财务战略矩阵在M乳制品公司的应用研究
发布时间：2018-08-21 13:46
【摘要】：我国乳制品业作为关系国计民生的行业,自改革开放以来得到了高速发展,丰富了国民生活的同时也有效推动了第一、第二产业。近年来,为重塑社会对乳制品的信心,政府出台了多项经济措施,既有利于行业的发展,也为我国乳制品企业带来了机遇与挑战。M公司作为我国一家典型的乳制品企业,很早就投入到了国内的行业竞争,通过多年来的发展与扩张,已成为我国乳品业的领头企业之一。然而,近年来M公司快速扩张的财务战略虽看似为企业赢得了更多市场,却也带来了诸多负面影响,加大了企业的财务风险。面对国内外激烈的竞争,M公司亟需制定更科学的、与企业发展相适应的财务战略。随着财务战略理论的不断完善,市场更加重视企业的综合发展水平,传统的财务指标评价方法已经不再完全适用,因此财务战略矩阵理论应运而生。财务战略矩阵由企业价值和可持续增长能力两大评价体系组成,不仅能反映企业的价值创造能力,还能反映企业资金余缺状况,从而为管理者提供评价和制定财务战略的依据。本文以M公司为研究对象,首先从筹资、投资、运营和股利支付战略四个方面介绍了公司目前实施的财务战略,发现企业实施的是扩张型财务战略。其次通过数据计算,构建公司的财务战略矩阵,发现M公司是处于增值型现金溢余的成熟期企业,但其财务战略并不十分合理,使得公司在个别年份出现现金短缺的情况,影响其可持续发展。然后本文基于财务战略矩阵理论,对M公司的可持续增长能力和企业价值创造能力进行了评价,发现其经济附加值(EVA)波动较大,且企业发展容易受到宏观经济和产品质量的影响,其过于扩张的财务战略易使公司面临较大风险。通过分析其财务战略,发现企业在筹资、投资和运营战略方面都存在一定的问题。再结合M公司现有的财务战略,分析了M公司的企业价值创造能力和可持续增长能力,并且验证了其现有的财务战略存在的具体问题,最后为M公司提出建议。本文认为,M公司应尽快改变其过度依赖液态奶的产品结构,实施多元化投资战略,建立更加合理的筹资结构。通过研究分析,本文认为财务战略矩阵作为分析和评价企业财务战略的工具,具有合理性和可行性,其很好的弥补了传统的财务战略评价与制定方法的缺陷,有很高的研究和应用意义。本文的案例公司M公司是我国非常具有代表性的乳制品企业,因此本文对M公司的案例研究与结论依然适用于我国其他同类型乳品企业,对于行业的发展也具有现实指导意义。
[Abstract]:The dairy industry of our country, as an industry related to the national economy and the people's livelihood, has been developing at a high speed since the reform and opening up, which has enriched the national life and effectively promoted the first and second industries. In recent years, in order to rebuild social confidence in dairy products, the government has issued a number of economic measures, which are not only conducive to the development of the industry, but also bring opportunities and challenges to dairy enterprises in China. M Company is a typical dairy company in China. It has been one of the leading enterprises of dairy industry in China through the development and expansion of many years. However, in recent years, M company's rapid expansion of financial strategy seems to win more markets for enterprises, but also brought a lot of negative effects, increased the financial risks of enterprises. Facing the fierce competition at home and abroad, the company urgently needs to formulate a more scientific and suitable financial strategy for the development of the enterprise. With the continuous improvement of the financial strategy theory, the market pays more attention to the comprehensive development level of the enterprise, the traditional financial index evaluation method is no longer fully applicable, so the financial strategy matrix theory emerges as the times require. The financial strategy matrix is composed of two evaluation systems: enterprise value and sustainable growth ability, which can not only reflect the value creation ability of the enterprise, but also reflect the situation of the fund shortage of the enterprise, thus providing the basis for the manager to evaluate and formulate the financial strategy. In this paper, M company as the research object, first from the financing, investment, operation and dividend payment strategy four aspects of the company's current implementation of the financial strategy, found that the enterprise implemented an expansionary financial strategy. Secondly, through the data calculation, we construct the financial strategy matrix of the company, and find that M company is a mature enterprise with value-added cash surplus, but its financial strategy is not very reasonable, which makes the company appear cash shortage in a few years. Affect its sustainable development. Then, based on the theory of financial strategy matrix, this paper evaluates M company's sustainable growth ability and enterprise value creation ability, and finds that its economic added value (EVA) fluctuates greatly. The development of enterprises is easy to be affected by macro economy and product quality. By analyzing its financial strategy, it is found that there are some problems in financing, investment and operation strategy. Combined with the existing financial strategy of M Company, this paper analyzes the value creation ability and sustainable growth ability of M Company, and verifies the concrete problems of its existing financial strategy, and finally puts forward some suggestions for M Company. This paper holds that the company should change its product structure which relies on liquid milk as soon as possible, implement diversified investment strategy, and establish a more reasonable financing structure. Through the research and analysis, this paper thinks that the financial strategy matrix, as a tool to analyze and evaluate the enterprise financial strategy, is reasonable and feasible, and it makes up for the defects of the traditional financial strategy evaluation and formulation method. It is of great significance in research and application. The case company M is a representative dairy company in China. Therefore, the case study and conclusion of M Company is still applicable to other dairy enterprises of the same type in our country, and also has practical guiding significance for the development of the industry.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82;F406.7
