基于EVA与财务可持续增长的中国中铁融资策略研究

发布时间：2018-03-06 19:27

本文选题：EVA　切入点：可持续增长　出处：《云南财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：企业的经营是为了能够获得更好的增长,从而从中获得更多的收益,持续的增长意味着企业价值的不断增加,企业发展过程中需要大量的资源来支撑企业价值的增长,融资是企业生存与发展所需资金的来源保证,对企业的融资策略进行研究,使融资达到最高的效益是企业财务管理系列问题中的一个关键主题。企业财务增长过快会造产生资金链断裂的风险,反之,增长过慢则有会被市场淘汰的风险,或者被行业更具实力的企业收购,因此,企业应该追求一种可持续的增长方式,表现在公司财务上就是财务可持续增长,企业的财务可持续增长是不耗尽企业财务资源为前提,企业能实现的最大增长。经济增加值、财务可持续增长与企业的融资策略这三者之间有着十分紧密的联系,文章将三者结合起来进行研究,期望找出它们之间的内在联系,并结合案例企业中国中铁股份有限公司的相关财务数据及融资情况对这一问题进行了较为深入的研究。本篇文章首先对三者的相关理论进行整合与分析,在此基础上,选用范霍恩的可持续增长模型来对案例企业中国中铁进行针对性分析,将经济增加值与可持续增长相结合,构成EVA/SGR矩阵,在矩阵模型中不同的象限对应着相不同的企业投融资策略。在案例分析中,把企业各年融资情况与EVA/SGR矩阵结合分析,发现中国中铁上市以来经营状况与财务政策较为稳定,企业发展过程中的可持续增长率近年来基本保持在一个较为平稳的水平,实际增长率也围绕可持续增长率进行上下波动,可以说中国中铁在发展过程中真正实现了可持续增长。文章通过对相关理论与案例进行综合分析,得出了以下结论:在企业融资方式选择上,面对资金短缺,企业首先选择内源融资,其次为债权融资,在面临较大资金短缺时适时选择股权融资,这也与优序融资理论的内容一致。另外,EVA/SGR矩阵模型在企业融资策略的制定上有一定的参考性,该模型在实际管理中可以作为一种比较有效的分析和预测工具,为企业管理者的经济决策提供理论支持。
[Abstract]:The management of the enterprise is in order to obtain better growth, thus obtain more income from it. The sustained growth means the continuous increase of the enterprise value. In the process of enterprise development, a large number of resources are needed to support the growth of the enterprise value. Financing is the source guarantee of the capital needed for the survival and development of an enterprise. The financing strategy of an enterprise is studied. It is a key theme in a series of problems of enterprise financial management to make the highest benefit of financing. Too fast financial growth of enterprises will create the risk of capital chain breaking, whereas slow growth will risk being eliminated by the market. Or being acquired by a more powerful enterprise in the industry, therefore, an enterprise should pursue a sustainable growth mode, which is manifested in the financial sustainable growth of the company, and the financial sustainable growth of the enterprise is the premise of not exhausting the financial resources of the enterprise. There is a very close relationship between the economic added value, the financial sustainable growth and the financing strategy of the enterprise. Combined with the related financial data and financing situation of China Railway Co., Ltd., this paper makes a deep research on this problem. Firstly, this paper integrates and analyzes the relevant theories of the three companies, on the basis of which, This paper selects Van Horne's sustainable growth model to analyze the case of China Railway Corporation, and combines economic added value with sustainable growth to form EVA/SGR matrix. Different quadrants in the matrix model correspond to different investment and financing strategies of enterprises. In the case study, combining the financing situation of each year with the EVA/SGR matrix, it is found that the operating conditions and financial policies of China Railway have been stable since the listing of China Railway. The sustainable growth rate in the process of enterprise development has been maintained at a relatively stable level in recent years, and the real growth rate has fluctuated around the sustainable growth rate. It can be said that China Railway has realized the sustainable growth in the process of development. Through the comprehensive analysis of the relevant theories and cases, the paper draws the following conclusions: in the choice of enterprise financing mode, facing the shortage of funds, Enterprises first choose endogenous financing, followed by creditor's rights financing, in the face of a large shortage of funds in the timely choice of equity financing, In addition, the EVA / SGR matrix model has some reference value in the formulation of enterprise financing strategy, and this model can be used as a more effective tool for analysis and prediction in practical management. To provide theoretical support for the economic decision of enterprise managers.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.92;F406.7

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