国美电器融资模式研究

发布时间：2018-05-27 20:05

本文选题：连锁家电零售业 + 融资模式　；参考：《湘潭大学》2017年硕士论文

【摘要】：在国内外双重竞争的压力下,家电零售企业呈现出集中化和激烈化的竞争趋势,逐渐往连锁经营方向发展。国内市场上有国美电器和苏宁云商两大连锁家电零售企业对峙,且京东、天猫等电商大户利用既有的销售网络,也开始涉足家电零售行业,虽然国美电器拥有线上平台和线下实体两种销售渠道,但是也受到不小的冲击。国美电器作为行业里的寡头企业,一直以持续新增门店为主要扩张方式。快速扩张带来巨大的资金缺口,仅靠自有资金是不足以支撑的,所以,国美在近十年内形成了这样一种融资模式:以类金融模式为主,即企业占用应付给供应商的货款来增加账面资金,并将这些资金用于扩张或扩展其他业务。这种极其损害供应商利益的融资模式已经突破了传统的市场规则,零供之间合作关系破裂的事迹也此起彼伏,但由于国美电器拥有更多的市场份额和流通渠道,许多供应商自建连锁店另谋出路的行为并未成功。文章首先从公司基本情况、融资环境、主要融资方式和融资结构对国美电器现行的融资模式进行介绍,指出国美电器的类金融模式突出,且具有负现金周转期、正净营运资本和负净现金需求的财务特点;然后,综合评价这种融资模式有浮存资金多、债务成本低的优势,但由于占用的应付账款和应付票据过多,融资模式尚存在债务结构不合理、偿债压力大、资金链脆弱、商业信用风险大的劣势及问题;最后,对完善国美电器融资模式提出相关优化建议,包括有改善债务结构、缓解偿债压力、优化资金链运转保障资金融通和维护商业信用融资渠道。文章针对国美电器融资模式中尚存在的问题,提出了几点新的构想:一是提出利用门店资产证券化,这种融资方式既不会增加负债,也为企业的经营发展提供新的资金渠道;二是通过优化资金链运转的方式,增加企业的现金流量,来缓解类金融模式容易导致资金链断裂的风险;三是提出以加强内部控制的方式来缓和零供关系,提升企业的商业信用,与供应商建立有效的信任机制,为国美电器继续使用商业信用融资创造良好的环境。
[Abstract]:Under the pressure of double competition at home and abroad, the retailing enterprises of household appliances show the trend of centralization and fierce competition, and gradually develop to the direction of chain operation. In the domestic market, there is a confrontation between Gome and Su Ning, two major household appliance retail chains, and large e-commerce companies such as JingDong, Tmall, etc., using their existing sales networks, have also begun to set foot in the household appliance retail industry. Although Gome has online platform and offline entity two sales channels, but also by the impact. Gome as an oligopoly in the industry, has continued to increase stores as the main expansion. Rapid expansion has created a huge funding gap that cannot be supported by its own funds alone. Therefore, Gome has formed such a financing model in the last ten years: it is dominated by a similar financial model. That is, the company takes up the payment due to the supplier to increase the book capital and use the funds to expand or expand other business. This financing model, which is extremely harmful to the interests of suppliers, has broken through the traditional market rules, and the relationship between zero supply and supply has broken up one after another, but because Gome has more market share and more circulation channels, Many suppliers have failed to build their own chain stores to find another way out. The article first introduces the current financing mode of Gome from the company's basic situation, financing environment, main financing methods and financing structure, and points out that Gome's financial model is outstanding and has a negative cash turnover period. Financial characteristics of positive net working capital and negative net cash requirements; then, a comprehensive assessment of the advantages of this mode of financing, which has the advantages of high floating capital and low debt costs, but due to the excessive amount of accounts payable and notes payable, There are still some disadvantages and problems in the financing mode, such as unreasonable debt structure, high debt repayment pressure, weak capital chain and large commercial credit risk. Finally, the paper puts forward some suggestions for improving Gome's financing mode, including improving the debt structure. Ease debt-servicing pressure, optimize the operation of the capital chain to ensure the financing and maintenance of commercial credit financing channels. In view of the existing problems in Gome's financing mode, this paper puts forward several new ideas: first, it puts forward the use of store asset securitization, which will not increase the liabilities, but also provide a new capital channel for the enterprise's management and development; Second, by optimizing the operation of the capital chain and increasing the cash flow of the enterprise, to mitigate the risk that the financial model is prone to lead to the breakage of the capital chain; third, it is proposed to ease the zero-supply relationship by strengthening internal controls. Enhance the business credit of enterprises, establish an effective trust mechanism with suppliers, and create a good environment for Gome to continue to use commercial credit financing.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F721;F715.5

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