师,研究方向为财务管理、企业数字化转型

杨紫艺(2003-),女,四川乐山人,在读本科,研究方向为财务管理

冯源(2004-),女,四川成都人,在读本科,研究方向为数学与应用数学

邢凯琪(2006-),女,山西忻州人,在读本科,研究方向为金融。

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数字化转型背景下我国乳品企业财务绩效分析
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曾耀锐 1 , 杨紫艺 2 , 冯源 3 , 邢凯琪 4
中国乳业 | 营销管理 2026,(3): 2-9
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中国乳业 |营销管理 2026 , (3) : 2 -9
数字化转型背景下我国乳品企业财务绩效分析
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邢凯琪(2006-),女,山西忻州人,在读本科,研究方向为金融。

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曾耀锐1, 杨紫艺2, 冯源3, 邢凯琪4
作者信息
  • 1.武汉纺织大学管理学院,湖北 武汉 430200
  • 2.重庆工商大学会计学院,重庆 400067
  • 3.四川轻化工大学数学与统计学院,四川 宜宾 644002
  • 4.东北师范大学罗格斯大学纽瓦克学院,吉林 长春 130117
作者简介:

曾耀锐(1999-),男,四川成都人,在读硕士,初级会计师,研究方向为财务管理、企业数字化转型

杨紫艺(2003-),女,四川乐山人,在读本科,研究方向为财务管理

冯源(2004-),女,四川成都人,在读本科,研究方向为数学与应用数学

邢凯琪(2006-),女,山西忻州人,在读本科,研究方向为金融。

Analysis of the Financial Performance of China's Dairy Enterprises under the Background of Digital Transformation
Yaorui ZENG1, Ziyi YANG2, Yuan FENG3, Kaiqi XING4
Affiliations
  • 1.School of Management, Wuhan Textile University, Wuhan Hubei 430200
  • 2.School of Accounting, Chongqing Technology and Business University, Chongqing 400067
  • 3.School of Mathematics and Statistics, Sichuan University of Science & Engineering, Yibin Sichuan 644002
  • 4.Rutgers University Newark Institute, Northeast Normal University, Changchun Jilin 130117
出版时间: 2026-03-25 doi: 10.12377/1671-4393.26.03.01
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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。

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

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.

digital transformation  /  financial performance  /  dairy enterprise  /  DuPont financial analysis system  /  Palippe financial analysis system  /  financial sustainable growth rate
曾耀锐, 杨紫艺, 冯源, 邢凯琪. 数字化转型背景下我国乳品企业财务绩效分析. 中国乳业, 2026 , (3) : 2 -9 . DOI: 10.12377/1671-4393.26.03.01
Yaorui ZENG, Ziyi YANG, Yuan FENG, Kaiqi XING. Analysis of the Financial Performance of China's Dairy Enterprises under the Background of Digital Transformation[J]. China Dairy, 2026 , (3) : 2 -9 . DOI: 10.12377/1671-4393.26.03.01

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doi: 10.12377/1671-4393.26.03.01
  • 首发时间:2026-08-20
  • 出版时间:2026-03-25
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作者信息
    1.武汉纺织大学管理学院,湖北 武汉 430200
    2.重庆工商大学会计学院,重庆 400067
    3.四川轻化工大学数学与统计学院,四川 宜宾 644002
    4.东北师范大学罗格斯大学纽瓦克学院,吉林 长春 130117
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2种不同金属材料的力学参数

Family
属数
Number of
genus
种数
Number of
species
占总种数比例
Percentage of
total species (%)

Genus
种数
Number of
species
占总种数比例
Percentage of total
species (%)
鹅膏菌科Amanitaceae 2 11 5.26 鹅膏菌属 Amanita 10 4.78
小菇科 Mycenaceae 2 12 5.74 丝盖伞属 Inocybe 5 2.39
多孔菌科 Polyporaceae 8 14 6.70 蜡蘑属 Laccaria 5 2.39
红菇科 Russulaceae 3 23 11.00 小皮伞属 Marasmius 6 2.87
小菇属 Mycena 11 5.26
光柄菇属 Pluteus 5 2.39
红菇属 Russula 17 8.13
栓菌属 Trametes 5 2.39
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