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论文编号：	11486
作者编号：	2320170503
上传时间：	2019/12/18 18:59:46
中文题目：	JL国有公司投资与资金运作策略研究
英文题目：	Research on Investment and Capital Operation Strategies of JL State-owned Company
指导老师：	李国林
中文关键字：	投资 资金运作 行业选择 投融资评价
英文关键字：	Investment，Capital operation ，Industry choice，Investment and financing evaluation
中文摘要：	当前，我国的经济发展已经进入了新常态，经济发展方式转变加快。天津市正处在新的历史起点上，京津冀协同发展、“一带一路”战略、滨海新区开发开放、自贸区建设和国家自主创新示范区建设五大战略机遇叠加于一身的发展形势中，天津国资系统在战略新兴产业布局、国有资产重组、转型升级等方向上享有政策的有利条件，发展机遇千载难逢，发展潜力十分巨大。在这样的过程中，国有经济肩负了稳定经济的重任，作为中国特色社会主义市场经济的物质基础和政治基础，能否让国资得以有效配置，具有与之规模、地位相匹配的市场竞争力，对于中国经济发展具有十分重要的意义。国有资本投资运营公司作为国资监管的重要平台，是决定国资能否得以有效配置、国资竞争力是否被积极调动的助推器和操盘手。 JL国有公司是一家分布津港两地，连接境内、境外的国有资本投资运营公司，主要业务以股权投资和境内外资金运作为主，自成立以来，通过资源整合、资本运作、资产经营、资金融通和项目投资的方式，凭借“立足天津、依托香港、面向世界”的核心理念，服务了天津市众多国有企业，有效促进了国有资本优化配置、产业布局调整，有力支持国有企业发展壮大。作为一种新兴行业，国有资本投资运营公司面对的几乎都是没有前例可循，没有经验借鉴的疑难杂症。在这些复杂问题的影响下，要如何运营好国有资本投资运营公司，是新时代国有企业改革课题面临的重大考验。虽然JL国有公司本身具有境内外投融资经营管理的实战经验和资源优势，但也同样面临着国有企业存在的种种同质化问题，在改组为国有资本投资运营公司后，在投资与资金运作方面的任务更加艰巨，如何更好的扮演投资和资金运作平台角色至关重要。本文希望通过对结合JL国有公司实际情况，对其目前在投资与资金运作方面存在的问题寻找化解途径，使其能够充分发挥国有资本投资运营公司的相关作用。 文主要围绕JL国有公司投资与资金运作策略，综合运用各类文献内容，采取比较分析并结合JL国有公司实际特点等方案进行研究，通过文献理论与JL国有公司实际经营情况相结合，从JL国有公司核心主业投资与资金运作两方面入手，收集了JL国有企业现有的投资情况如融资数据，探索出适合JL国有公司经营特点与现状，在投资与资金运作方面存在的问题与解决途径，以及相关策略保障措施。在投资方面，特别针对不同行业选择提出不同的应对策略，采用数据模型对投资效果进行后评价，并通过组合投资模型对投资风险进行防范；在资金运作方面，对现有资金市场环境分析，提出目前适合JL国有公司使用的融资工具，JL国有公司地处津港两地优势，提出特别是在跨境资金融通方面的意见和建议，使资金融入手段更加多元化。本文研究框架主要采取文献梳理和实例研究相结合的方式进行，以JL国有公司为例，对其背景、环境、现状进行详细描述，进行内外部环境分析，结合中外学者专家相关文献研究成果进行对比，查找公司存在的不足，探索具有针对性的改进途径。通过在JL国有公司的长期工作经验优势，作者收集了有关JL国有公司关于投资与资金运作情况数据，用于进行更有针对性的现象分析，并根据分析结果提出目前存在的问题和不足，结合对于文献内容的研究和现有市场行情分析对比，提出解决方案意见，同时利用数据模型来检测投资与资金运作效果。 本论文采取了文献研究与案例研究互相结合的方法，梳理了国有资本投资运营公司成立背景和投资、资本运营相关基础理论，并对JL国有资本投资运营公司的设立背景、公司历史沿革和经营目标进行剖析，寻找在投资、资本运营和公司其他方面存在的问题与困境，试图找到适应JL国有资本投资运营公司的投资与资本运作策略。首先描述了论文选题背景和选题意义，概述了论文结构和相关理论依据，解释了JL国有公司的成立背景，以及重组成为国有资本投资运营公司，公司主要职责经历的前后转变历程。而后剖析JL国有公司的经营现状、特点和问题，JL国有公司投资策略和资金运作策略。最后提出了JL国有公司投资与资金运作策略的实施保障条件，包括公司组织架构、人力资源支持、风险防控等方面内容。最后本论文主要形成以下结论： 在长期投资项目方面，慎重选择进入的行业。行业选择对于长期投资项目有着至关重要的影响，确定企业未来的发展方向和盈利能力，对于JL国有公司一家资产如此庞大的津港两地企业，在行业选择上需要尤为谨慎，如果行业过于分散、难以整合，不仅会使企业丧失竞争力，还会使得企业陷入资金困境。 在短期投资项目方面，市场风险是尤为关键的影响要素。进行短期投资之前，必须对市场环境进行深入分析，对市场趋势进行适当预判，合理匹配短期投资项目类别，在风险与收益上双重考量，才能保证企业资金流健康稳定，才能使企业获得良性循环。 在长期融资方面，需要注重慎重选择产品，优化融资结构，同时利用好JL国有公司在港平台优势，充分发挥境外融资资源优势和成本优势，并需要避免融资偿还期限过于集中，做好债务风险的预警工作。 在短期融资方面，需要特别注意融资的择时性，并适当选择长期融资与短期融资相组合的模式，规避市场价格高峰时期，在必要时可以选择激进型债务融资策略，但需要控制好短期融资的规模。
英文摘要：	At present, China's economic development has entered a new normal, the transformation of economic development mode accelerated. Tianjin is at a new historical starting point, the coordinated development of beijing-tianjin-hebei, "area" strategy, the development of binhai new area and free trade area construction and the national independent innovation demonstration area construction in a superposition of five strategic opportunities to the development of the situation, tianjin governing system in strategic emerging industry layout, such as state-owned assets restructuring, transformation and upgrading direction enjoy policy advantages, the development opportunity, development potential is very huge. In this process, the state-owned economy has shouldered the important task of stabilizing the economy. As the material and political basis of the socialist market economy with Chinese characteristics, it is of great significance for China's economic development whether the state-owned assets can be effectively allocated and have the market competitiveness commensurate with its scale and status. As an important platform of state-owned assets supervision, state-owned capital investment operation company is the booster and operator that