發(fā)布時間：2018-02-23 01:43

  本文關(guān)鍵詞： 海爾 輕資產(chǎn)盈利模式 財務(wù)績效 價值管理　出處：《湖南大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：經(jīng)過多年的發(fā)展，家電制造業(yè)已經(jīng)成長為中國的標(biāo)桿性支柱產(chǎn)業(yè)。然而伴隨著產(chǎn)能的嚴(yán)重過剩、凈利潤的不斷下滑以及企業(yè)籌集資本的困境，傳統(tǒng)的靠價格和規(guī)模取勝的重資產(chǎn)盈利模式正在成為我國家電業(yè)可持續(xù)發(fā)展的瓶頸問題。在21世紀(jì)“軟性制造”的時代，如何避“重”就“輕”，提高投資收益率，驅(qū)動企業(yè)長期價值，構(gòu)建適合自身的可持續(xù)盈利模式，為家電行業(yè)帶來為家電行業(yè)帶來源源不斷的利潤和持續(xù)競爭優(yōu)勢，進(jìn)而實現(xiàn)我國由家電大國向家電強國的目標(biāo)變得尤為迫切。 本文從價值鏈理論和財務(wù)績效理論入手，通過對輕資產(chǎn)盈利模式相關(guān)理論的闡述與分析，，并結(jié)合家電行業(yè)的標(biāo)桿企業(yè)海爾為例，系統(tǒng)分析并總結(jié)出海爾所表現(xiàn)出來的輕資產(chǎn)盈利模式財務(wù)特征：現(xiàn)金儲備較高、應(yīng)收賬款和存貨比例很低、流動資產(chǎn)很高、固定資產(chǎn)比例很低、有息負(fù)債和長期負(fù)債很低。在此基礎(chǔ)上，結(jié)合盈利模式的一般分析要點：產(chǎn)品策略、采購策略、運營策略、銷售策略、研發(fā)策略、資本策略、融資策略、現(xiàn)金策略針對性地分析海爾輕資產(chǎn)盈利模式策略的財務(wù)績效，并將其與競爭對手格力、美的進(jìn)行對比，進(jìn)一步證實了海爾由制造化向服務(wù)化轉(zhuǎn)型過程中以價值最大化為導(dǎo)向?qū)嵤┹p資產(chǎn)盈利模式的優(yōu)越性，闡述了海爾良好的價值管理。不過在持續(xù)轉(zhuǎn)型期海爾還應(yīng)加強對現(xiàn)金儲備形式、管理費用以及應(yīng)收票據(jù)的規(guī)劃與控制。同時也證實了輕資產(chǎn)盈利模式與企業(yè)價值最大化相輔相成的緊密關(guān)系。最后總結(jié)出海爾持續(xù)推進(jìn)輕資產(chǎn)盈利模式的成功經(jīng)驗，為我國正在轉(zhuǎn)型的其他行業(yè)和相關(guān)企業(yè)提供一定的參考和借鑒。
[Abstract]:After years of development, the household appliance manufacturing industry has grown into a benchmark pillar industry in China. However, with the serious overcapacity, the declining net profit and the difficulty of raising capital, In 21th century, in the era of "soft manufacturing", how to avoid the "heavy" and "light", how to improve the rate of return on investment, is becoming the bottleneck of the sustainable development of China's home appliance industry. Driving the long-term value of the enterprise, building a sustainable profit model suitable for itself, bringing continuous profits and continuous competitive advantages for the household appliance industry, Therefore, it is urgent to realize the goal of our country from a large country of household appliances to a powerful country of household appliances. This paper starts with the theory of value chain and financial performance, through expounding and analyzing the theory of profit model of light assets, and combining Haier, a benchmark enterprise in household appliance industry, as an example. This paper systematically analyzes and summarizes the financial characteristics of Haier's profit pattern of light assets: high cash reserve, low ratio of accounts receivable and inventory, high current assets, and low proportion of fixed assets. On this basis, combined with the general analysis of the main points of the profit model: product strategy, procurement strategy, operational strategy, sales strategy, R & D strategy, capital strategy, financing strategy, The cash strategy analyzes the financial performance of Haier light asset profit model strategy, and compares it with rival Gree and US. Further confirmed the Haier from manufacturing to service in the process of transformation to maximize value oriented implementation of light assets profit model superiority, This paper expounds Haier's good value management. However, in the continuous transition period, Haier should also strengthen the form of cash reserve. At the same time, it proves the close relationship between the profit model of light assets and the maximization of enterprise value. Finally, it summarizes the successful experience of Haier in continuously promoting the profit model of light assets. For our country is transforming other industries and related enterprises to provide certain reference and reference.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F406.7;F426.6

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