TH公司基于财务视角的企业可持续增长研究
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摘要
增长在激烈市场竞争中,是颇具诱惑的字眼,中国多数企业都崇尚追求高速增长。高速增长往往忽视与企业资源匹配问题,特别是财务资源的协调、匹配,会使企业财务资源严重匮乏,从而出现财务危机,这样的高速增长不具有可持续性。企业的增长是否能够平衡财务资源并与之协调,以避免财务危机在增长中出现,从而确保增长的可持续性,是我们面临一个相当重要的课题,同时,亦是企业管理层尤为关注的课题。
可持续增长模型中的希金斯模型和范霍恩模型,是最具代表性与影响力。分析研究它们基础上,重新构建可持续增长模型。透过重构可持续增长模型,可分析影响企业可持续增长的财务因素及财务因素的变动对企业增长的敏感性。能够帮助企业选择适合自身的可持续增长财务策略,亦可为投资者及管理者提供量化的分析依据,通过对企业的财务信息资料进行全面细致的分析,掌握企业真实有效的信息,判断企业的可持续增长质量,具有重大的实践意义。
本文首先界定了相关概念后对可持续增长的理论内涵进行了阐述、对国内外研究现状进行了概述。通过详细的单项财务分析、杜邦财务分析以掌握企业财务状况及经营成果的前提下,分析企业可持续增长与实际增长的关系是非常必要的。基于财务视角,重构了可持续增长模型,并对可持续增长重构模型相关因素进行了敏感性分析。对重构模型五因素敏感分析,可以帮助我们了解五因素敏感性方面的不同,合理运用五个因素,对企业进行事先规划,亦可以在事中及事后做出基于五因素敏感性角度对企业增长速度健康与否的应变。最后提出公司当企业发展战略调整时,利用重构可持续增长模型制定相应的财务战略,使增长与财务资源协调、匹配,避免财务危机出现,以保证企业增长的可持续性。
通过本文的实证研究,深入分析可持续增长模型这一财务管理工具,帮助企业如何把控企业的增长并能否平衡财务资源及协调好财务资源,以避免财务危机在增长中出现,从而确保增长的可持续性。
In the fierce market competition, growth is a tempting word, especially in China where the majority of enterprises are in their relentless pursuit of rapid growth. Admist the rapid growth, the resource allocation problems, especially the coordination and allocation of financial resources in enterprise are always being overlooked, which leads to serious deficiency in the enterprise financial resources as well as financial crisis. Such rapid growth is the barrier to sustainable development. We are faced with a important task that whether the growth could leverage the financial resources with proper balance and coordination so as to avoid the financial crisis admist development so as to ensure the sustainability of the growth. Such is also a key focus of any company management.
Higgins model and Van Horn model are the most representative and influential model in the sustainable growth theroy. Restructuring of the sustainable growth mode could be achieved based on the analysis of these two models. By reconstructing the sustainable growth model, the analysis on financial factors that affect sustainable growth and sensitivity analysis of the changes in financial factors could be performed. It can help companies choose their own financial strategy for sustainable growth, and also provides a quantitative analysis for investors and managers, who could have detailed and thorough analysis of corporate financial information and capturevalid and effective information to judge the quality of a company's sustainable growth. This is of great practical significance.
This essay defines the relevant concepts, elaborates on the theoretical connotation of sustainable growth, and gives an overview of the research status. It is necessary to analyze the relationship between the sustainable growth of enterprises and the actual growth through detailed financial line item analysis, DuPont financial analysis,and a grasp of the company's financial position and operating results. This essay restructures the sustainable growth model and provides sensitivity analysis of the relevant factors of the model with financial perspective. The sensitivity analysis of five factors of the restructured model can help us understand the different aspects of the sensitivity of the five factors, so as to boost the reasonable use of the five factors and proper planning. It could also assist in making responsive actions to the soundness of growth rate based on the five-factor sensitivity perspective during and after the business cases. Finally,this essay propose that, if the enterprise development strategy has been changed, the use of to restructured sustainable growth model to develop appropriate financial strategy could help in the growth and financial resource coordination, allocation, avoidance of financial crisis, so as to ensure the sustainability of corporate growth.
The empirical research, in-depth analysis of sustainable growth model of financial management tools in this essay could help enterprises control the growth of enterprises and the ability to balance the financial resources as well as coordinate financial resources in order to avoid financial crisis in growth, ensure the sustainable growth.
