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论文编号：	7971
作者编号：	2120132539
上传时间：	2015/12/9 11:43:03
中文题目：	中铝国际工程股份有限公司运营资本管理
英文题目：	Working Capital Management Research of China Aluminum International Engineering Corporation Limited (Chalieco)
指导老师：	黄福广
中文关键字：	运营资本管理；资本结构；供应链；中铝国际
英文关键字：	working capital management；capital structure；supply chain；
中文摘要：	运营资本管理是企业日常财务管理的重要内容，关系到企业的生存与发展，运营资本政策和管理效率将直接影响企业的价值，在一定程度上影响企业的收益水平和风险的高低，随着国企改革的不断深入，企业要面对国家宏观经济政策调整以及资本市场不断完善带来的压力和挑战，特别是进入后金融危机时期，市场疲软，企业利润空间下降，目前国内经济下行压力不断加大，有色金属行业形势严峻，工程公司正在逐步转型升级，EPC 工程总承包和垫资业务的比重不断增加，资金需求量剧增，这给企业的运营资金管理带来了很大压力。通过对国内外运营资本管理的研究成果及相关理论的回顾与梳理，总结了运营资本管理的基本理念，包括传统的运营资本的管理理论以及运营资本管理理念的新发展，并探讨了上述理论在企业中的应用和存在的局限，本文采用企业诊断法，选取中铝国际工程股份有限公司作为研究对象，介绍了中铝国际工程股份有限公司运营资本管理的现状，分别从要素分析、结构分析、供应链管理以及预算的不确定性带来的影响等不同角度分析了公司目前存在的问题，提出了相应的改进方案，希望能给企业改进运营资本管理提供借鉴，促使企业采取合理有效的运营资本管理策略以增强企业的竞争力。
英文摘要：	Working capital management is important part of routine financial management of enterprises, which concerns survival and development of enterprises and its policy and management efficiency will have direct impact on the value of enterprises and influence profitability and risk level of enterprise to some extent. Along with deepening of national enterprise innovation, enterprise have to face pressure and challenges brought from national macroeconomic policy adjustment and continuous perfection of capital market.In particular, entering into post financial crisis era with weak market, enterprises’ profit margin lowers. At present, national downward pressure on domestic economy increasing, non-ferrous metal industry deteriorating and many engineering companies pursuing transition, EPC contractingbusiness with fund keeping fast growing resulting into a leap of fund demand will definitely bring huge pressure to working capital management of enterprise. Through review and analysis of domestic and foreign working capital management research results and relative theory, the paper concludes the basic theoryof working capital management, including traditional working capital management theory and its new developmentand analyze the application and existence limitation of above theory in the enterprise. In the paper, method of diagnosis is used to conduct a deep research of Chalieco in terms of working capital management situation, such as analysis of issues in Chalieco from different perspectives of the element analysis, structure analysis, supply chain management and influence of budget uncertainty. In addition, corresponding improvement methods have been proposed in the paper for the purpose ofproviding reference on improving working capital management of Chalieco and urging Chalieco to take reasonable and efficient working capital management policies to enhance its competitiveness.
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