史丹利公司与金正大公司财务绩效、财务政策及财务战略的比较研究

发布时间：2018-03-27 08:49

本文选题：复合肥公司　切入点：财务绩效　出处：《厦门大学》2014年硕士论文

【摘要】：本文将研究对象定位于复合肥行业的两家龙头企业——史丹利公司与金正大公司,通过对其财务报表的解读并对财务绩效进行分析,进而了解两家公司的财务政策,最后结合分析结果,运用财务战略矩阵分析方法,提出对两家公司财务战略的探讨与未来发展的建议。本文共分为以下八章：第一章概述了本文研究的主题及意义,研究方法的选择和研究框架的形成；第二章概述了复合肥行业的发展现状,并通过PEST分析与波特五力模型对复合肥行业的宏观环境与竞争情况进行了分析；第三章介绍史丹利公司与金正大公司的基本情况,并对两家公司的经营模式和主要财务数据进行了对比；第四章是财务报表的三维分析,从历史趋势、报表结构对两家公司的财务报表进行了对比分析；第五章是主要财务指标的比较分析,重点分析了盈利能力、资产使用效率、资产流动性和负债管理和现金创造能力的差异和原因；第六章通过对影响ROE、风险杠杆和EVA的分解分析,对收益、成长、风险和创值四方面进行了深入的财务分析；第七章运用财务战略制定模型之一的财务战略矩阵,对两家公司的负债管理、股利政策、营运资本管理及投资政策等财务政策作出分析和评价,探讨两家公司的财务战略并提出建议；第八章综合全文,从PCVRG的角度提出总结性结论与两家公司未来发展的建议。通过全文的分析,作者发现两家公司的财务状况总体较为良好,但经营模式与财务政策的选择使两家公司在财务绩效上各有优势和不足：从PCVRG的角度来说,金正大公司在盈利能力、创值能力上较为优秀,史丹利公司在创现能力上表现更好,两家公司的风险控制大致相当,维持增长能力上均存在一定的问题。作者建议两家公司可以互相借鉴对方的经营模式以改善财务绩效。本文的研究使作者了解到行业特点与公司的经营模式对公司的财务的影响,更深刻地理解了战略性财务分析的意义,也在一定程度上为投资者和复合肥企业经营管理者的决策提供参考依据。
[Abstract]:Based on the analysis of financial statements and the analysis of financial performance , this paper analyzes the financial performance of two companies , which is located in the compound fertilizer industry , and then analyzes the financial performance of the two companies . Finally , according to the analysis results , the financial strategy matrix analysis method is applied to discuss the discussion and future development of the two company ' s financial strategies .

This paper is divided into eight chapters : Chapter 1 summarizes the subject and significance of the study , the choice of research methods and the formation of the research framework ;
In chapter 2 , the development of compound fertilizer industry is summarized , and the macro - environment and competition of compound fertilizer industry are analyzed by PEST analysis and Porter ' s five - force model .
The third chapter introduces the basic situation of the company and Jinzheng big company , and compares the operating mode and the main financial data of the two companies ;
The fourth chapter is the three - dimensional analysis of the financial statements , and compares the financial statements of the two companies from the historical trend and the report structure ;
The fifth chapter is the comparative analysis of the main financial indexes , and focuses on the differences and causes of profitability , asset utilization efficiency , asset liquidity and liabilities management and cash - creation ability ;
The sixth chapter makes an in - depth financial analysis on the four aspects of income , growth , risk and value by analyzing the impact of ROE , risk lever and EVA .
Chapter 7 uses the financial strategy matrix of one of the models to analyze and evaluate the financial policies such as debt management , dividend policy , operation capital management and investment policy of the two companies , and discusses the financial strategies of the two companies and makes recommendations ;
Chapter 8 gives a comprehensive conclusion from the point of view of PCVRG , and puts forward some suggestions on the future development of the two companies .

Through the analysis of the full text , the author finds that the financial position of the two companies is generally good , but the choice of operating mode and financial policy makes the two companies have the advantages and disadvantages in financial performance .

【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.72;F275

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