伊利股份财务柔性研究

发布时间：2018-01-12 22:13

本文关键词：伊利股份财务柔性研究　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】：财务柔性是一个新兴的财务领域研究话题,越来越受到理论界和实务界的重视。近些年来,受国内外社会、政治、经济环境的影响,我国企业所处的经营环境错综复杂,不确定性日益增强。尤其对于乳品企业,大到金融危机,小到频频曝光的食品安全问题,财务困境风险以及激烈的市场竞争所带来的经营与财务风险,使企业所处环境的不确定性大大提升,如何保持适当的财务柔性,灵活应对不利冲击,把握未来有利的投资机会,是企业进行财务政策选择时需要考虑的问题。本文采用理论结合实际案例的研究方法,选取光明乳业以及乳品行业为对比对象,收集伊利股份、光明乳业、乳品行业2008年——2015年财务数据对伊利股份财务柔性进行研究。根据国内外研究现状,在现有理论的基础上,结合伊利股份运营现状,对其财务柔性进行指标分析,发现要对企业财务柔性进行复合管理,要综合考虑现金柔性、负债柔性、权益柔性之间的关系,考虑国家对企业财务柔性的影响,提高企业财务柔性,降低其获取成本。因此,基于财务柔性指标分析,运用基于熵权模型及TOPSIS法,对伊利股份财务柔性进行具体量化分析,得出伊利股份处于较高的财务柔性水平以及权益柔性更大程度上影响企业财务柔性指标的判别结果。然后对伊利股份财务柔性进行总体评价,认为适当调整资本结构、减少负债比例、提高债务柔性是伊利股份当务之急的财务策略。最后,提出对同类企业的启示。
[Abstract]:Financial flexibility is a financial research new topic, more and more theoretical and practical attention. In recent years, by the domestic social, political and economic environment, our country enterprise's management environment perplexing, increasing uncertainty. Especially for the dairy enterprises to financial crisis. Small to frequent exposure to food safety issues, the risk of financial distress and brought fierce competition in the market, business and financial risk, the enterprise environment uncertainty greatly enhance, how to maintain adequate financial flexibility, flexible response to adverse shocks, grasp the favorable investment opportunities in the future, is the need to consider the enterprise financial policy the problem. This paper adopts the theoretical research methods combined with the actual case, and the selection of bright dairy dairy industry as comparison object, collection of Yili, bright dairy industry, dairy industry 2008 In 2015 the financial data of Yili financial flexibility is studied. According to the research status at home and abroad, on the basis of existing theory, combined with the status quo of Yili operation, the flexible financial index analysis, found to corporate financial flexibility of composite management, should consider the cash flexibility, debt equity relationship between flexible, flexible and consider the national impact on corporate financial flexibility, improve corporate financial flexibility, reduce the cost of acquisition. Therefore, the analysis of financial flexibility index based on entropy weight model and TOPSIS method based on Iraq Li shares financial flexibility specific quantitative analysis, the Yili in effect results of corporate financial flexibility index higher levels of financial flexibility the rights and interests of more flexible degree. Then the Yili financial flexibility in overall evaluation, that adjust the capital structure, reduce the negative The debt ratio and the improvement of the debt flexibility are the urgent financial strategies of the Eli shares. Finally, the enlightenment to the same kind of enterprises is put forward.

【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】：F426.82;F406.7

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