可持续增长模型中的希金斯模型和范霍恩模型,是最具代表性与影响力。分析研究它们基础上,重新构建可持续增长模型。透过重构可持续增长模型,可分析影响企业可持续增长的财务因素及财务因素的变动对企业增长的敏感性。能够帮助企业选择适合自身的可持续增长财务策略,亦可为投资者及管理者提供量化的分析依据,通过对企业的财务信息资料进行全面细致的分析,掌握企业真实有效的信息,判断企业的可持续增长质量,具有重大的实践意义。
本文首先界定了相关概念后对可持续增长的理论内涵进行了阐述、对国内外研究现状进行了概述。通过详细的单项财务分析、杜邦财务分析以掌握企业财务状况及经营成果的前提下,分析企业可持续增长与实际增长的关系是非常必要的。基于财务视角,重构了可持续增长模型,并对可持续增长重构模型相关因素进行了敏感性分析。对重构模型五因素敏感分析,可以帮助我们了解五因素敏感性方面的不同,合理运用五个因素,对企业进行事先规划,亦可以在事中及事后做出基于五因素敏感性角度对企业增长速度健康与否的应变。最后提出公司当企业发展战略调整时,利用重构可持续增长模型制定相应的财务战略,使增长与财务资源协调、匹配,避免财务危机出现,以保证企业增长的可持续性。
通过本文的实证研究,深入分析可持续增长模型这一财务管理工具,帮助企业如何把控企业的增长并能否平衡财务资源及协调好财务资源,以避免财务危机在增长中出现,从而确保增长的可持续性。
In the fierce market competition, growth is a tempting word, especially in China where the majority of enterprises are in their relentless pursuit of rapid growth. Admist the rapid growth, the resource allocation problems, especially the coordination and allocation of financial resources in enterprise are always being overlooked, which leads to serious deficiency in the enterprise financial resources as well as financial crisis. Such rapid growth is the barrier to sustainable development. We are faced with a important task that whether the growth could leverage the financial resources with proper balance and coordination so as to avoid the financial crisis admist development so as to ensure the sustainability of the growth. Such is also a key focus of any company management.
Higgins model and Van Horn model are the most representative and influential model in the sustainable growth theroy. Restructuring of the sustainable growth mode could be achieved based on the analysis of these two models. By reconstructing the sustainable growth model, the analysis on financial factors that affect sustainable growth and sensitivity analysis of the changes in financial factors could be performed. It can help companies choose their own financial strategy for sustainable growth, and also provides a quantitative analysis for investors and managers, who could have detailed and thorough analysis of corporate financial information and capturevalid and effective information to judge the quality of a company's sustainable growth. This is of great practical significance.
This essay defines the relevant concepts, elaborates on the theoretical connotation of sustainable growth, and gives an overview of the research status. It is necessary to analyze the relationship between the sustainable growth of enterprises and the actual growth through detailed financial line item analysis, DuPont financial analysis,and a grasp of the company's financial position and operating results. This essay restructures the sustainable growth model and provides sensitivity analysis of the relevant factors of the model with financial perspective. The sensitivity analysis of five factors of the restructured model can help us understand the different aspects of the sensitivity of the five factors, so as to boost the reasonable use of the five factors and proper planning. It could also assist in making responsive actions to the soundness of growth rate based on the five-factor sensitivity perspective during and after the business cases. Finally,this essay propose that, if the enterprise development strategy has been changed, the use of to restructured sustainable growth model to develop appropriate financial strategy could help in the growth and financial resource coordination, allocation, avoidance of financial crisis, so as to ensure the sustainability of corporate growth.
The empirical research, in-depth analysis of sustainable growth model of financial management tools in this essay could help enterprises control the growth of enterprises and the ability to balance the financial resources as well as coordinate financial resources in order to avoid financial crisis in growth, ensure the sustainable growth.
引文
[1]顾凌林.防范财务危机的有效途径[J].科技信息,2007,(6)：202-218.
[2]禹培峰.财务可持续增长模型在企业中的应用研究[D].镇江：江苏大学,2009,12：38.
[3]郭晓焱.基于财务视角的企业可持续增长研究[D].成都：西南财经大学博士论文,2008,3.
[4]中国注册会计师协会.财务成本管理[M].北京：中国财政经济出版社,2011：74-83.
[5]赵霞.企业财务可持续增长理论及应用[D].南昌：华东交通大学,2009,6.
