本文關鍵詞： 跨國企業(yè) 公司價值 匯率波動 SDX公司 實證分析　出處：《北京工業(yè)大學》2015年碩士論文　論文類型：學位論文

【摘要】：隨著世界經濟由工業(yè)經濟向服務經濟的迅速轉型,承接服務外包成為了跨國企業(yè)參與國際競爭,實現(xiàn)公司價值高速增長的重要途徑。2008年美國金融危機和2009年歐債危機的爆發(fā),跨國企業(yè)增加了將附加值較低的后勤服務流程進行外包的數(shù)量,危機加劇了國際債券市場、股票市場和外匯市場動蕩,匯率產生大幅波動,加劇了承接后勤服務企業(yè)的外匯風險,致使承包后勤服務業(yè)務企業(yè)的生產經營、市場環(huán)境和公司價值都發(fā)生了變化。因此,本文以在全球80個國家開展跨國后勤服務承包服務的SDX公司作為研究對象,以期通過匯率波動對跨國企業(yè)SDX公司價值影響的研究,對SDX公司提出了加強規(guī)避外匯風險的建議,提高核心競爭力,使SDX達到公司價值最大化的目標。同時,也為我國承包跨國后勤服務的公司提供參考和借鑒。本文從公司財務角度分析了SDX公司的外在環(huán)境和內在素質對公司價值的影響。運用現(xiàn)金流貼現(xiàn)模型推導出匯率與SDX公司價值的關系方程,得出了匯率波動對跨國企業(yè)SDX公司價值影響的多元非線性回歸模型。由于匯率波動引發(fā)的匯率風險對SDX公司價值影響的作用隨期限長短表現(xiàn)不同,本文從長期影響和短期影響兩個方面進行了分析,并分別對主要幣種美元、歐元、人民幣的匯率波動對SDX公司價值的影響,以及匯率波動對與SDX公司同行業(yè)、不同國際業(yè)務收入企業(yè)的公司價值的影響進行了研究。本文根據實證分析結果得出了三點結論:一是SDX公司的財務價值驅動因素和營業(yè)價值驅動因素有助于SDX公司提升公司價值;二是無論在長期影響,還是短期影響內,美元、歐元、人民幣及匯率整體波動對SDX的公司價值影響顯著。由于匯率波動直接影響著SDX公司的成本、投資、債務、融資等因素,使得不同貨幣的匯率波動對SDX的公司價值存在著明顯相關性;三是通過將SDX公司與同行業(yè)、不同國際業(yè)務收入比例的企業(yè)進行比較,發(fā)現(xiàn)國際業(yè)務收入占比越高的企業(yè),匯率波動對其公司價值的影響越顯著。
[Abstract]:With the rapid transformation of the world economy from the industrial economy to a service economy, service outsourcing has become a multinational enterprises to participate in international competition, an important way to realize the value of the company.2008 years the rapid growth of the financial crisis in the United States in 2009 and the European debt crisis, multinational enterprises have increased the number of low flow of logistics service outsourcing will be added value, crisis adding to the international bond market, stock market and foreign exchange market volatility, exchange rate fluctuations have intensified, undertake logistics service enterprise foreign exchange risk, the contract logistics business enterprise production management, market environment and corporate value are changed. Therefore, this paper to carry out transnational logistics service contract service in 80 countries around the world SDX company as the research object, to study the impact of exchange rate fluctuations on multinational enterprises SDX the value of the company, the company proposed to strengthen SDX To avoid foreign exchange risk, improve the core competitiveness, the SDX reached the maximum value of the company's target. At the same time, and provide the reference for China's multinational logistics service company contract. This paper analyses the influence of the external environment of SDX company and the inherent quality of the value of the company from the financial angle. The use of discounted cash flow model this paper deduces the relation equation of exchange rate and SDX value of the company, the multivariate nonlinear regression model has been established for the effect of exchange rate fluctuations on the multinational SDX company value. Due to the impact of exchange rate fluctuations caused by the exchange rate risk on the value of the company for the performance of SDX with different length, this paper analyzed from two aspects of long-term effects and short-term effects, and of the major currencies the dollar, euro, RMB exchange rate fluctuations on the SDX value of the company, and the fluctuation of exchange rate and SDX companies in the same industry, different international business income The influence corporate value is studied. According to the results of empirical analysis draws three conclusions: one is the SDX company's financial value drivers and business value drivers to help SDX company to enhance the value of the company; the two is whether in the long-term or short-term impact, influence, dollar, euro, RMB and the exchange rate of the overall volatility of the value of the SDX was significant. Due to exchange rate fluctuations directly affect the cost of SDX company, investment, debt financing and other factors, the fluctuation of exchange rates in different currencies on the SDX value of the company has significant correlation; three is the SDX company with the same industry, compares the different proportion of international business income of the enterprises found, international business income accounted for more enterprises, the impact of exchange rate fluctuations on the value of the company is more significant.

【學位授予單位】：北京工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F832.6;F276.7

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本文編號：1463152