中联重科股份有限公司投资效率分析

发布时间：2018-08-16 10:39

【摘要】：投资作为企业财务管理的核心问题,是企业现金流量增长的担保,也是其成长能力的重要体现,更是直接影响企业价值的重要因素。因此,企业要想提升自身的价值必须提高企业在投资时投资活动的效率,企业的投资效率不断提高进而企业的价值相应增加。专业机械工业作为专业生产机械设备、生产工具的重要部门,既为我国的国民经济的增长提供装备保障,因为每一个部门都需要适合并符合部门发展要求的机械装备;又为国民经济提供改造部保障,国家的发展是要依靠技术进步,对各部门进行改造,这就需要专业机械工业为各部门提供更新装备;还为国民经济提供服务保障,不仅能够为重工业、轻工业、农业等部门提供服务,还能为人民大众提供商品。本文选取专业机械制造业的中联重科股份有限公司为案例,为专业机械制造业提供有利的借鉴。首先,本文对投资效率有关的理论进行梳理,从投资效率定义、非效率投资、非效率投资成因几方面分析并总结。其次,在相关理论分析的基础上,选取能够反映企业的投资效率并且可以通过数据计算表示的指标,同时对指标进行了加工使指标更加直观,能够综合反映衡量企业的投资效率,并形成投资效率指标体系。之后对中联重科股份有限公司的投资效率从投资支出、投资机会、投资利用率、现金流量、筹资状况、投资效益六方面进行分析,并得出结论:中联重科股份有限公司投资效率较低。原因主要是受内源资金融资能力差与管理层的激励与预防的影响,使得案例企业的投资效率不佳。然后本文从三个方面提出能够改善中联重科投资效率不理想、提高投资效率的建议,第一,加强政府对企业的支持:拉动内需,政府保证已有政策有效高效实施并调整工业机械产业结构,刺激市场需求;减少对企业融资的限制,化简企业在融资时所需流程,使企业能够多角度筹措资金。第二,提高内源资金的获取能力与比例:采取加强推进企业战略转型、提高应收账款周转率、调整自身的资本结构的方法提高企业自身的竞争力与应对宏观经济环境变化的能力来提高企业内源资金的获取能力。第三,加强中联重科股份有限公司的高管薪酬激励并引进股权激励的长期激励的方式,同时减少隐性的在职消费管理费用。最后针对研究提出存在的不足之处并进行展望。
[Abstract]:As the core problem of enterprise financial management, investment is the guarantee of the growth of cash flow, the important embodiment of its growth ability, and the important factor that directly affects the value of enterprise. Therefore, if an enterprise wants to enhance its own value, it must improve the efficiency of its investment activities, and the investment efficiency of the enterprise will continue to improve and then the value of the enterprise should be increased accordingly. As an important department of manufacturing machinery and tools, professional machinery industry not only provides equipment support for the growth of our national economy, but also needs machinery and equipment suitable for the development of each department. It also provides the Ministry of Reconstruction for the national economy. The development of the country depends on technological progress and the transformation of various departments. This requires the specialized machinery industry to provide the various departments with updated equipment, as well as to provide services for the national economy. Not only to provide services for heavy industry, light industry, agriculture and other sectors, but also to provide goods for the general public. This paper selects Zhonglian heavy Technology Co., Ltd., which is a professional machinery manufacturing company, as a case to provide beneficial reference for professional machinery manufacturing. Firstly, this paper analyzes and summarizes the theory of investment efficiency from the definition of investment efficiency and the causes of non-efficiency investment. Secondly, on the basis of the relevant theoretical analysis, select the index which can reflect the investment efficiency of the enterprise and can be expressed through the data calculation, at the same time, the index is processed to make the index more intuitive. It can comprehensively reflect the investment efficiency of enterprises and form an index system of investment efficiency. After that, the investment efficiency of Zhonglian heavy Section Co., Ltd. is analyzed from six aspects: investment expenditure, investment opportunity, investment utilization, cash flow, financing situation, and investment benefit. The conclusion is that the investment efficiency of Zhonglian heavy science co., Ltd is low. The reason is that the investment efficiency of the case enterprises is not good because of the poor financing ability of endogenous funds and the incentive and prevention of management. Then, this paper puts forward some suggestions from three aspects to improve the investment efficiency of Zoomlion. First, strengthen the government's support to the enterprises: stimulate domestic demand. The government ensures the effective and efficient implementation and adjustment of the industrial structure of industrial machinery, stimulates market demand, reduces the restrictions on enterprise financing, simplifies the process required by enterprises in financing, and enables enterprises to raise funds from multiple angles. Second, to improve the ability and proportion of endogenous funds to obtain: to strengthen and promote the strategic transformation of enterprises, improve the turnover of accounts receivable, In order to improve the ability of obtaining endogenous funds, the methods of adjusting their capital structure can improve the competitiveness of enterprises and the ability to cope with the change of macroeconomic environment. Third, strengthen the executive compensation incentive and introduce the long-term incentive of equity incentive, while reducing the hidden in-service consumption management costs. Finally, the shortcomings of the study are put forward and the prospect is given.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.4;F406.7

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