基于财务战略矩阵的新三板旅游企业财务战略分析

发布时间：2018-08-18 15:41

【摘要】：近年来,随着居民消费升级驱动和政府政策大力支持,我国居民旅游需求不断被释放,旅游消费持续升温,旅游产业迎来了难得的黄金发展机遇。但旅游业是一个需要长期资金投放的行业,如何能够顺利融资是旅游企业能否抓住市场机遇的关键。2013年1月新三板的正式揭牌运营,让旅游企业似乎看到了通过挂牌新三板进行融资的曙光。但从实际情况来看,已挂牌新三板的旅游企业并没有像预想的那样春风得意,大部分企业经营能力差、盈利水平低,甚至没有能够在新三板市场上成功融资。究其原因,是由于新三板旅游企业缺乏对企业投资、筹资及利润分配等财务战略的合理规划,难以获得投资者的认可和产业资本的青睐。因此,如何对新三板旅游企业进行合理的财务战略规划,是摆在实务界和理论界的一个亟待解决的问题本文在相关概念界定和理论分析的基础上,首先分析了新三板旅游企业财务战略的现状,发现新三板旅游企业普遍存在盈利良莠不齐和融资困难的两大问题,其原因是缺乏合理的财务战略规划。其次,收集了 57家挂牌新三板的旅游企业2013年至2016年的财务数据作为样本,测算出了财务战略矩阵下各样本企业的价值状态和资金状态,结果表明新三板旅游企业整体上处于财务战略矩阵价值增值的象限,可见旅游行业发展前景可观,但由于市场规模增速较快,绝大多数企业内部资金无法完全支撑其发展,普遍面临着资金短缺的问题,这与盈利良莠不齐和融资困难的现状一致。然后,对样本企业的资金状态和价值状态的分类结果进行合理性检验,结果表明财务矩阵理论对于企业的分类是合理的。最后,以华强方特为例,在拆解财务战略矩阵指标的基础上对华强方特近四年的财务战略进行深入分析,并根据企业当前的财务战略缺陷提出了有针对性的建议,进一步说明了财务战略矩阵在实际应用中具有可行性和科学性。本文首次将财务矩阵理论引入新三板旅游企业财务管理实践中,不仅验证了财务战略矩阵在新三板市场的有效性,而且为新三板旅游企业制定合理的财务战略提供经验借鉴,同时对于新三板其他企业也具有一定的参考价值。
[Abstract]:In recent years, with the promotion of residents' consumption and the support of government policies, the tourism demand of Chinese residents is constantly released, the tourism consumption continues to heat up, and the tourism industry ushered in a rare golden development opportunity. However, tourism is an industry that needs long-term capital investment, and how to smoothly raise funds is the key to whether tourism enterprises can seize the market opportunities. Let tourism enterprises seem to see through the listing of the new three-board financing dawn. However, from the actual situation, the tourism enterprises listed on the new third board are not as complacent as expected. Most of the enterprises have poor management ability, low profit level, and have not even been able to successfully raise funds in the new third board market. The reason is that the new three board tourism enterprises lack reasonable planning of financial strategy such as investment, financing and profit distribution, which makes it difficult to obtain the recognition of investors and the favor of industrial capital. Therefore, how to carry on the reasonable financial strategic planning to the new three boards tourism enterprises, is a problem that needs to be solved urgently in the practical and theoretical circles. This paper is based on the definition of the relevant concepts and theoretical analysis. Firstly, this paper analyzes the present situation of the financial strategy of the new three boards tourism enterprises, and finds that the tourism enterprises of the new three boards generally have two major problems, that is, the profit is mixed and the financing is difficult, which is due to the lack of reasonable financial strategic planning. Secondly, the financial data of 57 tourism enterprises listed on the new third board from 2013 to 2016 are collected as samples, and the value status and capital status of each sample enterprise under the financial strategy matrix are calculated. The results show that the tourism enterprises of the new three boards are in the quadrant of the value added value of the financial strategy matrix as a whole. It can be seen that the tourism industry has considerable development prospects, but because of the rapid growth of the market scale, most of the internal funds of the enterprises cannot fully support its development. There is a general shortage of capital, which is consistent with mixed earnings and difficult financing. Then, the rationality of the classification results of the capital state and the value state of the sample enterprises is tested, and the results show that the financial matrix theory is reasonable for the classification of enterprises. Finally, taking Hua Qiang Fangte as an example, on the basis of disassembling the index of financial strategy matrix, this paper makes an in-depth analysis of Hua-Qiang Fangte's financial strategy in the past four years, and puts forward some targeted suggestions according to the current financial strategic defects of the enterprise. Further explained the financial strategy matrix has the feasibility and the science in the actual application. This paper introduces the financial matrix theory into the financial management practice of the new three boards tourism enterprises for the first time, which not only verifies the validity of the financial strategy matrix in the new third board market, but also provides experience and reference for the new three boards tourism enterprises to formulate reasonable financial strategy. At the same time for the new three-board other enterprises also have a certain reference value.
【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F592.6;F590.66

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