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论文编号：	3049
作者编号：	2120082590
上传时间：	2011/5/19 14:24:34
中文题目：	基于财务报表分析的连接器企业经营能力研究
英文题目：	Operating capability research of connector company base on financial statements analysis
指导老师：	周晓苏
中文关键字：	连接器行业 得润电子 财务报表分析
英文关键字：	connector industry;Deren Electronics;financial statements analysis;operating capability
中文摘要：	摘　要 连接器行业作为电子行业的重要分支和核心子行业，是用途最为广泛的电子元件之一，广泛运用于计算机、电信、网络通讯、工业电子、交通运输、航空航天、医疗器材及汽车工业等领域，具有行业规模巨大、产品地位重要、下游应用广泛、周期性弱、进口替代空间大等显著特点，是一个具备多种优质属性的行业。经过近几年的快速发展，连接器行业已经成为我国国民经济的重要产业。 随着经济的发展和人民生活水平的提高，我们用的电器越来越多，产品功能也越来越丰富，我们用到的连接器将越来越多。随着消费电子、汽车电子、通信终端市场的快速增长以及全球连接器生产能力不断向亚洲及中国转移，亚洲成为连接器市场最有发展潜力的地方，而中国已经成为全球连接器增长最快和容量最大的市场。据估计，未来中国连接器市场的成长速度将继续超过全球平均水平，未来5年内，中国连接器的市场规模年均增速将达到15%。 除了国际知名连接器制造企业在中国的生产基地外，国内连接器制造企业的技术水平参差不齐。低端连接器制造企业大部分技术落后，手工组装仍占有相当大的比重，技术开发能力不足。而一些中高端连接器制造企业经过多年追赶国际先进水平，在研发和制造水平上与国际水平差距较小，部分技术甚至已经领先于世界水平。在一些重要的领域，国内水平相比于国际先进水平仍然存在较大的差距。 国内的连接器生产厂家和外资企业相比的确在核心技术、生产规模等方面有太大的差距，对于如何培养自己的技术能力，做强做大，国内的企业都有自己的想法和思路，并且已经在行动。我作为其中的从业人员之一，也想通过解读外资企业的竞争优势，给国内的连接器生产厂家做出比较，从而认真分析自己的不足，向行业标杆学习，构筑起自身的竞争优势。 得润电子自1992年成立至今，一直专注于连接器的研发、制造与销售，产品涉及电子连接器、电子电器线束、精密模具、汽车电子等，广泛应用于家用电器、通讯、计算机及外围设备、汽车、医疗设备、工业等领域。得润电子目前与国内家电巨头四川长虹、海尔集团、康佳集团、创维集团形成了长期合作的战略伙伴关系，目前已成长为中国大陆最具规模与实力的专业电子连接器制造企业。得润电子作为连接器行业中的上市公司，其经营业绩和财务表现具有行业代表性。 作者选择从一个财务报表外部使用者的角度，以上市公司“深圳市得润电子股份有限公司” 和“中航光电科技股份有限公司”、“泰科电子有限公司”对外公布的财务报表和年度报告为分析对象，依据财务报表分析的相关理论，对得润电子和泰科电子的经营能力进行全面的比较分析，试指出得润电子在经营管理方面与同行中航光电及连接器行业全球领导者泰科电子的差距，并提出相应的建议，以供得润电子的管理者及相关同行决策参考。 本文以目标公司的行业分析为出发点，首先对整个行业进行介绍分析并结合经济环境，对企业的获利能力和竞争力进行分析，从而对于得润电子这一行业中的企业所处的环境及其采取的战略有了初步的认识和了解。其次，通过对得润电子进行战略分析，分析公司背景及其组织架构，运用SWOT分析法对其进行尽量详尽的分析，得到一个基本概况。随后通过对得润电子2007年至2009年的财务报表及附注和相关董事会决议公告等资料，运用财务报表分析的方法，首先对得润电子的财务状况进行了深入的趋势分析，包括偿债能力分析、营运能力分析、盈利能力分析及发展能力分析。接着对得润电子与中航光电及泰科电子2007至2009年这三年的财务报表进行横向对比分析，从而对得润电子的财务状况、经营成果做出说明，并对引起目前财务状况和经营成果的原因做出具体的分析，以找出问题，发掘潜力，进而对得润电子的经营能力进行分析，并针对其经营能力问题，为公司未来的可持续发展尝试提出相应的建议对策,最后是本文的研究结论。 随着全球经济复苏，前期被压制的电子产品需求将开始释放。2008 年的国际金融危机加速了国际产能转移，推进了笔记本电脑等终端应用产品的升级换代，欧美等国际连接器巨头纷纷在亚太地区和中国大陆寻求合作伙伴，全球连接器行业进一步整合，中国连接器行业面临巨大机遇，可进一步承接国际产能转移，进行国内外产业链整合，提高行业集中度，实现行业的跨阶段发展。面对这样的机遇和挑战，公司需要继续加强各项基础管理工作，继续加强成本控制，密切与供应商的战略合作关系，降低各项成本；积极推进工艺改进和设备更新，提高装备自动化水平，提高产品质量、提升效率、降低生产成本；推动公司信息化进程，不断优化和完善管理流程；加强团队和制度建设，完善人才激励机制，强化企业文化的宣导，增加公司凝聚力和向心力，促进公司业绩和管理水平的进一步提升。更加积极的参与到国际竞争合作当中，成为国际供应链中的重要一环，充分利用上市公司和国际合作的平台，进一步做大做强连接器行业。 同时，得润电子需要在保持原有产业优势的同时，将继续积极引进行业具有丰富管理和技术经验的国际化高端人才，加大研发投入，提升设计开发能力，积极优化产品结构，逐步提高以精密模具、精密组件为主的中高端产品的生产规模，积极拓展通信、电脑等高端连接器和汽车连接器市场。在快速变化的全球经济形势下，得润电子需要冷静、审慎应对，坚持以专业的理念，走创新发展之道，持续引进国内外行业尖端人才，打造具有国际化背景的专业管理团队，深化与全球连接器国际大企业的战略合作关系，加快产品技术创新与规模化发展步伐，并积极参与行业整合，力争使得润电子成为具有国际竞争力的专业连接器制造企业。
英文摘要：	Abstract The connector industry as an important branch of the electronics industry and the core sub-sectors, is one of the most widely used electronic components, widely used in computers, telecommunications, network communications, industrial electronics, transportation, aerospace, medical equipment and automobile industries and with notable features of huge industry size, products of important status, a wide range of downstream applications, weak periodic, large space of import substitution, it is a industry with a variety of premium property. After several years of rapid development, the connector industry has become an important industry in our national economy. With economic development and people's living standards improvement, the more electrical appliances we use, the richer of product features, the more connector used. With the rapid growth of consumer electronics, automotive electronics, communications