宝钢海外加工中心融资评价研究

发布时间：2018-09-10 14:49

【摘要】：随着全球经济一体化进程的日益推进,特别是在国内外钢铁市场不大景气的环境下,传统的钢铁贸易模式已无法适应日益激烈的市场竞争环境,钢铁企业必须通过供应链建设,提供增值服务,才有可能实现增加市场份额的目的。宝钢股份近年来为适应全球产业大规模客户化定制趋势,加快了海外加工中心建设,但由于国内钢铁企业的海外加工中心建设尚无可供借鉴的经验,尤其是对融资模式的选择依据的系统研究不足,仍依赖于项目团队的经验,缺乏合理的评价依据,所以建立有效的融资模式评价体系,以寻求最佳融资模式,有效解决建设资金供给问题已成为当务之急。本文在回顾国内外有关融资理论研究的基础上,结合宝钢在意大利项目、泰国项目和韩国项目上的融资方式,分析了宝钢海外加工配送中心的融资实践及其存在的问题。结合理论与实践,重点分析了融资成本、融资风险及融资诱因等因素对海外加工中心融资模式的影响,在此基础上,基于层次分析法建立了关于融资模式的评价指标体系,并利用层次分析法对宝钢海外加工中心的融资模式的有效性进行了综合评价。最后,以宝钢印度项目为具体案例,验证了使用评价指标体系和层次分析法对海外加工中心融资模式进行综合评价的有效性,结果表明宝钢海外加工中心的融资模式决策应追求融资诱因、融资成本和融资风险的最优化组合。本文认为在海外加工中心融资模式的选择上,首先要考虑项目自身的融资诱因,即项目建设方式、融资额度、偿还期限、融资速度等来评估融资方式的匹配度；其次,要全面衡量融资成本；再次,重视融资风险的管理,灵活运用互换交易、远期交易等金融衍生工具来管理融资风险和成本。融资模式评价指标体系的建立,为今后宝钢海外项目融资模式的评价与优选提供了一种定性与定量相结合的方法。
[Abstract]:With the progress of global economic integration, especially in the domestic and foreign steel market environment, the traditional steel trade model can no longer adapt to the increasingly fierce market competition environment, iron and steel enterprises must build through the supply chain. To provide value-added services, it is possible to achieve the goal of increasing market share. In recent years, Baosteel stock has accelerated the construction of overseas processing center in order to adapt to the trend of mass customization of global industry. However, there is no experience for reference in the construction of overseas processing center of domestic steel enterprises. Especially, the systematic research on the selection basis of financing mode is insufficient, still depends on the experience of the project team, and lacks the reasonable evaluation basis, so establish an effective financing model evaluation system to seek the best financing model. It is urgent to solve the problem of construction fund supply effectively. On the basis of reviewing domestic and foreign research on financing theory, combined with the financing methods of Baosteel in Italy, Thailand and South Korea, this paper analyzes the financing practice and existing problems of Baosteel's overseas processing and distribution center. Combined with theory and practice, the paper analyzes the influence of financing cost, financing risk and financing inducement on the financing mode of overseas processing center. On the basis of this, the evaluation index system of financing mode is established based on analytic hierarchy process (AHP). The effectiveness of the financing model of Baosteel's overseas processing center is evaluated by analytic hierarchy process (AHP). Finally, taking Baosteel India project as a specific case, the effectiveness of comprehensive evaluation of overseas processing center financing model is verified by using evaluation index system and analytic hierarchy process (AHP). The results show that the optimal combination of financing incentives, financing costs and financing risks should be pursued in the financing mode decision of Baosteel's overseas processing center. This paper thinks that in the choice of financing mode of overseas processing center, we should first consider the financing incentives of the project itself, that is, project construction mode, financing quota, repayment period, financing speed and so on, to evaluate the matching degree of financing mode. Third, we should pay attention to the management of financing risk, and use financial derivatives such as swap transaction and forward transaction flexibly to manage financing risk and cost. The establishment of evaluation index system of financing mode provides a combination of qualitative and quantitative methods for the evaluation and optimization of overseas project financing mode of Baosteel in the future.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.31;F275

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