本文選題：EVA　切入點(diǎn)：可持續(xù)增長　出處：《云南財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：企業(yè)的經(jīng)營是為了能夠獲得更好的增長,從而從中獲得更多的收益,持續(xù)的增長意味著企業(yè)價(jià)值的不斷增加,企業(yè)發(fā)展過程中需要大量的資源來支撐企業(yè)價(jià)值的增長,融資是企業(yè)生存與發(fā)展所需資金的來源保證,對(duì)企業(yè)的融資策略進(jìn)行研究,使融資達(dá)到最高的效益是企業(yè)財(cái)務(wù)管理系列問題中的一個(gè)關(guān)鍵主題。企業(yè)財(cái)務(wù)增長過快會(huì)造產(chǎn)生資金鏈斷裂的風(fēng)險(xiǎn),反之,增長過慢則有會(huì)被市場淘汰的風(fēng)險(xiǎn),或者被行業(yè)更具實(shí)力的企業(yè)收購,因此,企業(yè)應(yīng)該追求一種可持續(xù)的增長方式,表現(xiàn)在公司財(cái)務(wù)上就是財(cái)務(wù)可持續(xù)增長,企業(yè)的財(cái)務(wù)可持續(xù)增長是不耗盡企業(yè)財(cái)務(wù)資源為前提,企業(yè)能實(shí)現(xiàn)的最大增長。經(jīng)濟(jì)增加值、財(cái)務(wù)可持續(xù)增長與企業(yè)的融資策略這三者之間有著十分緊密的聯(lián)系,文章將三者結(jié)合起來進(jìn)行研究,期望找出它們之間的內(nèi)在聯(lián)系,并結(jié)合案例企業(yè)中國中鐵股份有限公司的相關(guān)財(cái)務(wù)數(shù)據(jù)及融資情況對(duì)這一問題進(jìn)行了較為深入的研究。本篇文章首先對(duì)三者的相關(guān)理論進(jìn)行整合與分析,在此基礎(chǔ)上,選用范霍恩的可持續(xù)增長模型來對(duì)案例企業(yè)中國中鐵進(jìn)行針對(duì)性分析,將經(jīng)濟(jì)增加值與可持續(xù)增長相結(jié)合,構(gòu)成EVA/SGR矩陣,在矩陣模型中不同的象限對(duì)應(yīng)著相不同的企業(yè)投融資策略。在案例分析中,把企業(yè)各年融資情況與EVA/SGR矩陣結(jié)合分析,發(fā)現(xiàn)中國中鐵上市以來經(jīng)營狀況與財(cái)務(wù)政策較為穩(wěn)定,企業(yè)發(fā)展過程中的可持續(xù)增長率近年來基本保持在一個(gè)較為平穩(wěn)的水平,實(shí)際增長率也圍繞可持續(xù)增長率進(jìn)行上下波動(dòng),可以說中國中鐵在發(fā)展過程中真正實(shí)現(xiàn)了可持續(xù)增長。文章通過對(duì)相關(guān)理論與案例進(jìn)行綜合分析,得出了以下結(jié)論:在企業(yè)融資方式選擇上,面對(duì)資金短缺,企業(yè)首先選擇內(nèi)源融資,其次為債權(quán)融資,在面臨較大資金短缺時(shí)適時(shí)選擇股權(quán)融資,這也與優(yōu)序融資理論的內(nèi)容一致。另外,EVA/SGR矩陣模型在企業(yè)融資策略的制定上有一定的參考性,該模型在實(shí)際管理中可以作為一種比較有效的分析和預(yù)測工具,為企業(yè)管理者的經(jīng)濟(jì)決策提供理論支持。
[Abstract]:The management of the enterprise is in order to obtain better growth, thus obtain more income from it. The sustained growth means the continuous increase of the enterprise value. In the process of enterprise development, a large number of resources are needed to support the growth of the enterprise value. Financing is the source guarantee of the capital needed for the survival and development of an enterprise. The financing strategy of an enterprise is studied. It is a key theme in a series of problems of enterprise financial management to make the highest benefit of financing. Too fast financial growth of enterprises will create the risk of capital chain breaking, whereas slow growth will risk being eliminated by the market. Or being acquired by a more powerful enterprise in the industry, therefore, an enterprise should pursue a sustainable growth mode, which is manifested in the financial sustainable growth of the company, and the financial sustainable growth of the enterprise is the premise of not exhausting the financial resources of the enterprise. There is a very close relationship between the economic added value, the financial sustainable growth and the financing strategy of the enterprise. Combined with the related financial data and financing situation of China Railway Co., Ltd., this paper makes a deep research on this problem. Firstly, this paper integrates and analyzes the relevant theories of the three companies, on the basis of which, This paper selects Van Horne's sustainable growth model to analyze the case of China Railway Corporation, and combines economic added value with sustainable growth to form EVA/SGR matrix. Different quadrants in the matrix model correspond to different investment and financing strategies of enterprises. In the case study, combining the financing situation of each year with the EVA/SGR matrix, it is found that the operating conditions and financial policies of China Railway have been stable since the listing of China Railway. The sustainable growth rate in the process of enterprise development has been maintained at a relatively stable level in recent years, and the real growth rate has fluctuated around the sustainable growth rate. It can be said that China Railway has realized the sustainable growth in the process of development. Through the comprehensive analysis of the relevant theories and cases, the paper draws the following conclusions: in the choice of enterprise financing mode, facing the shortage of funds, Enterprises first choose endogenous financing, followed by creditor's rights financing, in the face of a large shortage of funds in the timely choice of equity financing, In addition, the EVA / SGR matrix model has some reference value in the formulation of enterprise financing strategy, and this model can be used as a more effective tool for analysis and prediction in practical management. To provide theoretical support for the economic decision of enterprise managers.
【學(xué)位授予單位】：云南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.92;F406.7

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