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论文编号：	4800
作者编号：	2120102618
上传时间：	2012/12/11 22:01:09
中文题目：	Z公司国际化进程中营运资金管理问题研究
英文题目：	A Research on Working Capital Management of Z Company in Internationalization Process
指导老师：	曾亚敏
中文关键字：	营运资金管理 国际化 现金周转率
英文关键字：	Working capital management Internationalization
中文摘要：	Z公司为国内具有煤炭经营资质的煤炭供应链服务商,通过提供煤炭配送、运输、加工等服务创造价值赚取利润。在国家强化对煤炭资源控制的背景下，由于生产领域竞争机制的弱化，Z公司对煤炭供应商的议价能力遭到削弱，生存空间受到挤压。同时，国际金融危机的持续引起世界范围内总需求的下降最终导致了世界市场上煤炭价格的下跌，煤炭供应链服务商纷纷进入国际市场寻求资源。Z公司基于经营环境的变化做出了国际化的战略调整，但是营运资金短缺却成为其进入国际市场的一道屏障。因此，强化营运资金管理成为必要选择。但是，目前基于流动资产和流动负债的营运资金管理理念却无法解决Z公司国际化进程中投资、筹资等问题，因此本文在借鉴国内外关于营运资金管理最新研究成果的基础上，采取把投资、筹资等活动纳入营运资金管理体系的理念，探讨营运资金管理问题。本文首先回顾了国内外营运资金管理理论，接着简单介绍了我国煤炭行业发展历程，比较了国内外煤炭行业的差异；分析了Z公司进行国际化的必要性和有利条件，并对其国际化进程做了分阶段设计。本文对Z公司营运资金需求和来源进行分析后发现营运资金短缺是Z公司营运资金管理的核心问题，而营运资金周转效率低和资金来源单一是造成该问题的主要原因。针对该问题，本文从经营活动、理财活动和营运资金风险管理三方面对Z公司营运资金管理提出了对策，以期实现营运资金供需平衡；并对营运资金供需平衡后的资产负债结构作出了预期。最后，本文探讨了营运资金管理的结论，对需要持续关注的问题进行了说明。
英文摘要：	Company Z is a domestic coal supply chain service providers with coal-business qualification, by providing coal distribution, transportation, processing and other services to create value and make profits. Under the background of strengthening control on coal resources by the nation, due to the weakening of the competitive mechanism in the areas of production, the bargaining power to the suppliers of coal of company Z is weakening and its living space is squeezed. At the same time, the continuing international financial crisis has exerted a decline in worldwide demand and eventually led to the drop in coal prices on the world market, a lot of coal supply chain service providers enter the international market to find the resources. According to the changes in the operating environment, Company Z make adjustment to internationalization strategy, but the shortage of working capital has become a barrier to enter the international market. Therefore, to strengthen working capital management becomes necessary selection. However, at present, the working capital management philosophy based on the current assets and current liabilities can not resolve company Z’s investment, financing and other issues in the process of internationalization, this article on the basis of the draw at home and abroad of the latest research results of the working capital management, and on the concept of taking the investment fund-raising and other activities into the working capital management system to explore the problem of working capital management. The paper first reviews the domestic and international working capital management theory, followed by a brief course of development of the coal industry in China, compared the differences of the coal industry at home and abroad; analyses the necessity and favorable conditions of company Z’s internationalization, and do phrase design of its process of internationalization. By analysis Z Company's working capital requirements and sources, it founds the shortage of working capital is the core issue of working capital management, low efficiency of operating cash flow and a single source of funding are the main reasons causing the problem. To solve the problem, the paper from operating activities, financial activities and working capital risk management three aspects to get measures on working capital management of company Z to achieve working capital supply and demand balance; makes the expectation on asset and liability structure after working capital balance of supply and demand. Finally, the paper discusses the conclusions of the working capital management, and explains the need to continue focusing on some problems.
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