上海家化财务战略矩阵分析

发布时间：2018-01-21 23:23

本文关键词： 上海家化财务战略矩阵财务战略　出处：《西南交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：日化行业是改革开放后发展最迅速的行业之一。随着日化行业的不断发展,民族品牌为了在激烈的竞争之中获得比较优势,纷纷在提高产品质量、增加产品附加值、加强品牌建设等关键环节上不断加大资金及技术投入。上海家化联合股份有限公司(下文简称为上海家化)作为我国民族日化企业的典型代表,近年来面临着严峻的内忧外患局势。具体看来:对外,国际大牌日化企业不断蚕食中国市场;对内,国内日化企业产品同质化现象严重。基于此,利用财务战略矩阵这一分析工具对上海家化的价值创造能力及资金盈缺状态进行评价,有利于了解企业的发展态势,更利于为投资者及利益相关者提供有价值的参考意见,并且有助于企业调整财务战略。目前国内从财务战略矩阵的角度对上市公司进行案例研究的文章比较少,日化行业当中更是如此。因此本文选择从财务战略矩阵的视角出发,对企业的价值状态和资金状态进行深入剖析,并且结合融资战略、营运资金管理战略、投资战略和收益分配战略对上海家化财务状况进行综合评价。本文在借鉴国内外相关优秀文章的基础之上又有所创新。在对权益资本成本进行度量时,本文将CAPM模型,OJ模型和PEG模型三者相结合,从而使得权益资本成本的度量更加科学合理。本文通过对上海家化财务战略矩阵的构建可以明确上海家化在2011年-2015年期间都处于创造价值的状态,但其资金状态却在盈余和短缺之间转化,公司处于价值创造暂时性资金短缺的发展状态。而通过对公司四大财务战略的分析可以得出:在融资战略层面公司采用低负债策略,这一做法没有充分利用财务杠杆,因此公司应适度举债经营充分利用财务杠杆;在营运资金管理战略层面公司存货和应收账款管理效率低下。不利于缓解公司资金短缺的状况,公司应加强存货库存管理以及缩紧应收账款收账政策;在投资战略层面公司坚持走差异化道路,重研发投入;在收益分配战略层面公司采取高分配且以现金分配方式为主,在公司存在资金短缺情况之时公司应当多采取股票股利形式进行收益分配。
[Abstract]:The daily chemical industry is one of the most rapid development industries after the reform and opening up. With the continuous development of the daily chemical industry, national brands in order to obtain comparative advantage in the fierce competition, one after another in order to improve the quality of products. Increase the added value of products. Strengthen brand construction and other key links to constantly increase capital and technical input. Shanghai Jiahua United Co., Ltd. (hereinafter referred to as Shanghai Jiahua) as a typical representative of our national daily chemical enterprises. In recent years, faced with severe internal and external situation. To be specific: the international brand of daily chemical enterprises continue to encroach on the Chinese market; At home, domestic daily chemical enterprise product homogenization phenomenon is serious. Based on this, the financial strategy matrix is used to evaluate the value creation ability and fund surplus of Shanghai Jiahua. It is beneficial to understand the development situation of enterprises and provide valuable reference for investors and stakeholders. And help enterprises adjust their financial strategy. At present, there are few articles on the case study of listed companies from the perspective of financial strategy matrix in China. Therefore, this paper chooses to analyze the value state and capital state of enterprises from the perspective of financial strategy matrix, and combine financing strategy and working capital management strategy. Investment strategy and income distribution strategy for the comprehensive evaluation of Shanghai Jiahua financial situation. This article on the basis of reference to domestic and foreign excellent articles and innovation. In the cost of equity capital measurement. In this paper, the CAPM model, OJ model and PEG model are combined. Therefore, the measurement of the cost of equity capital is more scientific and reasonable. Through the construction of the financial strategy matrix of Shanghai Jiahua, it is clear that Shanghai Jiahua is in the state of creating value during the period from 2011 to 2015. . But its capital position is transformed between surplus and shortage. Through the analysis of the four financial strategies of the company, it can be concluded that the company adopts low debt strategy in the level of financing strategy. This approach does not make full use of financial leverage, so the company should borrow appropriately to make full use of financial leverage; At the strategic level of working capital management, the efficiency of inventory and accounts receivable management is low, which is not conducive to alleviating the shortage of funds, so the company should strengthen inventory inventory management and tighten the collection policy of accounts receivable; At the level of investment strategy, the company insists on the road of differentiation and pays more attention to R & D investment; At the strategic level of income distribution, the company adopts high distribution and mainly cash distribution. When the company is short of funds, the company should take the form of stock dividend to distribute the income.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F406.7

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