苏宁国美财务绩效、财务政策和财务战略的比较研究

发布时间：2018-06-24 10:03

本文选题：财务分析 + 苏宁云商　；参考：《厦门大学》2014年硕士论文

【摘要】：苏宁云商1990年创立于中国南京,2004年7月,苏宁云商(苏宁电器(002024))在深交所上市,成为国内首家IPO上市的家电连锁企业,截止2012年12月31日,苏宁云商实现销售收入983亿元,实现净利润25亿元；国美电器成立于1987年1月,2004年6月,国美电器有限公司(HK.0493)在香港上市,截止2012年12月31日,国美电器实现销售收入491亿元,亏损8亿元。苏宁云商、国美电器同属于国内家电零售连锁行业的领导者,都面临着电子商务时代线上线下业务融合的调整,为我们比较分析提供了基本条件。本文共分为八章来叙述。第一章为研究概述,包含研究主题及意义和研究框架,第二章为宏观环境对家电零售连锁行业影响的分析,使用PEST方法从政治法律、经济、社会、技术变革四方面进行分析；第三章为苏宁云商、国美电器基本情况介绍；第四章为苏宁云商、国美电器财务报表结构分析,从资产负债表、利润表及现金流量表三大报表进行财务报表结构分析；第五章为财务指标的比较分析,从盈利能力、资产管理能力、负债管理能力、创现能力四个方面进行比较分析；第六章为ROE、自我可持续增长及EVA影响因素分解分析；第七章为财务政策评价及财务战略矩阵分析；第八章为结论及建议。本文收集了苏宁云商和国美电器2008-2012年的财务年度报表,通过对两家公司的财务绩效、财务政策和财务战略进行比较分析,作者发现苏宁云商财务状况好于国美电器。苏宁云商在盈利能力、资产管理能力、负债管理能力、创现能力、ROE和创值能力方面,整体好于国美电器,但随着2012年国家宏观调控措施的实施,线上家电零售迅速的发展,家电零售连锁行业的竞争在加剧,行业环境在恶化,苏宁云商、国美电器的盈利能力都呈现出下滑趋势,国美电器甚至在2012年出现了亏损。作者建议,苏宁国美应该加快后台运作能力的提升,加大物流基地、信息平台的建设投入,努力构造自己核心竞争力,推进线上线下业务融合,重新打造价值链活动,为供应商、消费者创造更多价值,进而提升自己盈利能力,为股东创造更多价值。本文的研究使作者更深刻的理解了如何通过财务分析手段去了解公司整体概况,在一定程度上,也为投资者和公司管理者的决策提供参考依据。不足之处在于,由于信息披露时间所限,未能使用2013年数据进行分析,报告未能体现2013年两家公司最新情况。
[Abstract]:Su Ning cloud business was founded in Nanjing, China in 1990. In July, 2004, Su Ning cloud merchant (Su Ning (002024) listed on Shenzhen Stock Exchange, becoming the first home appliance chain enterprise listed on Shenzhen Stock Exchange. As of December 31, 2012, Su Ning cloud business realized sales income of 98.3 billion yuan. Gome was founded in January 1987, and Gome Co., Ltd (HK.0493) was listed in Hong Kong in June 2004. As of December 31, 2012, Gome achieved sales revenue of 49.1 billion yuan and lost 800 million yuan. Su Ning and Gome are both leaders in the domestic household appliances retail chain industry. They all face the adjustment of the integration of online and offline services in the electronic commerce era, which provides us with the basic conditions for comparative analysis. This article is divided into eight chapters to describe. The first chapter is an overview of the research, including the research theme, significance and research framework. The second chapter is the analysis of the impact of macro environment on the household appliances retail chain industry, using pest method from the political law, economic, social, technological change four aspects to analyze; The third chapter is Su Ning cloud quotient, the Gome electric appliance basic situation introduction, the fourth chapter is the Su Ning cloud quotient, the Gome electric appliance financial statement structure analysis, carries on the financial statement structure analysis from the balance sheet, the profit statement and the cash flow statement; The fifth chapter is the comparative analysis of financial indicators, from four aspects of profitability, asset management, liability management, and creation ability, the sixth chapter is ROE-based, self-sustainable growth and EVA impact factors decomposition analysis; The seventh chapter is the financial policy evaluation and the financial strategy matrix analysis, the eighth chapter is the conclusion and the recommendation. This paper collects the annual financial statements of Su Ning and Gome for 2008-2012. Through the comparative analysis of the financial performance, financial policy and financial strategy of the two companies, the author finds that the financial situation of Su Ning is better than that of Gome. Su Ning cloud merchants are better than Gome in terms of profitability, asset management, liability management, liquidity creation and value creation. However, with the implementation of national macro-control measures in 2012, online home appliances retailing has developed rapidly. Competition in the home appliance retail chain industry is intensifying, the industry environment is deteriorating, Su Ning cloud business, Gome's profitability has shown a downward trend, Gome even made a loss in 2012. The author suggests that Su Ning Gome should speed up the improvement of backstage operation ability, increase the investment in the construction of logistics base and information platform, strive to construct its core competitiveness, promote the integration of online and offline business, and rebuild the value chain activities. Create more value for suppliers and consumers, then improve their profitability and create more value for shareholders. The research in this paper makes the author understand how to understand the overall situation of the company by means of financial analysis. To some extent, it also provides a reference for investors and corporate managers to make decisions. The drawback is that, because of the time limit for disclosure, the 2013 data were not used for analysis and the report failed to provide an update on the companies' performance in 2013.
【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】：F426.6;F275

【共引文献】