本文關(guān)鍵詞：基于縱向一體化戰(zhàn)略的ST神火財務(wù)戰(zhàn)略優(yōu)化　出處：《黑龍江八一農(nóng)墾大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 縱向一體化 ST神火 財務(wù)績效 財務(wù)戰(zhàn)略 財務(wù)戰(zhàn)略調(diào)整

【摘要】：能源產(chǎn)業(yè)是國民經(jīng)濟(jì)的支柱產(chǎn)業(yè)之一,煤炭是我國重要的基礎(chǔ)能源,近年來伴隨新能源的開發(fā)利用,煤炭資源的需求量減少,煤炭采掘產(chǎn)能過剩,煤炭行業(yè)企業(yè)盈利空間受到擠壓,行業(yè)系統(tǒng)風(fēng)險越來越大,縱向一體化戰(zhàn)略可以轉(zhuǎn)移煤炭采掘業(yè)務(wù)風(fēng)險。河南神火煤電有限公司是一家從事煤炭、電力、鋁化工一體化生產(chǎn)的國有上市公司,與非一體化的煤炭、電力、鋁化工企業(yè)相比具有很強(qiáng)的成本優(yōu)勢和聯(lián)營效益。但是近年來,河南神火煤電有限公司卻出現(xiàn)虧損,面臨著退市的危機(jī),公司股票名稱變更為ST神火。為了促進(jìn)ST神火煤電鋁一體化業(yè)務(wù)持續(xù)健康發(fā)展,本文對ST神火的煤電鋁一體化業(yè)務(wù)進(jìn)行SWOT分析,對ST神火2010-2015年的財務(wù)績效進(jìn)行趨勢分析,同時運(yùn)用財務(wù)戰(zhàn)略矩陣分析法對ST神火的財務(wù)戰(zhàn)略進(jìn)行定位,尋找戰(zhàn)略優(yōu)化依據(jù)和優(yōu)化路徑。經(jīng)研究發(fā)現(xiàn),由于資本資產(chǎn)增長過度依賴于財務(wù)杠桿增長,公司毛利潤已無法負(fù)擔(dān)資本成本,ST神火的財務(wù)戰(zhàn)略出現(xiàn)公司價值減損和現(xiàn)金剩余的不利局面,投資規(guī)模增長不合理,債務(wù)管理工作亟需調(diào)整。ST神火可以通過資產(chǎn)剝離和重組的方式對財務(wù)戰(zhàn)略進(jìn)行優(yōu)化,達(dá)到投資規(guī)模增長方式優(yōu)化和資本結(jié)構(gòu)優(yōu)化的效果,提高可持續(xù)發(fā)展能力和風(fēng)險承受力。
[Abstract]:Energy industry is one of the pillar industries of the national economy. Coal is an important basic energy in China. In recent years, with the development and utilization of new energy, the demand for coal resources is reduced, and the coal mining capacity is overcapacity. The coal industry enterprise profit space is squeezed, the industry system risk is increasing, vertical integration strategy can transfer the coal mining business risk. Henan Shenghuo Coal Power Co., Ltd. is engaged in coal, electricity. The state-owned listed companies in the integrated production of aluminum and chemical industry have strong cost advantages and associated benefits compared with the non-integrated coal, electricity and aluminum chemical enterprises, but in recent years. Henan Shenghuo Coal and electricity Co., Ltd. has a loss and faces the crisis of delisting. The company's stock name has been changed to St Shenghuo. In order to promote the St Shenghuo coal, electricity and aluminum integration business to develop continuously and healthily. This paper carries on the SWOT analysis to St Shenghuo's integrated business of coal, electricity and aluminum, and makes a trend analysis on the financial performance of St Shenghuo from 2010 to 2015. At the same time, we use the financial strategy matrix analysis method to locate the financial strategy of St fire, to find the strategic optimization basis and optimization path. Through the study, it is found that the growth of capital assets is excessively dependent on the growth of financial leverage. The gross profit of the company can no longer afford the cost of capital and the financial strategy of St fire has the disadvantage of the loss of the value of the company and the surplus of cash, and the increase of the investment scale is unreasonable. Debt management needs to adjust. St can optimize the financial strategy through asset divestiture and restructuring to achieve the investment scale growth mode optimization and capital structure optimization effect. Improve the ability of sustainable development and risk tolerance.
【學(xué)位授予單位】：黑龍江八一農(nóng)墾大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.61;F406.7

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本文編號：1413273