end markets and the global production capacity of the connector to keep transfer to China and Asia, Asia has become the most potential connector market, and China has become the world's fastest growing and the largest capacity market. It is estimated that the future growth of the Chinese connector market rate will continue to exceed the global average, in the next 5 years, the Chinese connector market size will reach 15% average annual growth rate Except international well-known connector manufacturer based in China, skill level of domestic connector manufacturing company is vary. Low-end connector manufacturer is mostly with backward technology, and manual assembly still occupies a large proportion, lack of technology development capacity. After years of catching up international advanced level, gap between some high-end connector manufacturers and the international level regarding the level of R & D and manufacture is narrow, and part of the technology has even led the world level. In some important areas, gap between the domestic level and the advanced level of the international still exists. It’s indeed that there’s great gap between domestic connector manufacturers and foreign ones with regard to core technology, production scale etc. How to develop their own technical capability, to be big and strong, domestic enterprises have their own thoughts and ideas, and has been in action. As one of the employees, I’d like to study the competitive advantage of foreign-funded enterprises, and find out our weakness after careful analysis and comparison, so as to benchmarking the best practice and build our own competitive advantage. Deren Electronic has been established since 1992, has been focusing on the development, manufacture and sale of connector, its products involving electronic connectors, electronic wire harness, precision molds, automotive electronics, widely used in household appliances, communications, computers and peripherals Equipment, automotive, medical equipment, industrial and other fields. Right now, Deren have formed a long-term strategic partnership with domestic appliance giant Sichuan Changhong, Haier Group, Konka Group, Skyworth Group. It has grown into the largest and the most professional electronic connector manufacturer in mainland China. Deren electronic is a listed company in connector industry, its operating results and financial performance is with industry representative. In view of external user of financial statement, make analysis and comparison to the financial statements and annual Report of the listed company Shenzhen Deren Electronic Co., Ltd., China Aviation Optical Technology Co., Ltd., Tyco Electronics Ltd., based on relevant financial analysis theory. Making comprehensive comparative analysis of operating capability between Tyco Electronics and Deren electronic so as to find out the gap and suggest recommendations for Deren and related electronic peer’s decision-making accordingly. In this paper, it begins with industrial analysis of the target company, firstly introducing and analyzing the industry and analyzing profitability and competitiveness considering economic environment in order to have a preliminary knowledge and understanding of the environment and he strategies adopted by Deren electronic. Secondly, through the strategic analysis, company background and organizational structure analysis of Deren electronic by using SWOT, a basic overview is gained. Financial statements and related notes and the