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论文编号：	13257
作者编号：	2320180774
上传时间：	2022/6/9 14:32:54
中文题目：	苏宁易购资产配置问题及优化研究
英文题目：	Research on Asset Allocation Problems and Optimization in Suning.Com
指导老师：	王志红
中文关键字：	苏宁易购；资产配置；多元化动机；资金流动性
英文关键字：	Suning.Com；Asset Allocation；Diversification motivation；Liquidity
中文摘要：	资产配置对于公司来说是非常重要的一部分。资产配置不能只见树木不见森林，较多考虑单个投资标的，缺少对资产组合整体风险收益的考虑。企业无序扩张和不合理资产配置过多，会挤压经营资产投资，影响企业的经营发展，使企业陷入困境。近两年苏宁易购发展受阻，甚至经营活动一度陷入困境，我认为主要原因为资产配置出现问题。 本文选取苏宁易购作为研究案例，首先介绍苏宁易购基本情况，然后对其2016-2020年间的资产配置情况进行梳理，识别资产配置方面存在的问题，深入分析这一系列问题的原因。良好适度的资产配置可以提升利润和现金流，帮助企业纾困。但是苏宁易购资产配置存在许多问题，例如：与主业无关的非经营资产金额过大、资产配置结构不合理、背离主业盲目多元化、现金流不足引发偿债风险等等。分析其主要原因为资产配置脱离主业盲目扩张、错误以多元化动机为首位、主营业务和资产配置均无起色、投资决策未通过科学论证等等。从而提出聚焦主业来提升利润水平，优化资产配置结构、降低资产配置金额，战线收缩回笼资金等建议。 本文结合苏宁易购实际经营情况，通过分析研究其资产配置的情况及相关问题，剖析其原因并提出相应的改进建议，为其他类似企业提供警示，避免发生同类情况。因此，实体企业应正确认识资产配置，在公司的实际经营过程中，聚焦企业核心业务，根据自身情况科学制定合理的资产配置方案。我认为具有一定的研究意义，对其他企业有一定的参考意义。
英文摘要：	Asset allocation is a very important part of a company. Asset allocation can not only see the trees without seeing the forest, giving more consideration in individual investment targets, but thinking less about the risk and return of the entire asset portfolio. Too much unreasonable asset allocation and disorderly expansion of enterprises will squeeze investment in operating assets, affect the operation and development of enterprises, and make enterprises fall into difficulties. In the past two years, the development of Suning.Com has been in hot water, and even its business activities have been in trouble for a while, and I think the main reason is that there are problems in the asset allocaiton. This paper selects Suning.Com as a research case, firstly introduces the basic situation of Suning.Com, and then analyzes the asset allocation from 2016 to 2020, deeply analyzes the problems that arise, and then sorts out the causes of this series of problems. A good and moderate asset allocation can help companies bail out in the short term, boosting profits and cash flow. However, there are many problems in the asset allocation of Suning.Com, such as the amount of non-operating assets unrelated to the main business is too large, the asset allocation structure is unreasonable, the blind diversification of the divergence from the main business, and the debt repayment risk caused by insufficient cash flow. The main reasons are that asset allocation deviates from the blind expansion of the main business, the mistake of taking diversification motive as the first priority, the main business and asset allocation have not improved, and the investment decision has no scientific demonstration. Therefore, it proposes to focus on the main business to boost profits, optimize the asset allocation from the structure reduce the amount of asset allocation, strengthen internal equity financing and external financing, shrink the front to withdraw funds, and appropriately make surplus management. Based on the actual operating situation of Suning.Com, this paper studies the situation and the relevant problems of its asset allocation, analyzes the reasons and puts forward corresponding improvement suggestions, which can provide warning for other similar enterprises and avoid similar situations. Therefore, the entity enterprises should correctly understand the financial asset allocation, focus on the core business of the enterprise in the actual operation process, according to their own situation, scientific development of a reasonable financial asset allocation scheme, has certain research significance.
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