共生视角下保利集团的财务战略分析

发布时间：2018-03-10 14:42

本文选题：共生理论　切入点：财务战略　出处：《兰州大学》2017年硕士论文　论文类型：学位论文

【摘要】：在市场经济的运行中,资源是通过“竞争机制”进行配置的。然而在金融危机爆发后,市场经济遭到前所未有的质疑,生态学中的共生理论被引入经济学,竞合战略理论和企业社会责任理论等等都为企业的运作提供了新的价值导向。随着全球化经济的深入发展,企业需要转变思维方式,确立新的价值观念,为共生理论境遇下的转型寻找科学的改良路径。随着政策环境的不断变化,房地产行业由国家大力扶持和大力发展的对象逐渐变为宏观调控的重点。由于房地产行业自身的特性,即属于资金密集型,因此房地产企业的融资能力直接关系到企业的所面临的财务风险。而适宜的财务战略的制定和实施才能使房地产企业安然度过政策的严冬,并为未来的发展提供正确的指引和导向。本文以保利集团为载体,基于共生的视角分析其财务战略的实施对公司价值影响。首先,介绍了保利集团的背景和发展进程,分析了其近几年的偿债能力和盈利能力等;其次,以共生观的理论为基础,整理了保利集团在资金的筹集、投入以及分配上的财务战略,得出保利集团实施的具有共生观的财务战略更加适合于现代社会竞争格局的转变,更有持续发展的优势的结论;最后,选取EVA以公司价值评估其财务战略的实施效果,利用调整后的税后净营业利润和资本总额以及根据CAPM模型得出的资本成本来计算保利集团的经济增加值,发现保利集团的经济增加值大幅攀升,且集团的加权平均资本成本也在近年来也有所下降,表明保利集团的共生财务战略对提高公司价值有正向的影响作用。研究结果表明,保利集团具有共生观的财务战略的实施对公司价值的正向作用,有利于实现共生圈中利益相关者的互利共赢,为房地产企业在未来的发展中如何实施财务战略提供了参考。
[Abstract]:In the operation of market economy, resources are allocated through the "competitive mechanism". However, after the financial crisis broke out, the market economy was questioned unprecedented, and the symbiotic theory of ecology was introduced into economics. The theory of competing strategy and the theory of corporate social responsibility provide a new value orientation for the operation of enterprises. With the development of global economy, enterprises need to change their thinking mode and establish new values. To find a scientific way to improve the transformation of symbiotic theory. The real estate industry has gradually become the focus of macro-control by the object of the state's vigorous support and development. Because of its own characteristics, the real estate industry is capital-intensive. Therefore, the financing ability of the real estate enterprises is directly related to the financial risks faced by the enterprises, and the formulation and implementation of the appropriate financial strategy can make the real estate enterprises survive the severe winter of the policy. This paper takes Poly Group as the carrier and analyzes the impact of the implementation of its financial strategy on the value of the company from the perspective of symbiosis. First of all, it introduces the background and development process of Poly Group. The paper analyzes its solvency and profitability in recent years. Secondly, based on the theory of symbiosis, it collates the financial strategy of Poly Group in raising, investing and distributing funds. It is concluded that Poly Group's financial strategy with symbiotic view is more suitable for the transformation of competition pattern in modern society and has the advantage of sustainable development. Finally, EVA is selected to evaluate the implementation effect of its financial strategy in terms of company value. The economic added value of Poly Group is calculated by using adjusted net operating profit and total capital and capital cost according to CAPM model. It is found that the economic added value of Poly Group has risen significantly. Moreover, the weighted average capital cost of the group has also decreased in recent years, which indicates that Poly Group's symbiotic financial strategy has a positive effect on improving the value of the company. Poly Group has the positive effect of the financial strategy of symbiotic view on the value of the company, which is helpful to realize the mutual benefit and win-win of the stakeholders in the symbiotic circle, and provides a reference for the real estate enterprise how to implement the financial strategy in the future development.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F279.26

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