中兴通讯财务策略研究

发布时间：2018-03-13 11:27

本文选题：中兴通讯　切入点：财务策略　出处：《东华大学》2017年硕士论文　论文类型：学位论文

【摘要】：经过了30多年的改革开放,中国经济高速发展并取得了巨大的成就。同时为了改善目前粗放型增长的现状,引领我国经济发展的支柱产业也将逐步地由传统制造业向高新技术产业过渡。在国家政策助推和巨大的市场需求下,通信设备制造业迎来了非常有利的发展机遇。但是,面对发展机遇,通信设备制造业仍然面临严酷的挑战,企业需要转向技术创新来获取竞争优势和核心竞争力,而技术创新必须投入大量且持续的资金来作为保障,所以企业必须制定合适的整体战略和财务策略作为技术创新活动的支持。财务策略的成功直接关乎企业的生存与发展。因此,对通信设备制造业的公司财务策略进行研究,显得十分必要而且迫切。本文采用理论研究和案例研究相结合的方法,首先梳理和归纳了战略管理和财务策略的相关文献,对财务策略的涵义和内容进行了阐述,为案例公司财务策略研究提供了理论基础。接着重点对中兴通讯近六年的相关财务数据进行分析,发现公司2012年出现亏损,公司发展陷入低谷,但是从2014年开始,公司的经营情况逐步得到改善。本文以此为切入点,结合公司整体战略的调整,探讨了中兴通讯2014年之前发生财务问题的原因以及2014年之后中兴通讯做出了哪些财务策略的修正,并具体分析了与此相对应的财务策略的实施及改善情况。经过分析可见,中兴通讯整体战略的调整对企业的投资策略、融资策略和利润分配策略没有造成很大的影响,但是战略调整后,企业开始重视营运资本管理策略和成本费用管控策略这两个方面的制定和修正,从财务层面上看,这两个方面的财务策略对于中兴通讯的扭亏为盈起到了很大的作用。本文进而着重对成本费用管控策略和营运资本管理策略进行深入了分析。然后利用EVA值对中兴通讯财务策略的实施做出评价,并结合财务战略矩阵,对其财务策略尤其是营运管理策略和成本费用管控策略提出了相关建议。通过上述研究,本文认为中兴通讯财务策略的改进是改善其财务状况及现金流,提升盈利能力的主要原因之一,其财务策略的实施结果良好,公司可以继续坚持现行财务策略,但仍需要在国外应收账款管理、销售费用管控和研发质量方面做出改进。本文在战略管理理论和财务策略理论分析的框架下,通过对中兴通讯的案例分析,以小见大,梳理清楚通信设备制造业的财务策略特点,对通信设备制造企业财务策略的制定具有一定的借鉴意义。
[Abstract]:After more than 30 years of reform and opening up, China's economy has developed at a high speed and made great achievements. At the same time, in order to improve the current situation of extensive growth, The pillar industries leading our country's economic development will also gradually transition from the traditional manufacturing industry to the high-tech industry. With the help of national policies and huge market demand, the communications equipment manufacturing industry will usher in a very favorable development opportunity. Facing the development opportunity, the communication equipment manufacturing industry still faces the severe challenge, the enterprise needs to turn to the technological innovation to obtain the competitive advantage and the core competitive power, and the technological innovation must invest the massive and the sustained funds as the safeguard. Therefore, enterprises must formulate appropriate overall strategy and financial strategy as the support of technological innovation activities. The success of financial strategy is directly related to the survival and development of enterprises. It is very necessary and urgent. This paper adopts the method of combining theoretical research and case study, firstly combs and summarizes the related literature of strategic management and financial strategy, and expounds the meaning and content of financial strategy. It provides the theoretical basis for the case study of the financial strategy of the company. Then it focuses on the analysis of the relevant financial data of ZTE in the past six years. It is found that the company made a loss in 2012, and the company's development fell into a low point, but since 2014, The business situation of the company has been improved gradually. This article regards this as the starting point, combined with the adjustment of the company's overall strategy, This paper discusses the causes of the financial problems that occurred before 2014 of ZTE, as well as the modification of the financial strategy made by ZTE after 2014, and analyzes in detail the implementation and improvement of the corresponding financial strategy. The adjustment of ZTE's overall strategy has no great impact on the investment strategy, financing strategy and profit distribution strategy of the enterprise, but after the strategic adjustment, Enterprises begin to attach importance to the formulation and revision of the working capital management strategy and the cost-cost control strategy. From the financial point of view, These two aspects of financial strategy have played a great role in ZTE's turnaround. This paper further focuses on the cost and cost control strategy and working capital management strategy. Then the use of EVA value in the middle of the analysis. To evaluate the implementation of Xingcom's financial strategy, Combined with the financial strategy matrix, this paper puts forward the relevant suggestions to its financial strategy, especially the operation management strategy and the cost and expense control strategy. Through the above research, this paper thinks that the improvement of ZTE's financial strategy is to improve its financial situation and cash flow. One of the main reasons for improving profitability is that the implementation of its financial strategy is good, the company can continue to adhere to its current financial strategy, but it still needs to manage accounts receivable in foreign countries. Under the framework of strategic management theory and financial strategy theory analysis, through the case analysis of ZTE, we can see the whole through a small part. Combing out the characteristics of the financial strategy of the communication equipment manufacturing industry has certain reference significance for the establishment of the financial strategy of the communication equipment manufacturing enterprise.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F626.115

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