财务视角下海尔轻资产盈利模式研究

发布时间：2018-02-23 01:43

本文关键词： 海尔轻资产盈利模式财务绩效价值管理　出处：《湖南大学》2014年硕士论文　论文类型：学位论文

【摘要】：经过多年的发展，家电制造业已经成长为中国的标杆性支柱产业。然而伴随着产能的严重过剩、净利润的不断下滑以及企业筹集资本的困境，传统的靠价格和规模取胜的重资产盈利模式正在成为我国家电业可持续发展的瓶颈问题。在21世纪“软性制造”的时代，如何避“重”就“轻”，提高投资收益率，驱动企业长期价值，构建适合自身的可持续盈利模式，为家电行业带来为家电行业带来源源不断的利润和持续竞争优势，进而实现我国由家电大国向家电强国的目标变得尤为迫切。本文从价值链理论和财务绩效理论入手，通过对轻资产盈利模式相关理论的阐述与分析，，并结合家电行业的标杆企业海尔为例，系统分析并总结出海尔所表现出来的轻资产盈利模式财务特征：现金储备较高、应收账款和存货比例很低、流动资产很高、固定资产比例很低、有息负债和长期负债很低。在此基础上，结合盈利模式的一般分析要点：产品策略、采购策略、运营策略、销售策略、研发策略、资本策略、融资策略、现金策略针对性地分析海尔轻资产盈利模式策略的财务绩效，并将其与竞争对手格力、美的进行对比，进一步证实了海尔由制造化向服务化转型过程中以价值最大化为导向实施轻资产盈利模式的优越性，阐述了海尔良好的价值管理。不过在持续转型期海尔还应加强对现金储备形式、管理费用以及应收票据的规划与控制。同时也证实了轻资产盈利模式与企业价值最大化相辅相成的紧密关系。最后总结出海尔持续推进轻资产盈利模式的成功经验，为我国正在转型的其他行业和相关企业提供一定的参考和借鉴。
[Abstract]:After years of development, the household appliance manufacturing industry has grown into a benchmark pillar industry in China. However, with the serious overcapacity, the declining net profit and the difficulty of raising capital, In 21th century, in the era of "soft manufacturing", how to avoid the "heavy" and "light", how to improve the rate of return on investment, is becoming the bottleneck of the sustainable development of China's home appliance industry. Driving the long-term value of the enterprise, building a sustainable profit model suitable for itself, bringing continuous profits and continuous competitive advantages for the household appliance industry, Therefore, it is urgent to realize the goal of our country from a large country of household appliances to a powerful country of household appliances. This paper starts with the theory of value chain and financial performance, through expounding and analyzing the theory of profit model of light assets, and combining Haier, a benchmark enterprise in household appliance industry, as an example. This paper systematically analyzes and summarizes the financial characteristics of Haier's profit pattern of light assets: high cash reserve, low ratio of accounts receivable and inventory, high current assets, and low proportion of fixed assets. On this basis, combined with the general analysis of the main points of the profit model: product strategy, procurement strategy, operational strategy, sales strategy, R & D strategy, capital strategy, financing strategy, The cash strategy analyzes the financial performance of Haier light asset profit model strategy, and compares it with rival Gree and US. Further confirmed the Haier from manufacturing to service in the process of transformation to maximize value oriented implementation of light assets profit model superiority, This paper expounds Haier's good value management. However, in the continuous transition period, Haier should also strengthen the form of cash reserve. At the same time, it proves the close relationship between the profit model of light assets and the maximization of enterprise value. Finally, it summarizes the successful experience of Haier in continuously promoting the profit model of light assets. For our country is transforming other industries and related enterprises to provide certain reference and reference.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.6

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