【摘要】：企業(yè)的增長及其增長過程中的融資策略是財(cái)務(wù)管理中的重點(diǎn)和難點(diǎn)，企業(yè)的可持續(xù)增長率與融資決策密切相關(guān)。本文結(jié)合融資決策、財(cái)務(wù)可持續(xù)增長，借助希金斯的增長模型，探討了保障企業(yè)可持續(xù)增長下的相關(guān)融資策略。在企業(yè)的實(shí)際運(yùn)營中，一方面，企業(yè)管理者往往滿足于高速銷售增長的信貸寬放、政策傾斜、媒體效應(yīng)，往往不注重企業(yè)的長效增長管理，為企業(yè)持續(xù)運(yùn)轉(zhuǎn)埋下隱患；決策者往往追求數(shù)字指標(biāo)的最大化，卻矛盾性的屏蔽企業(yè)營運(yùn)危機(jī)信號。另一方面，在資金到位的情況下，往往不能清楚的理清增長乏力下的工作思路，忽視企業(yè)增長不足的財(cái)務(wù)意義，片面的將融資限定為融入（體現(xiàn)資金來源）而忽視資金的融出和投放，沉淀資金帶來的收益損失不得不對高層管理決策者提出新的標(biāo)準(zhǔn)和要求。因此，研究以財(cái)務(wù)可持續(xù)發(fā)展為前提條件的融資決策是十分必要的，企業(yè)在進(jìn)行融資策略的抉擇時(shí)應(yīng)當(dāng)充分考慮企業(yè)財(cái)務(wù)可持續(xù)增長的要求。 本文選用希金斯可持續(xù)增長模型，應(yīng)用Eviews6.0經(jīng)濟(jì)計(jì)量學(xué)軟件、SPSS16.0統(tǒng)計(jì)軟件，，以我國新能源汽車2009-2011年上市公司年報(bào)數(shù)據(jù)為觀測樣本，用數(shù)理統(tǒng)計(jì)的辦法以獨(dú)立樣本檢驗(yàn)和非參數(shù)檢驗(yàn)中的威爾柯克森秩和統(tǒng)計(jì)檢驗(yàn)檢測新能源汽車上市公司是否實(shí)現(xiàn)可持續(xù)增長，依據(jù)顯示數(shù)據(jù)，本文以財(cái)務(wù)可持續(xù)增長思想為指導(dǎo)原則討論融資策略，以期歸納總結(jié)不同增長水平的企業(yè)在進(jìn)行融資決策這一動(dòng)態(tài)過程中的經(jīng)驗(yàn)，對我國新能源汽車上市公司提出具體融資策略建議，試圖為企業(yè)融資行為的選擇提供一定的參考。
[Abstract]:The growth of enterprises and their financing strategies in the process of growth are the key and difficult points in financial management. The sustainable growth rate of enterprises is closely related to financing decisions. Based on the financing decision and financial sustainable growth, this paper discusses the relevant financing strategies under the sustainable growth of enterprises with the help of Higgins' growth model. In the actual operation of enterprises, on the one hand, the managers of enterprises tend to be satisfied with the rapid growth of credit, policy tilt, media effects, often do not pay attention to the long-term growth management of enterprises, for the continued operation of enterprises buried hidden trouble; The decision-makers often pursue the maximization of the digital index, but the contradictory shield the enterprise operation crisis signal. On the other hand, when the funds are in place, it is often impossible to clearly clarify the working ideas under the weak growth and neglect the financial significance of the insufficient growth of the enterprises. If the financing is limited to integration (reflects the source of funds) and the funds are released and invested, the loss of income caused by the accumulation of funds has to put forward new standards and requirements for the decision makers of the senior management. Therefore, it is necessary to study the financing decision with the precondition of sustainable financial development, and the requirement of sustainable financial growth should be fully taken into account when enterprises make the choice of financing strategy. In this paper, Higgins' sustainable growth model, Eviews6.0 econometrics software and SPSS16.0 statistical software are used to study the annual report data of China's new energy vehicles in 2009-2011. By means of mathematical statistics, the Wilcoxon rank sum statistical test in independent sample test and nonparametric test is used to test whether or not the listed companies of new energy vehicles achieve sustainable growth, according to the data shown. This paper discusses the financing strategy with the guiding principle of financial sustainable growth, in order to sum up the experience of enterprises with different growth levels in the dynamic process of financing decision. In order to provide some reference for the choice of financing behavior of the listed companies of new energy vehicles in China, this paper puts forward some specific financing strategy suggestions.
【學(xué)位授予單位】：蘭州交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.471

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