基于菲莫公司价值评估的我国烟草企业转型研究

发布时间：2018-04-16 20:16

本文选题：烟草企业 + 战略转型　；参考：《山东大学》2017年硕士论文

【摘要】：我国烟草产业在经历了三十多年的高速增长之后,行业自身开始面临一系列发展难题,同时外部环境也出现了深刻变化。受控烟形势日趋严厉和宏观经济下行压力加大等外部环境因素的叠加影响,中国烟草行业自身开始出现销量增速放缓、卷烟库存高企、单箱结构滑坡、市场容量饱和等一系列发展难题。在外部环境的压力和行业自身发展出现瓶颈的背景之下,对于置身我国烟草行业之中的烟草企业而言,谋划转变当前发展模式,主动实施战略转型已显得尤为迫切和必要,这既是中国烟草企业实现自身永续发展的内在要求,又是确保国有资产保值增值的客观需要。本文基于企业战略转型的有关理论,综合使用PEST、波特五力以及SWOT等经典定性分析模型对中国烟草企业的战略转型问题进行了深入研究,全文主要按照问题的提出、相关文献综述、企业战略环境分析、战略转型的目标与方向设定、战略转型的路径选择、政策建议这一研究思路展开论述,并通过案例分析的方式重点考察了菲莫公司的转型实践,运用DCF模型对菲莫公司的企业价值进行了评估,为我国烟草企业的转型之路提供借鉴。本文的研究有助于丰富战略转型理论体系的内涵,并对我国烟草企业的转型提供有益指导和路径建议,还创新性地提出了集团化、证券化等具体的转型战略。本文研究认为,我国烟草企业无法照搬菲莫公司过往的转型经验,而应该在批判性借鉴的基础上自主探索出一条符合本国国情与企业实际的转型道路,得出的重要结论有:战略转型的目标应设定为"发展成一家跨国经营的多元化控股集团"。战略转型的方向应朝着开拓境外市场的国际化方向与发展非烟业务的多元化方向。战略转型的路径选择可分为烟草主业与非烟业务两个方面,其中主业转型的路径依次是组建跨省工业集团、海外直接投资与并购相结合、加强与跨国烟草巨头的合作;非烟业务转型的路径依次是将资源向与主业关联程度较高的产业集中、构建数家具备核心竞争力的跨省多元化投资集团、推进产融结合并考虑将优质非烟资产择机上市。
[Abstract]:After more than 30 years of rapid growth of tobacco industry in China, the industry itself began to face a series of development problems, at the same time, the external environment has also undergone profound changes.Affected by the combination of external environmental factors such as the increasingly severe tobacco control situation and the increasing downward pressure on the macro economy, the Chinese tobacco industry itself began to show a slowdown in sales growth, a high cigarette inventory, and a decline in the single-box structure.Market capacity saturation and a series of development problems.Under the background of the pressure of external environment and the bottleneck of the development of the industry itself, it is particularly urgent and necessary for the tobacco enterprises in our country to plan to change the current development mode and to implement the strategic transformation actively.This is not only the internal requirement for Chinese tobacco enterprises to realize their own sustainable development, but also the objective need to ensure the maintenance and appreciation of state-owned assets.Based on the theory of strategic transformation of Chinese tobacco enterprises, this paper makes a thorough study on the strategic transformation of Chinese tobacco enterprises by using the classical qualitative analysis models such as pest, Porter's five forces and SWOT.Related literature review, enterprise strategic environment analysis, target and direction setting of strategic transformation, path choice of strategic transformation, policy suggestion are discussed.And through the way of case study, the paper focuses on the practice of the transformation of the company, and evaluates the value of the company by using DCF model, which provides a reference for the transformation of the tobacco enterprises in our country.The research in this paper is helpful to enrich the connotation of the theory system of strategic transformation, to provide beneficial guidance and suggestions for the transformation of Chinese tobacco enterprises, and to creatively put forward specific transformation strategies such as collectivization and securitization.In this paper, the author thinks that Chinese tobacco enterprises can not copy the past experience of Fimo Company, but should independently explore a transition road that conforms to the national conditions and the actual situation of enterprises on the basis of critical reference.The important conclusion is that the goal of strategic transformation should be "to develop into a multinational diversified holding group".The direction of strategic transformation should be towards the internationalization of overseas market and the diversification of non-smoking business.The path choice of strategic transformation can be divided into two aspects: tobacco main industry and non-tobacco business, among which the main industry transformation path is to set up inter-provincial industrial group, combine overseas direct investment with M & A, and strengthen the cooperation with transnational tobacco giant.The path of non-tobacco business transformation is to concentrate resources to industries with high degree of association with the main industry, to construct several multi-provincial investment groups with core competitiveness, to promote the combination of industry and finance and to consider listing high-quality non-tobacco assets.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.8

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