本文選題：復(fù)合肥公司　切入點：財務(wù)績效　出處：《廈門大學(xué)》2014年碩士論文

【摘要】：本文將研究對象定位于復(fù)合肥行業(yè)的兩家龍頭企業(yè)——史丹利公司與金正大公司,通過對其財務(wù)報表的解讀并對財務(wù)績效進(jìn)行分析,進(jìn)而了解兩家公司的財務(wù)政策,最后結(jié)合分析結(jié)果,運用財務(wù)戰(zhàn)略矩陣分析方法,提出對兩家公司財務(wù)戰(zhàn)略的探討與未來發(fā)展的建議。 本文共分為以下八章：第一章概述了本文研究的主題及意義,研究方法的選擇和研究框架的形成；第二章概述了復(fù)合肥行業(yè)的發(fā)展現(xiàn)狀,并通過PEST分析與波特五力模型對復(fù)合肥行業(yè)的宏觀環(huán)境與競爭情況進(jìn)行了分析；第三章介紹史丹利公司與金正大公司的基本情況,并對兩家公司的經(jīng)營模式和主要財務(wù)數(shù)據(jù)進(jìn)行了對比；第四章是財務(wù)報表的三維分析,從歷史趨勢、報表結(jié)構(gòu)對兩家公司的財務(wù)報表進(jìn)行了對比分析；第五章是主要財務(wù)指標(biāo)的比較分析,重點分析了盈利能力、資產(chǎn)使用效率、資產(chǎn)流動性和負(fù)債管理和現(xiàn)金創(chuàng)造能力的差異和原因；第六章通過對影響ROE、風(fēng)險杠桿和EVA的分解分析,對收益、成長、風(fēng)險和創(chuàng)值四方面進(jìn)行了深入的財務(wù)分析；第七章運用財務(wù)戰(zhàn)略制定模型之一的財務(wù)戰(zhàn)略矩陣,對兩家公司的負(fù)債管理、股利政策、營運資本管理及投資政策等財務(wù)政策作出分析和評價,探討兩家公司的財務(wù)戰(zhàn)略并提出建議；第八章綜合全文,從PCVRG的角度提出總結(jié)性結(jié)論與兩家公司未來發(fā)展的建議。 通過全文的分析,作者發(fā)現(xiàn)兩家公司的財務(wù)狀況總體較為良好,但經(jīng)營模式與財務(wù)政策的選擇使兩家公司在財務(wù)績效上各有優(yōu)勢和不足：從PCVRG的角度來說,金正大公司在盈利能力、創(chuàng)值能力上較為優(yōu)秀,史丹利公司在創(chuàng)現(xiàn)能力上表現(xiàn)更好,兩家公司的風(fēng)險控制大致相當(dāng),維持增長能力上均存在一定的問題。作者建議兩家公司可以互相借鑒對方的經(jīng)營模式以改善財務(wù)績效。本文的研究使作者了解到行業(yè)特點與公司的經(jīng)營模式對公司的財務(wù)的影響,更深刻地理解了戰(zhàn)略性財務(wù)分析的意義,也在一定程度上為投資者和復(fù)合肥企業(yè)經(jīng)營管理者的決策提供參考依據(jù)。
[Abstract]:Based on the analysis of financial statements and the analysis of financial performance , this paper analyzes the financial performance of two companies , which is located in the compound fertilizer industry , and then analyzes the financial performance of the two companies . Finally , according to the analysis results , the financial strategy matrix analysis method is applied to discuss the discussion and future development of the two company ' s financial strategies .

This paper is divided into eight chapters : Chapter 1 summarizes the subject and significance of the study , the choice of research methods and the formation of the research framework ;
In chapter 2 , the development of compound fertilizer industry is summarized , and the macro - environment and competition of compound fertilizer industry are analyzed by PEST analysis and Porter ' s five - force model .
The third chapter introduces the basic situation of the company and Jinzheng big company , and compares the operating mode and the main financial data of the two companies ;
The fourth chapter is the three - dimensional analysis of the financial statements , and compares the financial statements of the two companies from the historical trend and the report structure ;
The fifth chapter is the comparative analysis of the main financial indexes , and focuses on the differences and causes of profitability , asset utilization efficiency , asset liquidity and liabilities management and cash - creation ability ;
The sixth chapter makes an in - depth financial analysis on the four aspects of income , growth , risk and value by analyzing the impact of ROE , risk lever and EVA .
Chapter 7 uses the financial strategy matrix of one of the models to analyze and evaluate the financial policies such as debt management , dividend policy , operation capital management and investment policy of the two companies , and discusses the financial strategies of the two companies and makes recommendations ;
Chapter 8 gives a comprehensive conclusion from the point of view of PCVRG , and puts forward some suggestions on the future development of the two companies .

Through the analysis of the full text , the author finds that the financial position of the two companies is generally good , but the choice of operating mode and financial policy makes the two companies have the advantages and disadvantages in financial performance .

【學(xué)位授予單位】：廈門大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F426.72;F275

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