announcements of board during fiscal year 2007-2009 is analyzed deeply, and trend analysis of the financial position is performed, including the solvency analysis, operating capability analysis, profitability analysis and development capability analysis. Then horizontal comparison are made with Tyco Electronic, China Aviation Optical regarding financial statements from 2007 to 2009, and thus explain financial position, operating results of Deren, and do specific analysis in order to identify route cause, recognize potential, and contribute to the company's future sustainable development. With recovery of global economic, pre-suppressed demand for electronic products begin to release. In 2008 the international financial crisis accelerated the international production capacity transferred, which pushed the upgrading of advanced notebook computers and other end applications, Europe and other international connector giants come to seek partners in the Asia Pacific region and China, resulting in further consolidation of the global connector industry, the Chinese connection device industry is facing great opportunities. It can further undertake international production capacity transfer, with the integration of domestic and industrial chain and improvement of industry concentration, then to achieve cross-stage development. Faced with such challenges and opportunities, companies need to continue to strengthen the basic management to continue to strengthen cost control, working closely with the strategic suppliers to reduce the cost, and actively promote the process improvement and equipment upgrade and improve the level of automation equipment, improve product quality, enhance efficiency, reduce production costs, and to promote the progress of company information management, to optimize and improve the management process; to strengthen the team and system building, improve the incentive mechanism, strengthen the promotion of enterprise culture and increase the company cohesion and solidarity, to promote the company the level of performance. More actively participate in international competition and cooperation among the international supply chain to become an important part of making full use of the platform of listed companies international cooperation in order to further enlarge and strengthen the connector industry. Despite maintaining the original industrial advantages, Deren will continue to actively attract international top talent with rich experience in management and technology, increase investment in research &development to improve the design and development capabilities, to actively optimize the product structure, so as to increase of precision molds, precision component gradually, and actively expand the communications, computer and other high-end connectors and automotive connector market. In the rapidly changing global economic environment, Deren electronic needs be calm and cautious, adhere to the professional concept, and take the road of innovation and development, continuing to introduce cutting-edge domestic and international top talents to build an international background professional management team, strengthen strategic partnership with Global Connector corporate to accelerate product innovation and the pace of large-scale development, and actively participate in industry consolidation, so as to make Deren to become internationally competitive electronics professional connector manufacturer.
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