【摘要】：我國乳制品業(yè)作為關(guān)系國計民生的行業(yè),自改革開放以來得到了高速發(fā)展,豐富了國民生活的同時也有效推動了第一、第二產(chǎn)業(yè)。近年來,為重塑社會對乳制品的信心,政府出臺了多項經(jīng)濟(jì)措施,既有利于行業(yè)的發(fā)展,也為我國乳制品企業(yè)帶來了機(jī)遇與挑戰(zhàn)。M公司作為我國一家典型的乳制品企業(yè),很早就投入到了國內(nèi)的行業(yè)競爭,通過多年來的發(fā)展與擴(kuò)張,已成為我國乳品業(yè)的領(lǐng)頭企業(yè)之一。然而,近年來M公司快速擴(kuò)張的財務(wù)戰(zhàn)略雖看似為企業(yè)贏得了更多市場,卻也帶來了諸多負(fù)面影響,加大了企業(yè)的財務(wù)風(fēng)險。面對國內(nèi)外激烈的競爭,M公司亟需制定更科學(xué)的、與企業(yè)發(fā)展相適應(yīng)的財務(wù)戰(zhàn)略。隨著財務(wù)戰(zhàn)略理論的不斷完善,市場更加重視企業(yè)的綜合發(fā)展水平,傳統(tǒng)的財務(wù)指標(biāo)評價方法已經(jīng)不再完全適用,因此財務(wù)戰(zhàn)略矩陣?yán)碚搼?yīng)運而生。財務(wù)戰(zhàn)略矩陣由企業(yè)價值和可持續(xù)增長能力兩大評價體系組成,不僅能反映企業(yè)的價值創(chuàng)造能力,還能反映企業(yè)資金余缺狀況,從而為管理者提供評價和制定財務(wù)戰(zhàn)略的依據(jù)。本文以M公司為研究對象,首先從籌資、投資、運營和股利支付戰(zhàn)略四個方面介紹了公司目前實施的財務(wù)戰(zhàn)略,發(fā)現(xiàn)企業(yè)實施的是擴(kuò)張型財務(wù)戰(zhàn)略。其次通過數(shù)據(jù)計算,構(gòu)建公司的財務(wù)戰(zhàn)略矩陣,發(fā)現(xiàn)M公司是處于增值型現(xiàn)金溢余的成熟期企業(yè),但其財務(wù)戰(zhàn)略并不十分合理,使得公司在個別年份出現(xiàn)現(xiàn)金短缺的情況,影響其可持續(xù)發(fā)展。然后本文基于財務(wù)戰(zhàn)略矩陣?yán)碚?對M公司的可持續(xù)增長能力和企業(yè)價值創(chuàng)造能力進(jìn)行了評價,發(fā)現(xiàn)其經(jīng)濟(jì)附加值(EVA)波動較大,且企業(yè)發(fā)展容易受到宏觀經(jīng)濟(jì)和產(chǎn)品質(zhì)量的影響,其過于擴(kuò)張的財務(wù)戰(zhàn)略易使公司面臨較大風(fēng)險。通過分析其財務(wù)戰(zhàn)略,發(fā)現(xiàn)企業(yè)在籌資、投資和運營戰(zhàn)略方面都存在一定的問題。再結(jié)合M公司現(xiàn)有的財務(wù)戰(zhàn)略,分析了M公司的企業(yè)價值創(chuàng)造能力和可持續(xù)增長能力,并且驗證了其現(xiàn)有的財務(wù)戰(zhàn)略存在的具體問題,最后為M公司提出建議。本文認(rèn)為,M公司應(yīng)盡快改變其過度依賴液態(tài)奶的產(chǎn)品結(jié)構(gòu),實施多元化投資戰(zhàn)略,建立更加合理的籌資結(jié)構(gòu)。通過研究分析,本文認(rèn)為財務(wù)戰(zhàn)略矩陣作為分析和評價企業(yè)財務(wù)戰(zhàn)略的工具,具有合理性和可行性,其很好的彌補(bǔ)了傳統(tǒng)的財務(wù)戰(zhàn)略評價與制定方法的缺陷,有很高的研究和應(yīng)用意義。本文的案例公司M公司是我國非常具有代表性的乳制品企業(yè),因此本文對M公司的案例研究與結(jié)論依然適用于我國其他同類型乳品企業(yè),對于行業(yè)的發(fā)展也具有現(xiàn)實指導(dǎo)意義。
[Abstract]:The dairy industry of our country, as an industry related to the national economy and the people's livelihood, has been developing at a high speed since the reform and opening up, which has enriched the national life and effectively promoted the first and second industries. In recent years, in order to rebuild social confidence in dairy products, the government has issued a number of economic measures, which are not only conducive to the development of the industry, but also bring opportunities and challenges to dairy enterprises in China. M Company is a typical dairy company in China. It has been one of the leading enterprises of dairy industry in China through the development and expansion of many years. However, in recent years, M company's rapid expansion of financial strategy seems to win more markets for enterprises, but also brought a lot of negative effects, increased the financial risks of enterprises. Facing the fierce competition at home and abroad, the company urgently needs to formulate a more scientific and suitable financial strategy for the development of the enterprise. With the continuous improvement of the financial strategy theory, the market pays more attention to the comprehensive development level of the enterprise, the traditional financial index evaluation method is no longer fully applicable, so the financial strategy matrix theory emerges as the times require. The financial strategy matrix is composed of two evaluation systems: enterprise value and sustainable growth ability, which can not only reflect the value creation ability of the enterprise, but also reflect the situation of the fund shortage of the enterprise, thus providing the basis for the manager to evaluate and formulate the financial strategy. In this paper, M company as the research object, first from the financing, investment, operation and dividend payment strategy four aspects of the company's current implementation of the financial strategy, found that the enterprise implemented an expansionary financial strategy. Secondly, through the data calculation, we construct the financial strategy matrix of the company, and find that M company is a mature enterprise with value-added cash surplus, but its financial strategy is not very reasonable, which makes the company appear cash shortage in a few years. Affect its sustainable development. Then, based on the theory of financial strategy matrix, this paper evaluates M company's sustainable growth ability and enterprise value creation ability, and finds that its economic added value (EVA) fluctuates greatly. The development of enterprises is easy to be affected by macro economy and product quality. By analyzing its financial strategy, it is found that there are some problems in financing, investment and operation strategy. Combined with the existing financial strategy of M Company, this paper analyzes the value creation ability and sustainable growth ability of M Company, and verifies the concrete problems of its existing financial strategy, and finally puts forward some suggestions for M Company. This paper holds that the company should change its product structure which relies on liquid milk as soon as possible, implement diversified investment strategy, and establish a more reasonable financing structure. Through the research and analysis, this paper thinks that the financial strategy matrix, as a tool to analyze and evaluate the enterprise financial strategy, is reasonable and feasible, and it makes up for the defects of the traditional financial strategy evaluation and formulation method. It is of great significance in research and application. The case company M is a representative dairy company in China. Therefore, the case study and conclusion of M Company is still applicable to other dairy enterprises of the same type in our country, and also has practical guiding significance for the development of the industry.
【學(xué)位授予單位】：吉林財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.82;F406.7

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