贵州茅台现金管理案例研究

发布时间：2018-06-20 08:33

本文选题：现金 + 现金持有量　；参考：《贵州财经大学》2013年硕士论文

【摘要】：现金是流动性最强的资产，也是营运资本重要的组成部分，适量的现金持有是企业正常运转的有效保证，然而，过多的持有现金也会给企业带来许多问题。介于贵州茅台的高额现金持有问题近年来引发了市场和媒体的广泛关注，本文将以贵州茅台为案例,研究企业现金管理问题。本文努力解决三个问题：第一，贵州茅台的现金持有是否超过了最适水平；第二，贵州茅台的现金管理存在哪些问题；第三，如何对超额的现金进行管理。首先，本文查阅了大量文献对相关理论进行了总结和梳理，形成了解决问题的理论基础。这些理论主要包括：现金持有量决定相关理论，营运资本管理相关理论，股利政策相关理论，金融投资理论。其次，本文使用了以下几种方法对贵州茅台的最佳现金持有量进行了计算：参照我国上市公司平均水平的方法，参照同类上市公司平均水平的方法，，Baumol最佳现金持有量模型，Miller-Orr最佳现金持有量模型。经过计算和对比，本文得出结论：贵州茅台存在超额现金持有问题，而且超额的数量是比较大的。在此基础上，本文对贵州茅台现金管理的现状和现金管理中存在的问题进行了研究。最后，结合贵州茅台的现实情况本文提出了相应的现金管理方案。第一，延长资金周转期发放更多的信用以提高销售额和竞争力；第二，实施稳定增加的股利政策以提升股票价格和增加公司价值；第三，进一步扩大经营规模以达成产量目标；第四，投资货币市场基金以提高收益率；第五，参与私募股权投资充分利用闲置资金；第六；实行集中资金管理方式以解决资金分散问题。本文是案例式论文，在研究的过程中始终坚持理论和现实问题紧密相结合的原则。本文的研究方法和结论可以教易复制到其他存在高额现金持有问题的企业。
[Abstract]:Cash is the most liquid asset and an important part of working capital. Proper amount of cash holding is an effective guarantee for the normal operation of an enterprise. However, too much cash holding will bring many problems to the enterprise. In recent years, the problem of high cash holding in Moutai of Guizhou has aroused widespread attention of the market and media. This paper will take Moutai as an example to study the cash management of enterprises. This paper tries to solve three problems: first, whether the cash holding of Guizhou Maotai exceeds the optimal level; second, what problems exist in cash management of Guizhou Maotai; third, how to manage the excess cash. First, this paper reviews a large number of literature to summarize and comb the relevant theories, forming the theoretical basis for solving the problem. These theories include: cash holding decision theory, working capital management theory, dividend policy theory, financial investment theory. Secondly, this paper uses the following methods to calculate the best cash holdings in Moutai, Guizhou: referring to the average level of listed companies in China, The best cash holding model of Baumol and Miller-Orr optimal cash holding model are proposed by referring to the average level of similar listed companies. Through calculation and comparison, this paper draws the conclusion that there is excess cash holding problem in Moutai, Guizhou, and the excess amount is relatively large. On this basis, this paper studies the current situation and problems of cash management in Moutai, Guizhou. Finally, combined with the reality of Guizhou Maotai, this paper puts forward the corresponding cash management scheme. First, extending the period of fund turnover to increase sales and competitiveness; second, implementing a stable dividend policy to raise stock prices and increase the value of the company; third, further expanding the scale of operation to achieve production targets; Fourth, invest in money market funds to increase the yield; fifth, participate in private equity investment to make full use of idle funds; sixth, implement centralized fund management to solve the problem of capital dispersion. This paper is a case-based paper, in the process of research always adhere to the principle of the close combination of theoretical and practical issues. The research methods and conclusions of this paper can be easily copied to other enterprises with high cash holding problems.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.82

【参考文献】