發(fā)布時間：2018-03-10 14:42

  本文選題：共生理論　切入點(diǎn)：財(cái)務(wù)戰(zhàn)略　出處：《蘭州大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：在市場經(jīng)濟(jì)的運(yùn)行中,資源是通過“競爭機(jī)制”進(jìn)行配置的。然而在金融危機(jī)爆發(fā)后,市場經(jīng)濟(jì)遭到前所未有的質(zhì)疑,生態(tài)學(xué)中的共生理論被引入經(jīng)濟(jì)學(xué),競合戰(zhàn)略理論和企業(yè)社會責(zé)任理論等等都為企業(yè)的運(yùn)作提供了新的價值導(dǎo)向。隨著全球化經(jīng)濟(jì)的深入發(fā)展,企業(yè)需要轉(zhuǎn)變思維方式,確立新的價值觀念,為共生理論境遇下的轉(zhuǎn)型尋找科學(xué)的改良路徑。隨著政策環(huán)境的不斷變化,房地產(chǎn)行業(yè)由國家大力扶持和大力發(fā)展的對象逐漸變?yōu)楹暧^調(diào)控的重點(diǎn)。由于房地產(chǎn)行業(yè)自身的特性,即屬于資金密集型,因此房地產(chǎn)企業(yè)的融資能力直接關(guān)系到企業(yè)的所面臨的財(cái)務(wù)風(fēng)險。而適宜的財(cái)務(wù)戰(zhàn)略的制定和實(shí)施才能使房地產(chǎn)企業(yè)安然度過政策的嚴(yán)冬,并為未來的發(fā)展提供正確的指引和導(dǎo)向。本文以保利集團(tuán)為載體,基于共生的視角分析其財(cái)務(wù)戰(zhàn)略的實(shí)施對公司價值影響。首先,介紹了保利集團(tuán)的背景和發(fā)展進(jìn)程,分析了其近幾年的償債能力和盈利能力等;其次,以共生觀的理論為基礎(chǔ),整理了保利集團(tuán)在資金的籌集、投入以及分配上的財(cái)務(wù)戰(zhàn)略,得出保利集團(tuán)實(shí)施的具有共生觀的財(cái)務(wù)戰(zhàn)略更加適合于現(xiàn)代社會競爭格局的轉(zhuǎn)變,更有持續(xù)發(fā)展的優(yōu)勢的結(jié)論;最后,選取EVA以公司價值評估其財(cái)務(wù)戰(zhàn)略的實(shí)施效果,利用調(diào)整后的稅后凈營業(yè)利潤和資本總額以及根據(jù)CAPM模型得出的資本成本來計(jì)算保利集團(tuán)的經(jīng)濟(jì)增加值,發(fā)現(xiàn)保利集團(tuán)的經(jīng)濟(jì)增加值大幅攀升,且集團(tuán)的加權(quán)平均資本成本也在近年來也有所下降,表明保利集團(tuán)的共生財(cái)務(wù)戰(zhàn)略對提高公司價值有正向的影響作用。研究結(jié)果表明,保利集團(tuán)具有共生觀的財(cái)務(wù)戰(zhàn)略的實(shí)施對公司價值的正向作用,有利于實(shí)現(xiàn)共生圈中利益相關(guān)者的互利共贏,為房地產(chǎn)企業(yè)在未來的發(fā)展中如何實(shí)施財(cái)務(wù)戰(zhàn)略提供了參考。
[Abstract]:In the operation of market economy, resources are allocated through the "competitive mechanism". However, after the financial crisis broke out, the market economy was questioned unprecedented, and the symbiotic theory of ecology was introduced into economics. The theory of competing strategy and the theory of corporate social responsibility provide a new value orientation for the operation of enterprises. With the development of global economy, enterprises need to change their thinking mode and establish new values. To find a scientific way to improve the transformation of symbiotic theory. The real estate industry has gradually become the focus of macro-control by the object of the state's vigorous support and development. Because of its own characteristics, the real estate industry is capital-intensive. Therefore, the financing ability of the real estate enterprises is directly related to the financial risks faced by the enterprises, and the formulation and implementation of the appropriate financial strategy can make the real estate enterprises survive the severe winter of the policy. This paper takes Poly Group as the carrier and analyzes the impact of the implementation of its financial strategy on the value of the company from the perspective of symbiosis. First of all, it introduces the background and development process of Poly Group. The paper analyzes its solvency and profitability in recent years. Secondly, based on the theory of symbiosis, it collates the financial strategy of Poly Group in raising, investing and distributing funds. It is concluded that Poly Group's financial strategy with symbiotic view is more suitable for the transformation of competition pattern in modern society and has the advantage of sustainable development. Finally, EVA is selected to evaluate the implementation effect of its financial strategy in terms of company value. The economic added value of Poly Group is calculated by using adjusted net operating profit and total capital and capital cost according to CAPM model. It is found that the economic added value of Poly Group has risen significantly. Moreover, the weighted average capital cost of the group has also decreased in recent years, which indicates that Poly Group's symbiotic financial strategy has a positive effect on improving the value of the company. Poly Group has the positive effect of the financial strategy of symbiotic view on the value of the company, which is helpful to realize the mutual benefit and win-win of the stakeholders in the symbiotic circle, and provides a reference for the real estate enterprise how to implement the financial strategy in the future development.
【學(xué)位授予單位】：蘭州大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F279.26

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