X公司产品市场竞争与企业现金流风险关系的案例研究

发布时间：2017-12-31 22:22

本文关键词：X公司产品市场竞争与企业现金流风险关系的案例研究　出处：《哈尔滨商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：现金流风险管理能够监督企业现金流的运行状况,企业现金流的稳定运行可以影响整个资本市场的稳定健康发展。企业的生存和发展与所在的竞争市场环境密切相关;同时受到其他企业的影响,这种影响会通过合作与竞争体现;产品市场竞争会引发企业的竞争行为,引起生产经营的波动,最终体现在现金流的异常波动,引起现金流风险。现有研究发现,产品市场竞争程度与企业的现金流风险呈显著负相关。以往对产品市场竞争对企业现金流的影响研究大多偏重于理论阐述与实证分析,而在理论分析的基础上进行案例分析的研究文献还很少,因此本文通过案例分析,探究产品市场竞争和企业现金流风险两者之间可能存在的关系。整篇文章采用的研究方法为文献研究法、规范研究法、案例分析法和比率分析方法。首先分别对现金流风险和产品市场竞争的国内外文献进行梳理和分析。对于现金流风险从影响因素和度量方法两个方面来整理文献,具体研究了财务指标度量、波动性指标度量以及在险价值度量三种方法。对于产品市场竞争,研究了现代竞争理论的两个分支,掠夺效应和治理效应。在此基础上整理研究现金流风险和产品市场竞争关系的文献。然后基于企业风险管理理论、信息不对称理论和掠夺理论为基础进行较为系统的理论分析,通过理论分析,研究现金流风险的表现形式和产品市场竞争的掠夺效应对现金流风险的影响。在理论分析的基础上,采用案例分析法考察产品市场竞争与现金流风险之间的关系。以X公司作为案例分析的对象,选择2007至2015年的财务数据为样本,对X公司的现金流风险和产品市场竞争进行度量,并研究两者的变化趋势,考察变化的关联性。研究发现,X公司满足产品市场竞争增大,企业现金流风险减小的结论,即产品市场竞争与企业现金流风险呈显著负相关。结果表明产品市场竞争与现金流风险的关系在个别公司中可以体现出来。
[Abstract]:Cash flow management to monitor operation status of cash flow risk, stable and healthy development of the capital market can affect the stable operation of corporate cash flow. The competitive market environment and the survival and development of enterprises is closely related; and it is affected by other enterprises, this effect will be reflected through cooperation and competition; product market competition will lead to the competitive behavior of enterprises, production and operation caused by fluctuations, ultimately reflected in the cash flow fluctuation, caused by the cash flow risk. The current study found that the degree of product market competition and corporate cash flow risk is negatively correlated. Previous studies on effects on product market competition on corporate cash flow mostly focuses on the theory and empirical analysis and, on the basis of theoretical analysis and case analysis research literature is very few, so this paper through case analysis, explore product market competition The possible relationship between the enterprise and the cash flow risk of the two. This paper adopts the research methods of literature study, normative research method, case analysis method and ratio analysis method. First of all, to the cash flow risk and product market competition of the domestic and foreign literatures and analysis. The cash flow risk from the influencing factors and measure the two aspects of literature, specific financial indicators measure, volatility index measurement and three kinds of methods to measure the value at risk. The product market competition, the two branches of modern competition theory, plunder effect and governance effect. On the basis of risk and product market competition arrangement of cash flow the literature. Then the enterprise risk management theory based on the theory of information asymmetry and plunder theory more systematic theoretical analysis as the basis, through theoretical analysis, the research of cash Effect of predatory effect flow risk forms and product market competition on the cash flow risk. On the basis of theoretical analysis, using case analysis method to study the product market competition and the relationship between the cash flow risk. Taking X company as the object of the case analysis, the choice of financial data from 2007 to 2015 as the sample of X company the cash flow risk and product market competition measure, change trend and study the correlation study of change. The study found that X company to increase the product market competition, corporate cash flow risk reduction results, namely the product market competition and corporate cash flow risk is negatively correlated. The results show that the product market competition and cash the relationship between flow risk can be reflected in the individual companies.

【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F406.7;F273.2

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