determines whether state-owned assets can be effectively allocated and whether their competitiveness can be actively mobilized. JL state-owned company is a distribution and Hong Kong, tianjin, the connection of domestic and overseas of the state-owned capital operating company, main business is given priority to with domestic or foreign capital and equity, since its inception, through resource integration, capital operation and assets management, financing and investment way, with "based on tianjin, relying on Hong Kong, facing the world" the core idea, service, many state-owned enterprises in tianjin, effectively promote the optimal allocation of state-owned capital, industrial layout adjustment, strong support state-owned enterprises to grow. As an emerging industry, state-owned capital investment operation companies face almost no precedent to follow, no experience to draw lessons from difficult diseases. Under the influence of these complex problems, how to run the state-owned capital investment operation company is a major test for the reform of state-owned enterprises in the new era. Although JL state-owned company itself has the domestic and overseas investment and financing management of actual combat experience and resources advantage, but also face the problems of homogeneity of state-owned enterprises, after the reorganization of state-owned capital investment company, in terms of investment and capital operation task more difficult, how to better investment and capital operation platform role is crucial. This thesis hopes to find solutions to the existing problems in investment and capital operation by combining with the actual situation of JL state-owned companies, so that it can give full play to the relevant role of state-owned capital investment operation companies. Article mainly around JL state-owned company investment and capital operation strategy, the integrated use of all kinds of document content, take the comparative analysis and combining with the characteristics of the JL state-owned companies such as scheme are studied, through literature theory combined with JL state-owned company actual situation, from JL state-owned company core business investment and the two aspects of capital operation, the collection of JL state-owned enterprises existing investments such as financing data, explore suitable for JL state-owned companies operating characteristics and present situation of the investment and capital operation problems and solutions, security measures and related strategies. In terms of investment, different coping strategies are proposed especially for different industry choices. Data model is used for post-evaluation of investment effects, and portfolio investment model is used to prevent investment risks. In terms of capital operation, this thesis analyzes the environment of the existing capital market and proposes financing tools suitable for JL state-owned companies. JL state-owned companies are located in the advantages of tianjin and Hong Kong, and puts forward opinions and Suggestions, especially in cross-border capital financing, so as to make the means of capital integration more diversified. Framework in this thesis we study mainly adopts the literature review and case study the way of combining with JL state-owned company as an example, a detailed description about the present situation of its background, environment, and internal and external environment analysis, combined with Chinese and foreign scholars and experts, comparing the literature research to find the deficiency existing in company, explore ways to targeted improvement. Through long-term working experience in JL state-owned