[6]Edith.Penrose.Business growth theory [M].Financial Management,1959.
[7]Aries de Geus. The Living Company[M]. Harvard Business Review.1977.
[8]何飞.企业可持续增长财务策略研究[D].成都：西南财经大学,2007,4.
[9]Coase.The nature of the enterprise[M].Economic Science Press,1980.
[10]Robert.C.Higgins.Analysis for financial management[M].The McGraw-Hill Companies, Inc,2003:73-83.
[11]James.Van.Horne.Sustainable Growth Modeling Finance [J].Journal of Corporte,2006 (3).
[12]郭复初.现代财务与经济可持续发展研究[J].财会月刊,2006(30)：5-6.
[13]曹玉珊.企业可持续增长财务问题研究的经济学基础—启示与假设[J].经济管理,2009,(2)：181-186.
[14]钟陆文.论企业可持续发展的理论内涵[J].佛山科学技术学院学报(社会科学版),2003(1)：30-35.
[15]王志红.财务视角下我国上市公司可持续增长问题研究[D].泰安：山东农业大学,2007,5.
[16]刘帮成,姜太平.企业财务可持续增长率[J].决策借签,2000,13(4)：2-5.
[17]李元旭.财务可持续增长模型与管理财务战略[J].江西财经大学学报,2000,(1)：60-64.
[18]孙新果.财务规划的工具：财务可持续增长模型[J].山西财税,2001,(8)：27-28.
[19]赵华,李清,康林.论现代企业可持续增长的动因及其财务管理[J].湖南财经高等专科学校学报,2001,17(3)：54-57.
[20]王玉春,花贵如.从财务视角审视上市公司的可持续增长——来自信息技术上市公司的实证研究[J].会计研究,2007,(2)：65-71.
[21]郭泽光,郭冰.企业增长财务问题探讨——股票发行、企业负债与企业增长的关联分析[J].会计研究,2002,(7)：11-15.
[22]王蓬,李月川.企业增长的管理——可持续增长率模型简介[J].北京工业职业技术学院学报,2003,2(2)：78-81.
[23]陈锦帆,王静蓉.可持续增长模型(SGM)介绍及其基于重置投资分析的修正[J].贵州财经学院学报,1999,(5、6)：51-55.
[24]谷茂春.XXX公司基于财务分析的可持续增长研究[D].兰州：兰州大学,2011,5.
[25]朱开悉.论公司增长分类与增长战略管理[J].经济纵横,2001,(6)：46-49.
[26]油晓峰,王志芳.财务可持续增长模型及其应用[J].会计研究,2003,(6)：16-18.
[27]刘斌,黄永红,刘星.中国上市公司可持续增长的实证分析[J].重庆大学学报,2002,25(9)：150-154.
[28]张淑萍.由财务分析看企业可持续增长率[J].政策与管理,2007,(11)：27-28.
[29]林志.财务视角下我国农业类上市公司可持续增长问题研究[D].南京：南京航空航天大学,2009,3.
[30]余化东.A公司财务报表分析与改进应用研究[D].北京：华北电力大学(北京),2009,12.
[31]吴淑琼.基于杜邦分析的宇通客车发展战略研究[J].淮海工学院学报(人文社会科学版),2007,10(16)：44-46.
[32]樊行健,郭晓焱.企业可持续增长模型的重构研究及启示[J].会计研究,2007,(5)：39-45.
[33]罗焰.浅析中小企业可持续增长中资金余缺的判断[J].财会研究,2011,(23)：50-56.
[34]陈葆俊.AAA集团可持续发展研究[D].厦门：厦门大学,2008,5.
[35]辉隆股份首次公开发行股票招股意向书[EB/OL].http://wenku.baidu.com/view/539252ba1a37f111f0855b04.html,2011-02-11
[36]张晓辉,周海鸥.化肥行业产能过剩压制行业涨价空间[J].证券导刊,2009,(47)：64-65.
[37]张弛,张高科.中国农化行业迎来上市热潮——近期6家农化上市公司解读[J].中国农资,2011,(2)：31-41.
[38]彭博.基于财务风险的财务可持续增长机理及测度研究[D].长沙：长沙理工大学,2009,04
[2]禹培峰.财务可持续增长模型在企业中的应用研究[D].镇江：江苏大学,2009,12：38.
[3]郭晓焱.基于财务视角的企业可持续增长研究[D].成都：西南财经大学博士论文,2008,3.
