三一重工价值创造与价值实现案例研究及其启示

发布时间：2018-01-28 17:49

本文关键词： 价值创造活动价值创造成果价值实现途径　出处：《浙江工商大学》2014年硕士论文　论文类型：学位论文

【摘要】：企业的目标是价值最大化,这也是企业财务管理的目标。对于企业本身而言,在资本市场上最基本的价值创造方式是提高核心竞争力,提升业务的盈利能力。企业在价值创造过程中涉及多方(实际控制人、机构投资者、中小权益投资者和战略投资者等)利益。不同利益相关者关注的是企业价值创造的不同方面,不同的企业行为为不同的利益相关者带来的价值不同的。因此,无论在理论上还是现实中,研究企业及其利益相关方的价值创造和价值实现具有现实意义。本文试图从财务角度对价值创造活动、价值创造成果、价值实现途径三者关系进行研究,得出可供实践借鉴的启示。本文以三一重工为研究对象,采用最新的财务数据,从财务视角运用案例研究方法,在文献综述和理论分析的基础上,围绕“价值创造和价值实现”的主题,分析研究了价值创造行为、价值创造成果及价值实现途径等三方面问题。在价值创造行为方面,本文研究了资本运作和内部财务资源整合对企业的贡献；在价值创造成果方面,本文通过传统财务指标计量和经济增加值计量对价值创造行为效果进行分析；在价值实现途径方面,本文针对企业不同利益相关方研究了实现方式和效果。经过研究,本文得到了下列结论：(1)良好价值创造须与价值实现结合得当；(2)有效配合不同类型财务活动有助于价值创造和实现；(3)EVA和传统财务指标相结合是良好价值创造成果衡量方式；(4)不同利益相关方拥有不同价值实现方式。根据结论,本文得到的启示有：(1)注重价值创造和价值实现的传导对接；(2)注重资本运作和财务资源整合的配合作用；(3)价值创造要以更好的标准来评价；(4)区分不同利益相关方的价值实现方式有利于价值实现途径的畅通。本文的研究视角较新颖。本文将价值活动置于公司不同的利益相关者的多重角度下进行分析,突破了简单基于某类利益相关者的角度立场分析价值创造实现的框架；从研究内容上看,本文提出了价值创造实现的路线图,充实了公司价值活动的逻辑链,优化了价值创造活动、价值创造成果、价值实现途径的衔接模型；本文也得出较新颖结论,辩证了一个衔接良好的“价值创造活动——价值创造成果——价值实现途径”的价值循环模式,并在该模式内嵌入资本运作、财务资源整合两个维度的价值活动。
[Abstract]:The goal of the enterprise is to maximize the value, which is also the goal of the financial management of the enterprise. For the enterprise itself, the most basic way to create value in the capital market is to improve the core competitiveness. Enhance the profitability of business. Enterprises in the process of value creation involved in a number of (actual controllers, institutional investors). Different stakeholders focus on different aspects of enterprise value creation, different enterprise behavior brings different value to different stakeholders. Whether in theory or in reality, it is of practical significance to study the value creation and value realization of enterprises and their stakeholders. The relationship between the three ways of value realization is studied, and the enlightenment for practice is obtained. This article takes Sany heavy Industry as the research object, adopts the latest financial data, uses the case study method from the financial angle of view, on the basis of literature review and theoretical analysis, revolves around the theme of "value creation and value realization". In the aspect of value creation behavior, the contribution of capital operation and the integration of internal financial resources to the enterprise, this paper analyzes and studies the value creation behavior, the value creation achievement and the value realization way. In the aspect of value creation results, this paper analyzes the effect of value creation behavior through traditional financial index measurement and economic added value measurement. In the aspect of value realization, this paper studies the realization method and effect for different stakeholders. Through research, the following conclusions are drawn: 1) good value creation must be combined with value realization; 2) effective coordination of different types of financial activities contributes to the creation and realization of value; The combination of EVA and traditional financial indicators is a good measure of value creation. (4) different stakeholders have different ways of value realization. According to the conclusion, the enlightenment of this paper is: 1) focus on value creation and value realization; (2) pay attention to the coordination of capital operation and financial resources integration; (3) value creation should be evaluated by better standards; 4) differentiating the way of value realization among different stakeholders is beneficial to the unimpeded way of value realization. The research perspective of this paper is relatively novel. This paper puts the value activities under the multiple angles of different stakeholders of the company to carry on the analysis. It breaks through the framework of simply analyzing the realization of value creation based on the viewpoint of some kind of stakeholders. From the point of view of the research content, this paper puts forward the road map of value creation realization, enriches the logic chain of company value activity, and optimizes the linking model of value creation activity, value creation achievement and value realization approach. This paper also draws a relatively new conclusion, dialectical a "value creation activity-value creation achievement-value realization approach" value cycle model, and embed the capital operation in this model. Financial resources integration of two dimensions of value activities.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.4

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