企業(yè)生命周期理論下匯源果汁優(yōu)序融資選擇
發(fā)布時(shí)間：2018-11-28 15:19
【摘要】：資金作為企業(yè)的血液,是生產(chǎn)循環(huán)的載體和價(jià)值創(chuàng)造的保證,及時(shí)足量低廉的取得資金,對于企業(yè)的生存發(fā)展至關(guān)重要。現(xiàn)階段,從企業(yè)生命周期角度來探討優(yōu)序融資選擇,進(jìn)行兩種成熟理論的結(jié)合研究和應(yīng)用創(chuàng)新,有其理論可行性和必要性；從國際國內(nèi)經(jīng)濟(jì)形勢來看,突破企業(yè)融資難的困境依然是研究的重要課題,優(yōu)序融資選擇的研究有其現(xiàn)實(shí)意義。 本文以匯源果汁為案例,從企業(yè)生命周期理論視角研究優(yōu)序融資問題。文章首先對生命周期理論和優(yōu)序融資理論的發(fā)展成果進(jìn)行了梳理總結(jié),之后對我國資本市場的融資手段和發(fā)展現(xiàn)狀進(jìn)行了概括分析。在此基礎(chǔ)上,從不同生命周期內(nèi)階段特征、財(cái)務(wù)特質(zhì)、融資目標(biāo)著手,對匯源果汁初創(chuàng)期、成長期、成熟期和衰退期的優(yōu)序融資選擇進(jìn)行了分析,并提出了匯源果汁在四個(gè)不同生命周期內(nèi)的優(yōu)序融資選擇機(jī)理。進(jìn)一步的,對匯源果汁的融資選擇行為進(jìn)行了評析展望,并進(jìn)行經(jīng)驗(yàn)教訓(xùn)總結(jié)。文章主要采用案例研究法,選取匯源果汁為案例,以其整個(gè)發(fā)展過程中的優(yōu)序融資選擇為切入點(diǎn),分析、驗(yàn)證和展望,期望匯源果汁的優(yōu)序融資選擇機(jī)理和經(jīng)驗(yàn)教訓(xùn)能夠由點(diǎn)及面,為其他企業(yè)帶來借鑒。 文章第一部分為緒論,主要介紹了本文的研究背景與研究意義、研究思路與研究方法、文章結(jié)構(gòu)與研究創(chuàng)新。第二部分為文獻(xiàn)綜述和相關(guān)理論,主要回顧和分析了國內(nèi)外學(xué)者和研究機(jī)構(gòu)研究成果,包括優(yōu)序融資理論和企業(yè)生命周期理論,同時(shí)對主要融資方式進(jìn)行了概述。第三部分開始為文章的核心部分,開始對匯源果汁不同生命周期階段的優(yōu)序融資選擇進(jìn)行全面分析。此章節(jié)分析首先介紹案例背景即企業(yè)概況,其次擴(kuò)展至食品飲料行業(yè)進(jìn)行實(shí)證,為匯源果汁的具體分析做鋪墊。之后從階段特征、財(cái)務(wù)特質(zhì)和融資目標(biāo)三個(gè)角度對企業(yè)四個(gè)生命周期內(nèi)特征進(jìn)行了具體分析。第四部分順承第三部分的分析,提出了匯源果汁在四個(gè)生命周期內(nèi)的優(yōu)序融資選擇機(jī)理。文章第五部分通過詳盡的事實(shí)對匯源果汁從成立發(fā)展至今的優(yōu)序融資行為進(jìn)行了總結(jié),一方面驗(yàn)證了上述匯源果汁融資選擇機(jī)理的有效性,另一方面對成熟期和衰退期的優(yōu)序融資選擇進(jìn)行了展望。 文章提出,匯源果汁在初創(chuàng)期的優(yōu)序融資選擇機(jī)理依次為自有資金、天使投資、風(fēng)險(xiǎn)投資和其他股權(quán)融資方式；成長期優(yōu)序融資選擇機(jī)理依次為銀行貸款、風(fēng)險(xiǎn)投資、夾層融資、可轉(zhuǎn)債和IPO;成熟期依次為留存收益、銀行貸款、債券融資和股市再融資；衰退期融資方式為融資租賃等資產(chǎn)證券化方式、銀行貸款和其他股權(quán)融資。匯源果汁的優(yōu)序融資選擇機(jī)理和優(yōu)序融資實(shí)踐中的經(jīng)驗(yàn)教訓(xùn)將會(huì)對類似企業(yè)提供借鑒。
[Abstract]:As the blood of enterprises, capital is the carrier of production cycle and the guarantee of value creation. At present, it is feasible and necessary to discuss the choice of priority financing from the angle of enterprise life cycle, to combine the two mature theories and to apply innovation. From the point of view of the international and domestic economic situation, it is still an important research topic to break through the difficulty of enterprise financing, and the research on the choice of priority financing has its practical significance. In this paper, Huiyuan juice is taken as a case to study priority financing from the perspective of enterprise life cycle theory. Firstly, the paper summarizes the development results of life cycle theory and priority financing theory, and then analyzes the financing means and development status of China's capital market. On this basis, from different life cycle stage characteristics, financial characteristics, financing objectives, Huiyuan juice initial period, growth period, mature period and decline period of priority financing options were analyzed. The optimal financing mechanism of Huiyuan juice in four different life cycles was also proposed. Furthermore, the financing choice behavior of Huiyuan juice is evaluated and forecasted, and the experiences and lessons are summarized. This article mainly adopts the case study method, selects Huiyuan juice as the case, takes the superior order financing choice in its whole development process as the breakthrough point, analyzes, verifies and looks forward to. It is expected that the mechanism and experience of Huiyuan juice financing can be used for reference by other enterprises. The first part is introduction, which mainly introduces the research background and significance, research ideas and research methods, article structure and research innovation. The second part is literature review and related theories. It mainly reviews and analyzes the research results of domestic and foreign scholars and research institutions, including priority financing theory and enterprise life cycle theory, and summarizes the main financing methods. The third part is the core part of the article, which starts to analyze the financing options of Huiyuan juice in different life cycle stages. This chapter firstly introduces the case background, that is, the general situation of the enterprise, and then extends to the food and beverage industry to carry on the empirical analysis, which paves the way for the concrete analysis of Huiyuan juice. Then it analyzes the characteristics of four life cycles from three angles: stage characteristics, financial characteristics and financing objectives. In the fourth part, according to the analysis of the third part, the paper puts forward the optimal financing mechanism of Huiyuan juice in four life cycles. In the fifth part, the author summarizes the preferential financing behavior of Huiyuan juice from the foundation to now through the detailed facts. On the one hand, it verifies the validity of the financing mechanism of Huiyuan juice. On the other hand, it looks forward to the choice of preferential financing in mature