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论文编号：	11709
作者编号：	2320170591
上传时间：	2020/6/19 21:50:34
中文题目：	LA公司财务战略研究
英文题目：	Research on Financial Strategy of LA Company
指导老师：	李莉教授
中文关键字：	财务战略；筹资策略；投资策略；分配策略
英文关键字：	Financial Strategy; Financing Strategy; Investment Strategy; Distribution Strategy
中文摘要：	我国农机行业飞速发展，取得了令人瞩目的成就，但是行业在财务战略方面普遍出现各种问题，导致行业发展徘徊不前。本文以财务战略为抓手，使用先进的财务理论，结合LA公司经营的实际情况，发现财务战略中的筹资问题、投资问题和收益分配问题，对LA公司财务战略进行优化设计，改善公司财务状况和可持续发展能力。LA公司是农机行业的领导品牌，它的发展历程和财务战略问题，在农机行业有一定的代表性，对同行业财务战略优化具有参考价值和借鉴作用，同时检验了财务理论的价值性。本文采用案例研究等方法，以LA公司财务战略为研究对象，发现企业经营中财务战略出现的问题，对原有财务战略进行优化设计，最后得出研究结论。第二章主要梳理财务战略相关财务理论，为后续公司战略优化设计提供理论基础。第三章对LA公司环境和财务战略进行分析，指明行业需求升级和马力上扬的结构性市场机遇，同时研究了LA公司的发展历程、商业模式、价值链、核心资源和核心能力，发现 LA公司财务战略问题并分析原因。第四章分别对筹资策略、投资策略和收益分配策略提出优化设计方案。第五章为LA公司财务战略执行提供保障措施。本文主要结论是：筹资策略方面，LA公司筹资需要考虑公司最优资本结构，在筹资策略方面先内部筹资后外部筹资，先债权筹资后股权筹资方式，企业同银行建立业务联盟可以形成筹资优势。投资策略方面，经济增加值的考核方式可以抑制公司的追逐热点投资等现象，先进的NPV和IRR投资决策方法可以明显改善投资决策能力。收益分配策略方面，在收益分配上内部适度留存收益筹资方式，创造企业价值后再分配给股东的制度安排，可以取得企业各方利益相关者的多赢；员工“虚拟股权”的安排，高管团队确定收益（DB plan）方式养老金计划、延迟奖金发放的安排和高管持股可以协调企业和高管利益，改善高管忽视公司长期发展的现状。
英文摘要：	There are remarkable achievements and rapid development have been made in Chinese agricultural machinery industry, however many problems in the financial strategy of the industry, resulted in the barrier of industry development. This paper takes financial strategy as the research subject, designing to optimize the company's financial strategy, improving the company's financial condition and the sustainable development ability, which used advanced financial theory, combing with the actual situation of the company's development to discover the financing problems, investment problems and income distribution problems in financial strategy. LA company is a leading brand in agricultural machinery industry. its development history and financial strategy problems, represented the industry's development problems with reference value, at the same time tested the financial theory. The paper adopts case study method, taking the financial strategy of LA company as the research object, discovers and analyzes the problems of financial strategy, optimizes the design of financial strategy, to get the research conclusion. The second chapter mainly study the literature related to financial strategy and financial theory to provide theoretical basis to the optimization design of corporate strategy subsequently. The third chapter analyzes the external environment, points out the structural market opportunities for the upgrading of industrial demand and the increase of horsepower. studies the LA company’s development history, business model, value chain, core resources and core capabilities of LA company, discover and analyze the problems in the financial strategy. The fourth chapter optimizes the design of financing strategy, guided by advanced financial theories such as financial strategy matrix. The fifth chapter, provides guarantee measures to the implementation of financial strategy. There are main conclusions can be summarized as: The first one is financing strategy, financing of company needs to be consider the company's optimal capital structure, in terms of financing strategy first internal financing and then external financing, first debt financing and then equity financing, Companies and Banks to establish business alliance to form financing advantage. The second one is investment strategy: the assessment method of economic value added can restrain the company's inefficient investment, and the advanced NPV&IRR project investment decision-making methods can improve the investment decision-making ability significantly. The third one is distribution strategy: there is multi-win of all stakeholders of the enterprise by appropriate internal retained earnings financing, then distribution to shareholders through rights offering arrangement after creating enterprise value. The arrangement of "virtual equity" for employees, DB plan of pension, deferred bonus arrangement and senior management shareholding can coordinate interests between Senior executives and companies, improving the situation that executives ignore the long-term development of the company.
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