[4]中国注册会计师协会.财务成本管理[M].北京：中国财政经济出版社,2011：74-83.
[5]赵霞.企业财务可持续增长理论及应用[D].南昌：华东交通大学,2009,6.
[6]Edith.Penrose.Business growth theory [M].Financial Management,1959.
[7]Aries de Geus. The Living Company[M]. Harvard Business Review.1977.
[8]何飞.企业可持续增长财务策略研究[D].成都：西南财经大学,2007,4.
[9]Coase.The nature of the enterprise[M].Economic Science Press,1980.
[10]Robert.C.Higgins.Analysis for financial management[M].The McGraw-Hill Companies, Inc,2003:73-83.
[11]James.Van.Horne.Sustainable Growth Modeling Finance [J].Journal of Corporte,2006 (3).
[12]郭复初.现代财务与经济可持续发展研究[J].财会月刊,2006(30)：5-6.
[13]曹玉珊.企业可持续增长财务问题研究的经济学基础—启示与假设[J].经济管理,2009,(2)：181-186.
[14]钟陆文.论企业可持续发展的理论内涵[J].佛山科学技术学院学报(社会科学版),2003(1)：30-35.
[15]王志红.财务视角下我国上市公司可持续增长问题研究[D].泰安：山东农业大学,2007,5.
[16]刘帮成,姜太平.企业财务可持续增长率[J].决策借签,2000,13(4)：2-5.
[17]李元旭.财务可持续增长模型与管理财务战略[J].江西财经大学学报,2000,(1)：60-64.
[18]孙新果.财务规划的工具：财务可持续增长模型[J].山西财税,2001,(8)：27-28.
[19]赵华,李清,康林.论现代企业可持续增长的动因及其财务管理[J].湖南财经高等专科学校学报,2001,17(3)：54-57.
[20]王玉春,花贵如.从财务视角审视上市公司的可持续增长——来自信息技术上市公司的实证研究[J].会计研究,2007,(2)：65-71.
[21]郭泽光,郭冰.企业增长财务问题探讨——股票发行、企业负债与企业增长的关联分析[J].会计研究,2002,(7)：11-15.
[22]王蓬,李月川.企业增长的管理——可持续增长率模型简介[J].北京工业职业技术学院学报,2003,2(2)：78-81.
[23]陈锦帆,王静蓉.可持续增长模型(SGM)介绍及其基于重置投资分析的修正[J].贵州财经学院学报,1999,(5、6)：51-55.
[24]谷茂春.XXX公司基于财务分析的可持续增长研究[D].兰州：兰州大学,2011,5.
[25]朱开悉.论公司增长分类与增长战略管理[J].经济纵横,2001,(6)：46-49.
[26]油晓峰,王志芳.财务可持续增长模型及其应用[J].会计研究,2003,(6)：16-18.
[27]刘斌,黄永红,刘星.中国上市公司可持续增长的实证分析[J].重庆大学学报,2002,25(9)：150-154.
[28]张淑萍.由财务分析看企业可持续增长率[J].政策与管理,2007,(11)：27-28.
[29]林志.财务视角下我国农业类上市公司可持续增长问题研究[D].南京：南京航空航天大学,2009,3.
[30]余化东.A公司财务报表分析与改进应用研究[D].北京：华北电力大学(北京),2009,12.
[31]吴淑琼.基于杜邦分析的宇通客车发展战略研究[J].淮海工学院学报(人文社会科学版),2007,10(16)：44-46.
[32]樊行健,郭晓焱.企业可持续增长模型的重构研究及启示[J].会计研究,2007,(5)：39-45.
[33]罗焰.浅析中小企业可持续增长中资金余缺的判断[J].财会研究,2011,(23)：50-56.
[34]陈葆俊.AAA集团可持续发展研究[D].厦门：厦门大学,2008,5.
[35]辉隆股份首次公开发行股票招股意向书[EB/OL].http://wenku.baidu.com/view/539252ba1a37f111f0855b04.html,2011-02-11
[36]张晓辉,周海鸥.化肥行业产能过剩压制行业涨价空间[J].证券导刊,2009,(47)：64-65.
[37]张弛,张高科.中国农化行业迎来上市热潮——近期6家农化上市公司解读[J].中国农资,2011,(2)：31-41.
[38]彭博.基于财务风险的财务可持续增长机理及测度研究[D].长沙：长沙理工大学,2009,04