企业生命周期理论下汇源果汁优序融资选择

发布时间：2018-11-28 15:19

【摘要】：资金作为企业的血液,是生产循环的载体和价值创造的保证,及时足量低廉的取得资金,对于企业的生存发展至关重要。现阶段,从企业生命周期角度来探讨优序融资选择,进行两种成熟理论的结合研究和应用创新,有其理论可行性和必要性；从国际国内经济形势来看,突破企业融资难的困境依然是研究的重要课题,优序融资选择的研究有其现实意义。本文以汇源果汁为案例,从企业生命周期理论视角研究优序融资问题。文章首先对生命周期理论和优序融资理论的发展成果进行了梳理总结,之后对我国资本市场的融资手段和发展现状进行了概括分析。在此基础上,从不同生命周期内阶段特征、财务特质、融资目标着手,对汇源果汁初创期、成长期、成熟期和衰退期的优序融资选择进行了分析,并提出了汇源果汁在四个不同生命周期内的优序融资选择机理。进一步的,对汇源果汁的融资选择行为进行了评析展望,并进行经验教训总结。文章主要采用案例研究法,选取汇源果汁为案例,以其整个发展过程中的优序融资选择为切入点,分析、验证和展望,期望汇源果汁的优序融资选择机理和经验教训能够由点及面,为其他企业带来借鉴。文章第一部分为绪论,主要介绍了本文的研究背景与研究意义、研究思路与研究方法、文章结构与研究创新。第二部分为文献综述和相关理论,主要回顾和分析了国内外学者和研究机构研究成果,包括优序融资理论和企业生命周期理论,同时对主要融资方式进行了概述。第三部分开始为文章的核心部分,开始对汇源果汁不同生命周期阶段的优序融资选择进行全面分析。此章节分析首先介绍案例背景即企业概况,其次扩展至食品饮料行业进行实证,为汇源果汁的具体分析做铺垫。之后从阶段特征、财务特质和融资目标三个角度对企业四个生命周期内特征进行了具体分析。第四部分顺承第三部分的分析,提出了汇源果汁在四个生命周期内的优序融资选择机理。文章第五部分通过详尽的事实对汇源果汁从成立发展至今的优序融资行为进行了总结,一方面验证了上述汇源果汁融资选择机理的有效性,另一方面对成熟期和衰退期的优序融资选择进行了展望。文章提出,汇源果汁在初创期的优序融资选择机理依次为自有资金、天使投资、风险投资和其他股权融资方式；成长期优序融资选择机理依次为银行贷款、风险投资、夹层融资、可转债和IPO;成熟期依次为留存收益、银行贷款、债券融资和股市再融资；衰退期融资方式为融资租赁等资产证券化方式、银行贷款和其他股权融资。汇源果汁的优序融资选择机理和优序融资实践中的经验教训将会对类似企业提供借鉴。
[Abstract]:As the blood of enterprises, capital is the carrier of production cycle and the guarantee of value creation. At present, it is feasible and necessary to discuss the choice of priority financing from the angle of enterprise life cycle, to combine the two mature theories and to apply innovation. From the point of view of the international and domestic economic situation, it is still an important research topic to break through the difficulty of enterprise financing, and the research on the choice of priority financing has its practical significance. In this paper, Huiyuan juice is taken as a case to study priority financing from the perspective of enterprise life cycle theory. Firstly, the paper summarizes the development results of life cycle theory and priority financing theory, and then analyzes the financing means and development status of China's capital market. On this basis, from different life cycle stage characteristics, financial characteristics, financing objectives, Huiyuan juice initial period, growth period, mature period and decline period of priority financing options were analyzed. The optimal financing mechanism of Huiyuan juice in four different life cycles was also proposed. Furthermore, the financing choice behavior of Huiyuan juice is evaluated and forecasted, and the experiences and lessons are summarized. This article mainly adopts the case study method, selects Huiyuan juice as the case, takes the superior order financing choice in its whole development process as the breakthrough point, analyzes, verifies and looks forward to. It is expected that the mechanism and experience of Huiyuan juice financing can be used for reference by other enterprises. The first part is introduction, which mainly introduces the research background and significance, research ideas and research methods, article structure and research innovation. The second part is literature review and related theories. It mainly reviews and analyzes the research results of domestic and foreign scholars and research institutions, including priority financing theory and enterprise life cycle theory, and summarizes the main financing methods. The third part is the core part of the article, which starts to analyze the financing options of Huiyuan juice in different life cycle stages. This chapter firstly introduces the case background, that is, the general situation of the enterprise, and then extends to the food and beverage industry to carry on the empirical analysis, which paves the way for the concrete analysis of Huiyuan juice. Then it analyzes the characteristics of four life cycles from three angles: stage characteristics, financial characteristics and financing objectives. In the fourth part, according to the analysis of the third part, the paper puts forward the optimal financing mechanism of Huiyuan juice in four life cycles. In the fifth part, the author summarizes the preferential financing behavior of Huiyuan juice from the foundation to now through the detailed facts. On the one hand, it verifies the validity of the financing mechanism of Huiyuan juice. On the other hand, it looks forward to the choice of preferential financing in mature period and recession period. The paper puts forward that the optimal financing mechanism of Huiyuan juice in the initial period is its own capital, angel investment, venture capital and other equity financing methods. The optimal order financing mechanism in the growth period is bank loan, venture capital, mezzanine financing, convertible bond and IPO; maturity in turn: retained earnings, bank loan, bond financing and stock market refinancing. During the recession, the financing methods are securitization of assets such as financial leasing, bank loans and other equity financing. The selection mechanism of superior order financing of Huiyuan juice and the experience and lessons in the practice of superior order financing will be used for reference by similar enterprises.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.82

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