江西赛维LDK公司资本运作战略研究

发布时间：2018-05-24 00:48

本文选题：赛维 + 资本运作　；参考：《江西财经大学》2017年硕士论文

【摘要】：我国的光伏产业在过去十几年的时间里,取得了从无到有、从不具规模到世界领先的瞩目成就。但是,由于发展模式具有“两头在外”的特点,整体行业都十分缺乏抵御风险的能力。在次贷危机爆发之后,世界经济状况持续低迷,西方各国先后调整光伏相关政策,降低光伏补贴,全球市场萎缩。再加上我国光伏企业盲目乐观,疯狂扩张,光伏行业面临大面积停产倒闭、高负债率、产能严重过剩等多种状况,其健康发展问题成为理论实务界关注的一大热点。江西赛维LDK太阳能高科技有限公司曾经是光伏行业的龙头企业,其发展历程可谓我国光伏行业的缩影。本文研究的目的就是运用自身所学习的企业战略管理、财务管理等方面的相关知识,通过分析江西赛维LDK太阳能高科技有限公司所在光伏行业的国内外竞争环境和企业自身优劣势,结合企业的战略发展方向,提出在现行的相关政策制度下,赛维LDK公司下一步的资本运作战略构想,试图采用资本运作的手段在一定程度上缓解赛维公司当前面临的困境,帮助实现公司的良性发展。在简述了有关资本运作理论之后,本文首先回顾了江西赛维LDK太阳能高科技有限公司过去的资本运作历程以及产生的一系列后果,由于赛维LDK公司在过去的发展过程中先后采用了包括IPO、再融资、合作并购以及破产重组等多种资本运作方式,再加上世界经济和全球光伏行业的影响,赛维LDK太阳能高科技有限公司的发展过程波动明显。随后本文简要阐述了赛维LDK公司所处光伏行业的国内外发展状况,运用SWOT模型和波特五力模型分析公司的具体情况,并对企业近年来的核心竞争力和财务状况进行了说明,进而提出了当前状况下赛维LDK公司如何进行资本运作战略的构想,主要有清算不良资产、破产重组、资本市场再融资、分拆子公司等资本运作手段的选择和运用,重点是具体方式的可行性的比较分析并得出结论;为公司资本运作战略能够实现,提出了包括组织机构、人力资源、经营能力、资金、绩效评价等方面的保障措施;本文结论最后总结了资本运作过程中应注意的几个方面,包括企业资本运营应与经营紧密联系、初始方案设计应全面系统、做好风险控制措施、资本运作要顺势而为等几个方面,提醒公司后续资本运作少犯错误、少走弯路。
[Abstract]:In the past decade, China's photovoltaic industry has achieved remarkable achievements in the past decade. However, as the development model has the characteristics of "two in the outside", the whole industry is very short of the ability to resist risk. After the explosion of the subprime mortgage crisis, the world economic situation continues to be depressed, western countries The photovoltaic related policies have been adjusted to reduce the photovoltaic subsidies and the global market is shrinking. In addition, the photovoltaic industry is blindly optimistic and expanded, the photovoltaic industry is facing a variety of conditions such as large area shutdown, high debt rate, heavy capacity overcapacity and so on. The problem of healthy development has become a hot spot of concern in the theory and practice field. Jiangxi LDK LDK solar energy High-tech Co., Ltd. was once the leading enterprise of the photovoltaic industry, its development process is the epitome of China's photovoltaic industry. The purpose of this study is to use the knowledge of the strategic management, financial management and other aspects of the company's own learning, through the analysis of the domestic photovoltaic industry of the Jiangxi LDK LDK sun energy limited company. The external competitive environment and the advantages and disadvantages of the enterprise, combined with the strategic development direction of the enterprise, put forward the next step of the LDK LDK company's strategic conception of capital operation under the current relevant policy system, trying to use the means of capital operation to alleviate the difficulties faced by LDK company to a certain extent, and help to realize the benign development of the company. After referring to the theory of capital operation, this paper first reviews the past capital operation process and a series of consequences of Jiangxi LDK LDK Solar Technology Co., Ltd., since LDK LDK has adopted many kinds of capital operators, including IPO, refinancing, merger and acquisition, and bankruptcy reorganization in the past development process. In addition to the influence of the world economy and the global photovoltaic industry, the development process of LDK LDK solar technology limited company is very volatile. Then this paper briefly describes the domestic and foreign development status of the photovoltaic industry in LDK LDK, and uses the SWOT model and Potter five force model to analyze the specific situation of the company and to the enterprises in recent years. The core competitiveness and financial situation are explained, and then the idea of how to carry out the capital operation strategy of LDK LDK company under the current situation is put forward, including the choice and use of the means of capital operation, such as liquidation of bad assets, bankruptcy reorganization, refinancing of capital market, and split subsidiary companies. The emphasis is on the comparative analysis of the feasibility of specific ways. In order to realize the capital operation strategy of the company, we put forward the safeguard measures in the aspects of organization, human resources, management ability, capital and performance evaluation. Finally, this conclusion summarizes several aspects that should be paid attention to in the process of capital operation, including the close relationship between enterprise capital operation and operation, and the initial plan should be designed. Comprehensive system, good risk control measures, capital operation should follow the trend and so on, and remind companies to make fewer mistakes and take fewer detours.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.6;F406.7

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