本文選題：連鎖家電零售業(yè) + 融資模式　； 參考：《湘潭大學(xué)》2017年碩士論文

【摘要】：在國內(nèi)外雙重競爭的壓力下,家電零售企業(yè)呈現(xiàn)出集中化和激烈化的競爭趨勢,逐漸往連鎖經(jīng)營方向發(fā)展。國內(nèi)市場上有國美電器和蘇寧云商兩大連鎖家電零售企業(yè)對峙,且京東、天貓等電商大戶利用既有的銷售網(wǎng)絡(luò),也開始涉足家電零售行業(yè),雖然國美電器擁有線上平臺和線下實體兩種銷售渠道,但是也受到不小的沖擊。國美電器作為行業(yè)里的寡頭企業(yè),一直以持續(xù)新增門店為主要擴(kuò)張方式。快速擴(kuò)張帶來巨大的資金缺口,僅靠自有資金是不足以支撐的,所以,國美在近十年內(nèi)形成了這樣一種融資模式:以類金融模式為主,即企業(yè)占用應(yīng)付給供應(yīng)商的貨款來增加賬面資金,并將這些資金用于擴(kuò)張或擴(kuò)展其他業(yè)務(wù)。這種極其損害供應(yīng)商利益的融資模式已經(jīng)突破了傳統(tǒng)的市場規(guī)則,零供之間合作關(guān)系破裂的事跡也此起彼伏,但由于國美電器擁有更多的市場份額和流通渠道,許多供應(yīng)商自建連鎖店另謀出路的行為并未成功。文章首先從公司基本情況、融資環(huán)境、主要融資方式和融資結(jié)構(gòu)對國美電器現(xiàn)行的融資模式進(jìn)行介紹,指出國美電器的類金融模式突出,且具有負(fù)現(xiàn)金周轉(zhuǎn)期、正凈營運資本和負(fù)凈現(xiàn)金需求的財務(wù)特點;然后,綜合評價這種融資模式有浮存資金多、債務(wù)成本低的優(yōu)勢,但由于占用的應(yīng)付賬款和應(yīng)付票據(jù)過多,融資模式尚存在債務(wù)結(jié)構(gòu)不合理、償債壓力大、資金鏈脆弱、商業(yè)信用風(fēng)險大的劣勢及問題;最后,對完善國美電器融資模式提出相關(guān)優(yōu)化建議,包括有改善債務(wù)結(jié)構(gòu)、緩解償債壓力、優(yōu)化資金鏈運轉(zhuǎn)保障資金融通和維護(hù)商業(yè)信用融資渠道。文章針對國美電器融資模式中尚存在的問題,提出了幾點新的構(gòu)想:一是提出利用門店資產(chǎn)證券化,這種融資方式既不會增加負(fù)債,也為企業(yè)的經(jīng)營發(fā)展提供新的資金渠道;二是通過優(yōu)化資金鏈運轉(zhuǎn)的方式,增加企業(yè)的現(xiàn)金流量,來緩解類金融模式容易導(dǎo)致資金鏈斷裂的風(fēng)險;三是提出以加強(qiáng)內(nèi)部控制的方式來緩和零供關(guān)系,提升企業(yè)的商業(yè)信用,與供應(yīng)商建立有效的信任機(jī)制,為國美電器繼續(xù)使用商業(yè)信用融資創(chuàng)造良好的環(huán)境。
[Abstract]:Under the pressure of double competition at home and abroad, the retailing enterprises of household appliances show the trend of centralization and fierce competition, and gradually develop to the direction of chain operation. In the domestic market, there is a confrontation between Gome and Su Ning, two major household appliance retail chains, and large e-commerce companies such as JingDong, Tmall, etc., using their existing sales networks, have also begun to set foot in the household appliance retail industry. Although Gome has online platform and offline entity two sales channels, but also by the impact. Gome as an oligopoly in the industry, has continued to increase stores as the main expansion. Rapid expansion has created a huge funding gap that cannot be supported by its own funds alone. Therefore, Gome has formed such a financing model in the last ten years: it is dominated by a similar financial model. That is, the company takes up the payment due to the supplier to increase the book capital and use the funds to expand or expand other business. This financing model, which is extremely harmful to the interests of suppliers, has broken through the traditional market rules, and the relationship between zero supply and supply has broken up one after another, but because Gome has more market share and more circulation channels, Many suppliers have failed to build their own chain stores to find another way out. The article first introduces the current financing mode of Gome from the company's basic situation, financing environment, main financing methods and financing structure, and points out that Gome's financial model is outstanding and has a negative cash turnover period. Financial characteristics of positive net working capital and negative net cash requirements; then, a comprehensive assessment of the advantages of this mode of financing, which has the advantages of high floating capital and low debt costs, but due to the excessive amount of accounts payable and notes payable, There are still some disadvantages and problems in the financing mode, such as unreasonable debt structure, high debt repayment pressure, weak capital chain and large commercial credit risk. Finally, the paper puts forward some suggestions for improving Gome's financing mode, including improving the debt structure. Ease debt-servicing pressure, optimize the operation of the capital chain to ensure the financing and maintenance of commercial credit financing channels. In view of the existing problems in Gome's financing mode, this paper puts forward several new ideas: first, it puts forward the use of store asset securitization, which will not increase the liabilities, but also provide a new capital channel for the enterprise's management and development; Second, by optimizing the operation of the capital chain and increasing the cash flow of the enterprise, to mitigate the risk that the financial model is prone to lead to the breakage of the capital chain; third, it is proposed to ease the zero-supply relationship by strengthening internal controls. Enhance the business credit of enterprises, establish an effective trust mechanism with suppliers, and create a good environment for Gome to continue to use commercial credit financing.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F721;F715.5

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本文編號：1943570