本文编号：2195925
[Abstract]:The dairy industry of our country, as an industry related to the national economy and the people's livelihood, has been developing at a high speed since the reform and opening up, which has enriched the national life and effectively promoted the first and second industries. In recent years, in order to rebuild social confidence in dairy products, the government has issued a number of economic measures, which are not only conducive to the development of the industry, but also bring opportunities and challenges to dairy enterprises in China. M Company is a typical dairy company in China. It has been one of the leading enterprises of dairy industry in China through the development and expansion of many years. However, in recent years, M company's rapid expansion of financial strategy seems to win more markets for enterprises, but also brought a lot of negative effects, increased the financial risks of enterprises. Facing the fierce competition at home and abroad, the company urgently needs to formulate a more scientific and suitable financial strategy for the development of the enterprise. With the continuous improvement of the financial strategy theory, the market pays more attention to the comprehensive development level of the enterprise, the traditional financial index evaluation method is no longer fully applicable, so the financial strategy matrix theory emerges as the times require. The financial strategy matrix is composed of two evaluation systems: enterprise value and sustainable growth ability, which can not only reflect the value creation ability of the enterprise, but also reflect the situation of the fund shortage of the enterprise, thus providing the basis for the manager to evaluate and formulate the financial strategy. In this paper, M company as the research object, first from the financing, investment, operation and dividend payment strategy four aspects of the company's current implementation of the financial strategy, found that the enterprise implemented an expansionary financial strategy. Secondly, through the data calculation, we construct the financial strategy matrix of the company, and find that M company is a mature enterprise with value-added cash surplus, but its financial strategy is not very reasonable, which makes the company appear cash shortage in a few years. Affect its sustainable development. Then, based on the theory of financial strategy matrix, this paper evaluates M company's sustainable growth ability and enterprise value creation ability, and finds that its economic added value (EVA) fluctuates greatly. The development of enterprises is easy to be affected by macro economy and product quality. By analyzing its financial strategy, it is found that there are some problems in financing, investment and operation strategy. Combined with the existing financial strategy of M Company, this paper analyzes the value creation ability and sustainable growth ability of M Company, and verifies the concrete problems of its existing financial strategy, and finally puts forward some suggestions for M Company. This paper holds that the company should change its product structure which relies on liquid milk as soon as possible, implement diversified investment strategy, and establish a more reasonable financing structure. Through the research and analysis, this paper thinks that the financial strategy matrix, as a tool to analyze and evaluate the enterprise financial strategy, is reasonable and feasible, and it makes up for the defects of the traditional financial strategy evaluation and formulation method. It is of great significance in research and application. The case company M is a representative dairy company in China. Therefore, the case study and conclusion of M Company is still applicable to other dairy enterprises of the same type in our country, and also has practical guiding significance for the development of the industry.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82;F406.7
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