铁路合资公司现金流衔接问题研究

发布时间：2018-03-14 10:26

本文选题：铁路合资公司　切入点：现金流衔接　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：铁路合资公司现金流衔接问题不仅是一个财务问题,更是一个经济问题。本文结合财会和经济视角研究铁路合资公司现金流衔接问题,旨在找出影响合资公司现金流衔接问题的根本原因,从而对现金流衔接问题加以解决。文章首先通过界定合资公司现金流衔接问题,确定研究对象为国铁控股合资公司,进而介绍国铁控股合资公司基本情况以及现金流衔接现状。再根据影响现金流衔接的表外因素结合合资公司特征建立合适的指标体系,运用因子分析方法,构建现金流衔接状况评价模型,并对其进行有效验证,从而确定各指标对现金流衔接的影响程度,其中现金流量利息保障倍数、现金流量债务比、经营活动现金流入流出比、总现金流入流出比、总资产现金回收率所占权重较大。根据这五个指标反映的情况,基于经济学视角,从根本上分析影响公司经营活动、筹资活动和公司总体现金流量的原因及其作用机制。认为客、货运量,公益性运输,委托代理问题,公司经营受限是影响公司经营活动现金流量的根本原因;资本结构不合理、股东目标差异是影响筹资活动现金流量根本原因;财政政策不利、公司边界模糊、退出机制缺失是影响公司总体现金流量的经济因素,根据以上因素的作用结合合资公司具体实例进一步分析各经济因素对合资公司现金流量的影响。最后,针对上述因素的作用机制分析,提出针对性的对策建议,为解决现金流衔接问题提供决策参考。
[Abstract]:The problem of cash flow convergence of railway joint venture is not only a financial problem, but also an economic problem. The purpose of this paper is to find out the fundamental reasons that affect the convergence of cash flow of the joint venture company, and to solve the problem of the convergence of cash flow. Firstly, by defining the problem of the convergence of cash flow of the joint venture company, the paper determines the object of study is the state-owned railway holding joint venture company. Then it introduces the basic situation of the joint venture company and the current situation of cash flow convergence. Then according to the off-balance sheet factors that affect the convergence of cash flow and the characteristics of the joint venture company, an appropriate index system is established, and the method of factor analysis is used. The paper constructs an evaluation model of cash flow convergence, and verifies it effectively, so as to determine the influence of each index on cash flow convergence, including cash flow interest guarantee multiple, cash flow debt ratio, cash inflow / outflow ratio of operating activities, etc. The ratio of total cash inflow to outflow and the cash recovery rate of total assets account for a large proportion. According to the situation reflected by these five indicators and from the perspective of economics, this paper analyzes the influence on the business activities of the company. The reasons for raising funds and the cash flow of the company as a whole and its mechanism. It is considered that the problems of passenger, freight, public welfare, principal-agent, limited operation of the company are the fundamental reasons that affect the cash flow of the company's operating activities, and the capital structure is unreasonable. The difference of shareholders' goal is the fundamental reason that affects the cash flow of the financing activity, the financial policy is unfavorable, the boundary of the company is blurred, the absence of the exit mechanism is the economic factor that affects the overall cash flow of the company. According to the function of the above factors combined with the concrete examples of the joint venture company, the paper further analyzes the influence of various economic factors on the cash flow of the joint venture company. Finally, according to the analysis of the mechanism of the above factors, the paper puts forward some countermeasures and suggestions. To solve the problem of cash flow convergence to provide a decision-making reference.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F532.6;F530.68

【参考文献】