中国铁建和中国中铁财务分析比较研究
发布时间：2018-10-19 12:44
【摘要】：随着2008年金融危机的全球蔓延,中国也未能幸免。为了抗危机,保增长,中央政府当年11月推出了四万亿的投资计划,用来刺激经济发展。在整个计划中,对“铁公鸡”等重大基础设施建设的投资占有重要地位,而其中对铁路尤其是高铁的投资更是占有重要比例。今天中国高铁的发展在一定程度上也受益于2008年的国家经济刺激计划。作为中国铁路建设的两大支柱性企业,中国铁建和中国中铁,毫无疑问,在本次投资计划中也分得一杯羹,作为上市公司,财务报表上的数据表现也是相当出色。 本文首先对中国铁建和中国中铁两家公司的现状进行了介绍,包括其组织结构和相关控股方等。其次,对国内外的财务报表分析理论和相关文献进行了回顾和评述。第三,以中国铁建和中国中铁2008年至2011年经审计公布的财务数据为基础,先简单对比了两家公司的基本财务数据,然后分析了两家上市公司的经营业绩和财务状况,对两家公司的盈利能力、偿债能力、营运能力和发展能力进行了全面比较分沂,在此基础上,对两家公司进一步采用杜邦分析法和经营协调性分析法进行了综合绩效分析和评价,最后运用财务矩阵分析法,对两家公司的财务政策进行了剖析和对比,就面临的财务问题进行分析,并从营运政策,资本结构政策,投资政策和股利政策方面给出了相关结论和建议。
[Abstract]:With the global contagion of the 2008 financial crisis, China has not been spared. To fight the crisis and keep growth, the central government launched a $4 trillion investment plan in November to stimulate the economy. In the whole plan, the investment in the "iron rooster" and other major infrastructure construction plays an important role, and the investment in the railway, especially high-speed rail, is even more important. The development of high-speed rail in China today has also benefited in part from the 2008 national stimulus plan. As the two pillar companies of China Railway Construction, China Railway Construction and China Railway, there is no doubt in the investment plan to get a piece of the piece, as listed companies, the financial statements of the data performance is also quite good. This paper first introduces the current situation of China Railway Construction and China Railway, including its organizational structure and relevant controlling parties. Secondly, the financial statement analysis theory and related literature are reviewed and reviewed. Thirdly, based on the audited financial data of China Railway Construction and China Railway from 2008 to 2011, this paper briefly compares the basic financial data of the two companies, and then analyzes the operating performance and financial situation of the two listed companies. The profitability, solvency, operating capacity and development ability of the two companies are compared in a comprehensive way. On this basis, The two companies are further analyzed and evaluated by DuPont analysis and management coordination analysis. Finally, the financial policies of the two companies are analyzed and compared by using the financial matrix analysis method. This paper analyzes the financial problems and gives some conclusions and suggestions from the aspects of operation policy, capital structure policy, investment policy and dividend policy.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F532.6
本文编号：2281151
[Abstract]:With the global contagion of the 2008 financial crisis, China has not been spared. To fight the crisis and keep growth, the central government launched a $4 trillion investment plan in November to stimulate the economy. In the whole plan, the investment in the "iron rooster" and other major infrastructure construction plays an important role, and the investment in the railway, especially high-speed rail, is even more important. The development of high-speed rail in China today has also benefited in part from the 2008 national stimulus plan. As the two pillar companies of China Railway Construction, China Railway Construction and China Railway, there is no doubt in the investment plan to get a piece of the piece, as listed companies, the financial statements of the data performance is also quite good. This paper first introduces the current situation of China Railway Construction and China Railway, including its organizational structure and relevant controlling parties. Secondly, the financial statement analysis theory and related literature are reviewed and reviewed. Thirdly, based on the audited financial data of China Railway Construction and China Railway from 2008 to 2011, this paper briefly compares the basic financial data of the two companies, and then analyzes the operating performance and financial situation of the two listed companies. The profitability, solvency, operating capacity and development ability of the two companies are compared in a comprehensive way. On this basis, The two companies are further analyzed and evaluated by DuPont analysis and management coordination analysis. Finally, the financial policies of the two companies are analyzed and compared by using the financial matrix analysis method. This paper analyzes the financial problems and gives some conclusions and suggestions from the aspects of operation policy, capital structure policy, investment policy and dividend policy.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F532.6
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