基于财务可持续增长的我国新能源汽车上市公司融资策略研究
发布时间：2018-12-27 10:36
【摘要】：企业的增长及其增长过程中的融资策略是财务管理中的重点和难点，企业的可持续增长率与融资决策密切相关。本文结合融资决策、财务可持续增长，借助希金斯的增长模型，探讨了保障企业可持续增长下的相关融资策略。在企业的实际运营中，一方面，企业管理者往往满足于高速销售增长的信贷宽放、政策倾斜、媒体效应，往往不注重企业的长效增长管理，为企业持续运转埋下隐患；决策者往往追求数字指标的最大化，却矛盾性的屏蔽企业营运危机信号。另一方面，在资金到位的情况下，往往不能清楚的理清增长乏力下的工作思路，忽视企业增长不足的财务意义，片面的将融资限定为融入（体现资金来源）而忽视资金的融出和投放，沉淀资金带来的收益损失不得不对高层管理决策者提出新的标准和要求。因此，研究以财务可持续发展为前提条件的融资决策是十分必要的，企业在进行融资策略的抉择时应当充分考虑企业财务可持续增长的要求。 本文选用希金斯可持续增长模型，应用Eviews6.0经济计量学软件、SPSS16.0统计软件，，以我国新能源汽车2009-2011年上市公司年报数据为观测样本，用数理统计的办法以独立样本检验和非参数检验中的威尔柯克森秩和统计检验检测新能源汽车上市公司是否实现可持续增长，依据显示数据，本文以财务可持续增长思想为指导原则讨论融资策略，以期归纳总结不同增长水平的企业在进行融资决策这一动态过程中的经验，对我国新能源汽车上市公司提出具体融资策略建议，试图为企业融资行为的选择提供一定的参考。
[Abstract]:The growth of enterprises and their financing strategies in the process of growth are the key and difficult points in financial management. The sustainable growth rate of enterprises is closely related to financing decisions. Based on the financing decision and financial sustainable growth, this paper discusses the relevant financing strategies under the sustainable growth of enterprises with the help of Higgins' growth model. In the actual operation of enterprises, on the one hand, the managers of enterprises tend to be satisfied with the rapid growth of credit, policy tilt, media effects, often do not pay attention to the long-term growth management of enterprises, for the continued operation of enterprises buried hidden trouble; The decision-makers often pursue the maximization of the digital index, but the contradictory shield the enterprise operation crisis signal. On the other hand, when the funds are in place, it is often impossible to clearly clarify the working ideas under the weak growth and neglect the financial significance of the insufficient growth of the enterprises. If the financing is limited to integration (reflects the source of funds) and the funds are released and invested, the loss of income caused by the accumulation of funds has to put forward new standards and requirements for the decision makers of the senior management. Therefore, it is necessary to study the financing decision with the precondition of sustainable financial development, and the requirement of sustainable financial growth should be fully taken into account when enterprises make the choice of financing strategy. In this paper, Higgins' sustainable growth model, Eviews6.0 econometrics software and SPSS16.0 statistical software are used to study the annual report data of China's new energy vehicles in 2009-2011. By means of mathematical statistics, the Wilcoxon rank sum statistical test in independent sample test and nonparametric test is used to test whether or not the listed companies of new energy vehicles achieve sustainable growth, according to the data shown. This paper discusses the financing strategy with the guiding principle of financial sustainable growth, in order to sum up the experience of enterprises with different growth levels in the dynamic process of financing decision. In order to provide some reference for the choice of financing behavior of the listed companies of new energy vehicles in China, this paper puts forward some specific financing strategy suggestions.
【学位授予单位】：兰州交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.471
本文编号：2392936
[Abstract]:The growth of enterprises and their financing strategies in the process of growth are the key and difficult points in financial management. The sustainable growth rate of enterprises is closely related to financing decisions. Based on the financing decision and financial sustainable growth, this paper discusses the relevant financing strategies under the sustainable growth of enterprises with the help of Higgins' growth model. In the actual operation of enterprises, on the one hand, the managers of enterprises tend to be satisfied with the rapid growth of credit, policy tilt, media effects, often do not pay attention to the long-term growth management of enterprises, for the continued operation of enterprises buried hidden trouble; The decision-makers often pursue the maximization of the digital index, but the contradictory shield the enterprise operation crisis signal. On the other hand, when the funds are in place, it is often impossible to clearly clarify the working ideas under the weak growth and neglect the financial significance of the insufficient growth of the enterprises. If the financing is limited to integration (reflects the source of funds) and the funds are released and invested, the loss of income caused by the accumulation of funds has to put forward new standards and requirements for the decision makers of the senior management. Therefore, it is necessary to study the financing decision with the precondition of sustainable financial development, and the requirement of sustainable financial growth should be fully taken into account when enterprises make the choice of financing strategy. In this paper, Higgins' sustainable growth model, Eviews6.0 econometrics software and SPSS16.0 statistical software are used to study the annual report data of China's new energy vehicles in 2009-2011. By means of mathematical statistics, the Wilcoxon rank sum statistical test in independent sample test and nonparametric test is used to test whether or not the listed companies of new energy vehicles achieve sustainable growth, according to the data shown. This paper discusses the financing strategy with the guiding principle of financial sustainable growth, in order to sum up the experience of enterprises with different growth levels in the dynamic process of financing decision. In order to provide some reference for the choice of financing behavior of the listed companies of new energy vehicles in China, this paper puts forward some specific financing strategy suggestions.
【学位授予单位】：兰州交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.471
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本文编号：2392936
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