基于商业银行视角的企业集团财务分析研究

发布时间：2018-08-10 21:06

【摘要】：随着我国加入WTO，中国企业面临的国际、国内竞争日益激烈。市场竞争形势的变化在客观上推动了国内企业集团的发展，此外，我国政府也对企业集团的发展给予政策和资金上的大力支持，我国企业集团迎来大发展的黄金时期。企业集团的发展，离不开信贷资金的支持。商业银行在企业集团的发展中，特别是在企业集团的兼并收购中，为企业集团提供了资金支持。企业集团一般规模都较大，有资产做抵押或有关联企业的担保，成为商业银行竞相争夺的优质客户。商业银行和企业集团之间的关系具有一定“粘性”，他们一般处于同一利益同盟，但由于企业集团组织形式的特殊性，特别是企业集团的多元化、跨行业、跨地区经营以及我国财务报告的“双重披露制度”，使得商业银行与企业集团客户之间的信息不对称尤为严重，这加大了商业银行的信贷风险。因此，如何缓解商业银行与企业集团之间的信息不对称尤为重要。对企业集团的财务报表进行分析是商业银行获取企业集团信息的重要途径，是缓解信息不对称的重要方法，也是商业银行风险管理的重要手段。因此，财务分析在商业银行的信贷决策中具有非常重要的作用。而目前对于企业集团的财务分析研究，一般默认是对合并会计报表的分析，由于企业的有限责任原则以及企业集团的资金管理模式的多样性，导致这种分析方法具有非常大的局限，尚无法满足商业银行进行信贷决策的要求。本文正是以此为突破口，结合企业集团理论、财务分析理论以及利益相关者理论，研究从商业银行视角对企业集团财务分析的必要性。按照企业集团提供的财务报表将财务分析分为合并财务报表分析、母公司财务报表分析和子公司财务报表分析，并对每种报表的分析内容、目的、方法分别进行界定，进而提出每一单一分析方法的局限性，最后提出综合利用合并财务报表、母公司报表以及子公司报表建立企业集团财务分析体系的观点。特别是，随着新会计准则的执行，合并财务报表和母公司财务报表在反映企业集团财务信息方面具有一定的互补作用，利用这种互补作用可以为商业银行信贷决策提供更完善的信息。本文可以大致分为五个部分：第一章是导论，是此文的开篇，首先介绍文章选题的背景及意义，回顾并评价国内外企业集团财务分析研究已经取得的成果，进而说明文章的研究范围、研究目的、研究方法、研究思路与框架，以及文章可能具有的创新观点。第二章是相关理论的介绍，主要介绍我国企业集团的含义、特征和融资模式等以及由此导致的商业银行信贷风险。第三、四、五、六章是文章的第三部分，这部分从企业集团的合并财务报表、母公司报表以及子公司报表的角度将财务分析重新进行分类，并从偿债能力、营运能力、盈利能力等方面就每一种分析方法展开论述。第七章是本文的第四部分，结合前面章节的论述，按照企业集团融资模式的不同将企业集团分类，并针对每种融资模式，，构建企业集团的财务分析体系。第八章是文章的结论部分，主要是对全文的总结以及对未来研究的展望。
[Abstract]:With China's accession to the WTO, Chinese enterprises are facing increasingly fierce international and domestic competition. The change of market competition situation objectively promotes the development of domestic enterprise groups. In addition, the Chinese government also gives strong support to the development of enterprise groups in terms of policies and funds, and Chinese enterprise groups usher in a golden period of great development.
Commercial banks provide financial support for enterprise groups in the development of enterprise groups, especially in the merger and acquisition of enterprise groups. The relationship between commercial banks and enterprise groups is "sticky" to a certain extent, and they are generally in the same interest alliance. However, due to the particularity of the organizational form of enterprise groups, especially the diversification of enterprise groups, cross-industry, cross-regional operation and the "double disclosure system" of China's financial reports, commercial banks and enterprise group customers have become more and more important. Information asymmetry between households is particularly serious, which increases the credit risk of commercial banks. Therefore, how to alleviate the information asymmetry between commercial banks and enterprise groups is particularly important.
Analysis of financial statements of enterprise groups is an important way for commercial banks to obtain information of enterprise groups, an important way to alleviate information asymmetry, and an important means of risk management of commercial banks. Analytical study shows that the default is the analysis of consolidated financial statements. Due to the principle of limited liability of enterprises and the diversity of fund management modes of enterprise groups, this analysis method has very big limitations, and can not meet the requirements of commercial banks in making credit decisions.
Based on this, this paper studies the necessity of financial analysis of enterprise groups from the perspective of commercial banks by combining enterprise group theory, financial analysis theory and stakeholder theory. The analysis of financial statements and the analysis contents, purposes and methods of each statement are defined separately, and then the limitations of each single analysis method are put forward. Finally, the viewpoint of establishing a financial analysis system for enterprise groups by using consolidated financial statements, parent company statements and subsidiary company statements is put forward. And the financial statements and the parent company financial statements have complementary effects on reflecting the financial information of the enterprise group, which can provide more perfect information for the credit decision-making of commercial banks.
This article can be roughly divided into five parts.
The first chapter is the introduction, which is the beginning of this article. First, it introduces the background and significance of the topic, reviews and evaluates the achievements of financial analysis of enterprise groups at home and abroad, and then explains the scope of the article, research purposes, research methods, research ideas and frameworks, as well as the possible innovative viewpoints of the article.
The second chapter is the introduction of related theories, mainly introduces the meaning, characteristics and financing mode of enterprise groups in China and the resulting credit risk of commercial banks.
The third, fourth, fifth and sixth chapters are the third part of the article. This part reclassifies the financial analysis from the angles of consolidated financial statements, parent company statements and subsidiary company statements, and discusses each analysis method from the aspects of solvency, operating ability and profitability.
Chapter 7 is the fourth part of this paper. Combining with the discussion in the previous chapters, enterprise groups are classified according to the different financing modes of enterprise groups, and the financial analysis system of enterprise groups is constructed according to each financing mode.
Chapter 8 is the conclusion of the article, which is the summary of the whole paper and the prospect of future research.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F830.42

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