基于纵向一体化战略的ST神火财务战略优化

发布时间：2018-01-12 07:25

本文关键词：基于纵向一体化战略的ST神火财务战略优化　出处：《黑龙江八一农垦大学》2017年硕士论文　论文类型：学位论文

【摘要】：能源产业是国民经济的支柱产业之一,煤炭是我国重要的基础能源,近年来伴随新能源的开发利用,煤炭资源的需求量减少,煤炭采掘产能过剩,煤炭行业企业盈利空间受到挤压,行业系统风险越来越大,纵向一体化战略可以转移煤炭采掘业务风险。河南神火煤电有限公司是一家从事煤炭、电力、铝化工一体化生产的国有上市公司,与非一体化的煤炭、电力、铝化工企业相比具有很强的成本优势和联营效益。但是近年来,河南神火煤电有限公司却出现亏损,面临着退市的危机,公司股票名称变更为ST神火。为了促进ST神火煤电铝一体化业务持续健康发展,本文对ST神火的煤电铝一体化业务进行SWOT分析,对ST神火2010-2015年的财务绩效进行趋势分析,同时运用财务战略矩阵分析法对ST神火的财务战略进行定位,寻找战略优化依据和优化路径。经研究发现,由于资本资产增长过度依赖于财务杠杆增长,公司毛利润已无法负担资本成本,ST神火的财务战略出现公司价值减损和现金剩余的不利局面,投资规模增长不合理,债务管理工作亟需调整。ST神火可以通过资产剥离和重组的方式对财务战略进行优化,达到投资规模增长方式优化和资本结构优化的效果,提高可持续发展能力和风险承受力。
[Abstract]:Energy industry is one of the pillar industries of the national economy. Coal is an important basic energy in China. In recent years, with the development and utilization of new energy, the demand for coal resources is reduced, and the coal mining capacity is overcapacity. The coal industry enterprise profit space is squeezed, the industry system risk is increasing, vertical integration strategy can transfer the coal mining business risk. Henan Shenghuo Coal Power Co., Ltd. is engaged in coal, electricity. The state-owned listed companies in the integrated production of aluminum and chemical industry have strong cost advantages and associated benefits compared with the non-integrated coal, electricity and aluminum chemical enterprises, but in recent years. Henan Shenghuo Coal and electricity Co., Ltd. has a loss and faces the crisis of delisting. The company's stock name has been changed to St Shenghuo. In order to promote the St Shenghuo coal, electricity and aluminum integration business to develop continuously and healthily. This paper carries on the SWOT analysis to St Shenghuo's integrated business of coal, electricity and aluminum, and makes a trend analysis on the financial performance of St Shenghuo from 2010 to 2015. At the same time, we use the financial strategy matrix analysis method to locate the financial strategy of St fire, to find the strategic optimization basis and optimization path. Through the study, it is found that the growth of capital assets is excessively dependent on the growth of financial leverage. The gross profit of the company can no longer afford the cost of capital and the financial strategy of St fire has the disadvantage of the loss of the value of the company and the surplus of cash, and the increase of the investment scale is unreasonable. Debt management needs to adjust. St can optimize the financial strategy through asset divestiture and restructuring to achieve the investment scale growth mode optimization and capital structure optimization effect. Improve the ability of sustainable development and risk tolerance.
【学位授予单位】：黑龙江八一农垦大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.61;F406.7

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