company advantage, the author collected on JL state-owned company on investment and capital operation status data, used in the analysis of the phenomenon of more targeted, and put forward according to the results of the analysis of the current existing problems and shortcomings, combined with literature content research and comparing the existing market and put forward solutions, at the same time use the data model to test effect of investment and capital operation. This thesis adopted the method of literature research and case studies in combination with each other, combed the state-owned capital operating company background and investment investment, capital operation related basic theory, and the JL the establishment of state-owned capital operating company background, company history and analyzes the management goal, looking for investment, capital operation and other problems and dilemmas, trying to find adaptive JL state-owned capital operating company investment and capital operation strategy. Firstly, the thesis describes the background and significance of the topic selection, Outlines the structure of the thesis and relevant theoretical basis, and explains the background of the establishment of JL state-owned company, as well as the transformation process of the company's main responsibilities after restructuring into a state-owned capital investment operation company. Then it analyzes the operation status, characteristics and problems of JL state-owned companies, as well as the investment strategy and capital operation strategy of JL state-owned companies. Finally, the guarantee conditions for the implementation of investment and capital operation strategies of JL state-owned companies are put forward, including the company's organizational structure, human resources support, risk prevention and control and other aspects. Finally, this thesis mainly forms the following conclusions: Choose your industry carefully when it comes to long-term investment projects. Industry choice for long-term investment project has a crucial influence, determine enterprise's future development direction and profitability, for JL state-owned companies a jin Hong Kong enterprise assets so big, need particularly careful choice in the industry, if the industry is too scattered, difficult to integrate, not only can make the enterprise losing competitiveness, also makes enterprises get into financial difficulties. In terms of short-term investment projects, market risk is a particularly critical factor. Before carrying out short-term investment, it is necessary to make an in-depth analysis of the market environment, properly predict the market trend, reasonably match the categories of short-term investment projects, and take both risks and benefits into consideration, in order to ensure a healthy and stable capital flow and a virtuous circle for the enterprise. In terms of long-term financing, it is necessary to carefully select products, optimize financing structure, make good use of the platform advantages of JL state-owned companies in Hong Kong, give full play to the advantages of overseas financing resources and costs, avoid excessively concentrated financing repayment period, and do a good job in early warning of debt risks. In terms of short-term financing, special attention should be paid to the timing of financing, and the combination mode of long-term financing and short-term financing should be appropriately selected to avoid the peak period of market price. When necessary, aggressive debt financing strategy can be selected, but the scale of short-term financing should be controlled.
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