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论文编号：	8622
作者编号：	2220140576
上传时间：	2016/11/29 22:01:56
中文题目：	DW公司营运资本管理研究--基于杜邦分析工具的视角
英文题目：	Company DW Working Capital Management Study--Base on Dupont Analysis point of view
指导老师：	李莉
中文关键字：	营运资本；资产周转效率；企业价值最大化
英文关键字：	Working Capital; Asset Turnover Efficiency; Enterprise Value Maximization
中文摘要：	营运资本包含了企业在日常运营中的货币资金、应收帐款、存货以及应付帐款等短期的流动性比较强的资产和负债项目，是企业日常财务管理中非常重要的内容。营运资本相对于长期资产和负债来讲，具有较强的流动性。良好的营运资本管理可以帮助企业保持合理的资产负债结构，平衡企业的资金成本和偿债能力，高效的营运资本运转效率，可以提升资产周转效率，改善权益净利率指标，对企业价值最大化起到积极的拉动作用。营运资本就像是企业的血液，要永远保证通畅运行，一旦断裂，对企业可能产生致命的影响。 因此，营运资本的研究，对企业的意义非常重要，尤其是在中国经历过了改革开放的30年的经济高速发展阶段后，现在的经济发展已经进入新常态，企业很难再依靠粗放式的发展方式保持竞争优势，企业要想保持可持续地增长，就要在管理上下功夫，在通过收入增长把企业做大的同时，还要依靠加强资产管理效率等方法把企业做强。 本论文参考了国内外学者对营运资本研究的理论和案例，以一家美国在华投资的外资企业为案例，介绍了公司在营运资本管理方面遇到的困难，把重点放在了营运资本周转效率的研究上，通过公司制定的一系列的应对措施，在提高收入的同时，又加快了营运资本的周转效率，使得企业保持不断盈利。通过公司在2011年到2015年实际的财务数据的对比，得出了结论：当企业的资产，如流动资产周转效率提升后，企业的价值会得到提高。企业应该不断在资产管理效率方面保持关注和投入。
英文摘要：	Working capital means those assets and liabilities with relatively strong short-term liquidity, which includes the monetary funds, accounts receivable, inventory and accounts payable of enterprises. It is a very important part in the daily financial management of enterprises. Working capital is with higher liquidity than the long-term assets and liabilities. Good working capital management can help enterprises to maintain a reasonable structure of assets and liabilities to balance the cost of capital and solvency. Working capital with high capital operating efficiency can improve the efficiency of asset turnover, improve the equity net profit target and make the enterprise value maximization to a positive pulling effect. Working capital is like the blood of enterprises, which can ensure smooth operation, and once it is broken, the enterprise may have a fatal impact. Therefore, the study of working capital is of great significance to enterprises. Especially after China has experienced 30 years of rapid economic development, China's economic development has now entered a new normal. It is very difficult for enterprises to rely on the extensive development mode to maintain competitive advantage, and in order to maintain sustainable growth, we must work hard in the management of income growth through, but also rely on strengthening the efficiency of asset management and other methods to make the enterprise stronger. Based on the theory of working capital management, this paper introduces the theory and case of domestic and foreign scholars on working capital, and introduces the difficulties of working capital management in the case of a foreign-funded enterprise in China. The focus on the study of working capital turnover efficiency through the company is to develop a series of response measures to increase revenue, while speeding up the turnover of working capital efficiency and making the enterprise to maintain profitability. Through the actual financial data comparison of the company from 2011 to 2015, we came to the conclusion: when the enterprise's assets, such as the turnover of liquidity efficiency get higher, the enterprise value will be improved. Companies should continue to focus on asset management efficiency and investment.
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