發(fā)布時(shí)間：2018-03-14 10:26

  本文選題：鐵路合資公司　切入點(diǎn)：現(xiàn)金流銜接　出處：《北京交通大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：鐵路合資公司現(xiàn)金流銜接問題不僅是一個(gè)財(cái)務(wù)問題,更是一個(gè)經(jīng)濟(jì)問題。本文結(jié)合財(cái)會和經(jīng)濟(jì)視角研究鐵路合資公司現(xiàn)金流銜接問題,旨在找出影響合資公司現(xiàn)金流銜接問題的根本原因,從而對現(xiàn)金流銜接問題加以解決。文章首先通過界定合資公司現(xiàn)金流銜接問題,確定研究對象為國鐵控股合資公司,進(jìn)而介紹國鐵控股合資公司基本情況以及現(xiàn)金流銜接現(xiàn)狀。再根據(jù)影響現(xiàn)金流銜接的表外因素結(jié)合合資公司特征建立合適的指標(biāo)體系,運(yùn)用因子分析方法,構(gòu)建現(xiàn)金流銜接狀況評價(jià)模型,并對其進(jìn)行有效驗(yàn)證,從而確定各指標(biāo)對現(xiàn)金流銜接的影響程度,其中現(xiàn)金流量利息保障倍數(shù)、現(xiàn)金流量債務(wù)比、經(jīng)營活動現(xiàn)金流入流出比、總現(xiàn)金流入流出比、總資產(chǎn)現(xiàn)金回收率所占權(quán)重較大。根據(jù)這五個(gè)指標(biāo)反映的情況,基于經(jīng)濟(jì)學(xué)視角,從根本上分析影響公司經(jīng)營活動、籌資活動和公司總體現(xiàn)金流量的原因及其作用機(jī)制。認(rèn)為客、貨運(yùn)量,公益性運(yùn)輸,委托代理問題,公司經(jīng)營受限是影響公司經(jīng)營活動現(xiàn)金流量的根本原因;資本結(jié)構(gòu)不合理、股東目標(biāo)差異是影響籌資活動現(xiàn)金流量根本原因;財(cái)政政策不利、公司邊界模糊、退出機(jī)制缺失是影響公司總體現(xiàn)金流量的經(jīng)濟(jì)因素,根據(jù)以上因素的作用結(jié)合合資公司具體實(shí)例進(jìn)一步分析各經(jīng)濟(jì)因素對合資公司現(xiàn)金流量的影響。最后,針對上述因素的作用機(jī)制分析,提出針對性的對策建議,為解決現(xiàn)金流銜接問題提供決策參考。
[Abstract]:The problem of cash flow convergence of railway joint venture is not only a financial problem, but also an economic problem. The purpose of this paper is to find out the fundamental reasons that affect the convergence of cash flow of the joint venture company, and to solve the problem of the convergence of cash flow. Firstly, by defining the problem of the convergence of cash flow of the joint venture company, the paper determines the object of study is the state-owned railway holding joint venture company. Then it introduces the basic situation of the joint venture company and the current situation of cash flow convergence. Then according to the off-balance sheet factors that affect the convergence of cash flow and the characteristics of the joint venture company, an appropriate index system is established, and the method of factor analysis is used. The paper constructs an evaluation model of cash flow convergence, and verifies it effectively, so as to determine the influence of each index on cash flow convergence, including cash flow interest guarantee multiple, cash flow debt ratio, cash inflow / outflow ratio of operating activities, etc. The ratio of total cash inflow to outflow and the cash recovery rate of total assets account for a large proportion. According to the situation reflected by these five indicators and from the perspective of economics, this paper analyzes the influence on the business activities of the company. The reasons for raising funds and the cash flow of the company as a whole and its mechanism. It is considered that the problems of passenger, freight, public welfare, principal-agent, limited operation of the company are the fundamental reasons that affect the cash flow of the company's operating activities, and the capital structure is unreasonable. The difference of shareholders' goal is the fundamental reason that affects the cash flow of the financing activity, the financial policy is unfavorable, the boundary of the company is blurred, the absence of the exit mechanism is the economic factor that affects the overall cash flow of the company. According to the function of the above factors combined with the concrete examples of the joint venture company, the paper further analyzes the influence of various economic factors on the cash flow of the joint venture company. Finally, according to the analysis of the mechanism of the above factors, the paper puts forward some countermeasures and suggestions. To solve the problem of cash flow convergence to provide a decision-making reference.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F532.6;F530.68

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