period and recession period. The paper puts forward that the optimal financing mechanism of Huiyuan juice in the initial period is its own capital, angel investment, venture capital and other equity financing methods. The optimal order financing mechanism in the growth period is bank loan, venture capital, mezzanine financing, convertible bond and IPO; maturity in turn: retained earnings, bank loan, bond financing and stock market refinancing. During the recession, the financing methods are securitization of assets such as financial leasing, bank loans and other equity financing. The selection mechanism of superior order financing of Huiyuan juice and the experience and lessons in the practice of superior order financing will be used for reference by similar enterprises.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.82
本文編號：2363264
[Abstract]:As the blood of enterprises, capital is the carrier of production cycle and the guarantee of value creation. At present, it is feasible and necessary to discuss the choice of priority financing from the angle of enterprise life cycle, to combine the two mature theories and to apply innovation. From the point of view of the international and domestic economic situation, it is still an important research topic to break through the difficulty of enterprise financing, and the research on the choice of priority financing has its practical significance. In this paper, Huiyuan juice is taken as a case to study priority financing from the perspective of enterprise life cycle theory. Firstly, the paper summarizes the development results of life cycle theory and priority financing theory, and then analyzes the financing means and development status of China's capital market. On this basis, from different life cycle stage characteristics, financial characteristics, financing objectives, Huiyuan juice initial period, growth period, mature period and decline period of priority financing options were analyzed. The optimal financing mechanism of Huiyuan juice in four different life cycles was also proposed. Furthermore, the financing choice behavior of Huiyuan juice is evaluated and forecasted, and the experiences and lessons are summarized. This article mainly adopts the case study method, selects Huiyuan juice as the case, takes the superior order financing choice in its whole development process as the breakthrough point, analyzes, verifies and looks forward to. It is expected that the mechanism and experience of Huiyuan juice financing can be used for reference by other enterprises. The first part is introduction, which mainly introduces the research background and significance, research ideas and research methods, article structure and research innovation. The second part is literature review and related theories. It mainly reviews and analyzes the research results of domestic and foreign scholars and research institutions, including priority financing theory and enterprise life cycle theory, and summarizes the main financing methods. The third part is the core part of the article, which starts to analyze the financing options of Huiyuan juice in different life cycle stages. This chapter firstly introduces the case background, that is, the general situation of the enterprise, and then extends to the food and beverage industry to carry on the empirical analysis, which paves the way for the concrete analysis of Huiyuan juice. Then it analyzes the characteristics of four life cycles from three angles: stage characteristics, financial characteristics and financing objectives. In the fourth part, according to the analysis of the third part, the paper puts forward the optimal financing mechanism of Huiyuan juice in four life cycles. In the fifth part, the author summarizes the preferential financing behavior of Huiyuan juice from the foundation to now through the detailed facts. On the one hand, it verifies the validity of the financing mechanism of Huiyuan juice. On the other hand, it looks forward to the choice of preferential financing in mature period and recession period. The paper puts forward that the optimal financing mechanism of Huiyuan juice in the initial period is its own capital, angel investment, venture capital and other equity financing methods. The optimal order financing mechanism in the growth period is bank loan, venture capital, mezzanine financing, convertible bond and IPO; maturity in turn: retained earnings, bank loan, bond financing and stock market refinancing. During the recession, the financing methods are securitization of assets such as financial leasing, bank loans and other equity financing. The selection mechanism of superior order financing of Huiyuan juice and the experience and lessons in the practice of superior order financing will be used for reference by similar enterprises.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.82
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