本文選題：中興通訊　切入點(diǎn)：財(cái)務(wù)策略　出處：《東華大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：經(jīng)過了30多年的改革開放,中國(guó)經(jīng)濟(jì)高速發(fā)展并取得了巨大的成就。同時(shí)為了改善目前粗放型增長(zhǎng)的現(xiàn)狀,引領(lǐng)我國(guó)經(jīng)濟(jì)發(fā)展的支柱產(chǎn)業(yè)也將逐步地由傳統(tǒng)制造業(yè)向高新技術(shù)產(chǎn)業(yè)過渡。在國(guó)家政策助推和巨大的市場(chǎng)需求下,通信設(shè)備制造業(yè)迎來了非常有利的發(fā)展機(jī)遇。但是,面對(duì)發(fā)展機(jī)遇,通信設(shè)備制造業(yè)仍然面臨嚴(yán)酷的挑戰(zhàn),企業(yè)需要轉(zhuǎn)向技術(shù)創(chuàng)新來獲取競(jìng)爭(zhēng)優(yōu)勢(shì)和核心競(jìng)爭(zhēng)力,而技術(shù)創(chuàng)新必須投入大量且持續(xù)的資金來作為保障,所以企業(yè)必須制定合適的整體戰(zhàn)略和財(cái)務(wù)策略作為技術(shù)創(chuàng)新活動(dòng)的支持。財(cái)務(wù)策略的成功直接關(guān)乎企業(yè)的生存與發(fā)展。因此,對(duì)通信設(shè)備制造業(yè)的公司財(cái)務(wù)策略進(jìn)行研究,顯得十分必要而且迫切。本文采用理論研究和案例研究相結(jié)合的方法,首先梳理和歸納了戰(zhàn)略管理和財(cái)務(wù)策略的相關(guān)文獻(xiàn),對(duì)財(cái)務(wù)策略的涵義和內(nèi)容進(jìn)行了闡述,為案例公司財(cái)務(wù)策略研究提供了理論基礎(chǔ)。接著重點(diǎn)對(duì)中興通訊近六年的相關(guān)財(cái)務(wù)數(shù)據(jù)進(jìn)行分析,發(fā)現(xiàn)公司2012年出現(xiàn)虧損,公司發(fā)展陷入低谷,但是從2014年開始,公司的經(jīng)營(yíng)情況逐步得到改善。本文以此為切入點(diǎn),結(jié)合公司整體戰(zhàn)略的調(diào)整,探討了中興通訊2014年之前發(fā)生財(cái)務(wù)問題的原因以及2014年之后中興通訊做出了哪些財(cái)務(wù)策略的修正,并具體分析了與此相對(duì)應(yīng)的財(cái)務(wù)策略的實(shí)施及改善情況。經(jīng)過分析可見,中興通訊整體戰(zhàn)略的調(diào)整對(duì)企業(yè)的投資策略、融資策略和利潤(rùn)分配策略沒有造成很大的影響,但是戰(zhàn)略調(diào)整后,企業(yè)開始重視營(yíng)運(yùn)資本管理策略和成本費(fèi)用管控策略這兩個(gè)方面的制定和修正,從財(cái)務(wù)層面上看,這兩個(gè)方面的財(cái)務(wù)策略對(duì)于中興通訊的扭虧為盈起到了很大的作用。本文進(jìn)而著重對(duì)成本費(fèi)用管控策略和營(yíng)運(yùn)資本管理策略進(jìn)行深入了分析。然后利用EVA值對(duì)中興通訊財(cái)務(wù)策略的實(shí)施做出評(píng)價(jià),并結(jié)合財(cái)務(wù)戰(zhàn)略矩陣,對(duì)其財(cái)務(wù)策略尤其是營(yíng)運(yùn)管理策略和成本費(fèi)用管控策略提出了相關(guān)建議。通過上述研究,本文認(rèn)為中興通訊財(cái)務(wù)策略的改進(jìn)是改善其財(cái)務(wù)狀況及現(xiàn)金流,提升盈利能力的主要原因之一,其財(cái)務(wù)策略的實(shí)施結(jié)果良好,公司可以繼續(xù)堅(jiān)持現(xiàn)行財(cái)務(wù)策略,但仍需要在國(guó)外應(yīng)收賬款管理、銷售費(fèi)用管控和研發(fā)質(zhì)量方面做出改進(jìn)。本文在戰(zhàn)略管理理論和財(cái)務(wù)策略理論分析的框架下,通過對(duì)中興通訊的案例分析,以小見大,梳理清楚通信設(shè)備制造業(yè)的財(cái)務(wù)策略特點(diǎn),對(duì)通信設(shè)備制造企業(yè)財(cái)務(wù)策略的制定具有一定的借鑒意義。
[Abstract]:After more than 30 years of reform and opening up, China's economy has developed at a high speed and made great achievements. At the same time, in order to improve the current situation of extensive growth, The pillar industries leading our country's economic development will also gradually transition from the traditional manufacturing industry to the high-tech industry. With the help of national policies and huge market demand, the communications equipment manufacturing industry will usher in a very favorable development opportunity. Facing the development opportunity, the communication equipment manufacturing industry still faces the severe challenge, the enterprise needs to turn to the technological innovation to obtain the competitive advantage and the core competitive power, and the technological innovation must invest the massive and the sustained funds as the safeguard. Therefore, enterprises must formulate appropriate overall strategy and financial strategy as the support of technological innovation activities. The success of financial strategy is directly related to the survival and development of enterprises. It is very necessary and urgent. This paper adopts the method of combining theoretical research and case study, firstly combs and summarizes the related literature of strategic management and financial strategy, and expounds the meaning and content of financial strategy. It provides the theoretical basis for the case study of the financial strategy of the company. Then it focuses on the analysis of the relevant financial data of ZTE in the past six years. It is found that the company made a loss in 2012, and the company's development fell into a low point, but since 2014, The business situation of the company has been improved gradually. This article regards this as the starting point, combined with the adjustment of the company's overall strategy, This paper discusses the causes of the financial problems that occurred before 2014 of ZTE, as well as the modification of the financial strategy made by ZTE after 2014, and analyzes in detail the implementation and improvement of the corresponding financial strategy. The adjustment of ZTE's overall strategy has no great impact on the investment strategy, financing strategy and profit distribution strategy of the enterprise, but after the strategic adjustment, Enterprises begin to attach importance to the formulation and revision of the working capital management strategy and the cost-cost control strategy. From the financial point of view, These two aspects of financial strategy have played a great role in ZTE's turnaround. This paper further focuses on the cost and cost control strategy and working capital management strategy. Then the use of EVA value in the middle of the analysis. To evaluate the implementation of Xingcom's financial strategy, Combined with the financial strategy matrix, this paper puts forward the relevant suggestions to its financial strategy, especially the operation management strategy and the cost and expense control strategy. Through the above research, this paper thinks that the improvement of ZTE's financial strategy is to improve its financial situation and cash flow. One of the main reasons for improving profitability is that the implementation of its financial strategy is good, the company can continue to adhere to its current financial strategy, but it still needs to manage accounts receivable in foreign countries. Under the framework of strategic management theory and financial strategy theory analysis, through the case analysis of ZTE, we can see the whole through a small part. Combing out the characteristics of the financial strategy of the communication equipment manufacturing industry has certain reference significance for the establishment of the financial strategy of the communication equipment manufacturing enterprise.
【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F626.115

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