本文選題：賽維 + 資本運作��； 參考：《江西財經大學》2017年碩士論文

【摘要】：我國的光伏產業(yè)在過去十幾年的時間里,取得了從無到有、從不具規(guī)模到世界領先的矚目成就。但是,由于發(fā)展模式具有“兩頭在外”的特點,整體行業(yè)都十分缺乏抵御風險的能力。在次貸危機爆發(fā)之后,世界經濟狀況持續(xù)低迷,西方各國先后調整光伏相關政策,降低光伏補貼,全球市場萎縮。再加上我國光伏企業(yè)盲目樂觀,瘋狂擴張,光伏行業(yè)面臨大面積停產倒閉、高負債率、產能嚴重過剩等多種狀況,其健康發(fā)展問題成為理論實務界關注的一大熱點。江西賽維LDK太陽能高科技有限公司曾經是光伏行業(yè)的龍頭企業(yè),其發(fā)展歷程可謂我國光伏行業(yè)的縮影。本文研究的目的就是運用自身所學習的企業(yè)戰(zhàn)略管理、財務管理等方面的相關知識,通過分析江西賽維LDK太陽能高科技有限公司所在光伏行業(yè)的國內外競爭環(huán)境和企業(yè)自身優(yōu)劣勢,結合企業(yè)的戰(zhàn)略發(fā)展方向,提出在現(xiàn)行的相關政策制度下,賽維LDK公司下一步的資本運作戰(zhàn)略構想,試圖采用資本運作的手段在一定程度上緩解賽維公司當前面臨的困境,幫助實現(xiàn)公司的良性發(fā)展。在簡述了有關資本運作理論之后,本文首先回顧了江西賽維LDK太陽能高科技有限公司過去的資本運作歷程以及產生的一系列后果,由于賽維LDK公司在過去的發(fā)展過程中先后采用了包括IPO、再融資、合作并購以及破產重組等多種資本運作方式,再加上世界經濟和全球光伏行業(yè)的影響,賽維LDK太陽能高科技有限公司的發(fā)展過程波動明顯。隨后本文簡要闡述了賽維LDK公司所處光伏行業(yè)的國內外發(fā)展狀況,運用SWOT模型和波特五力模型分析公司的具體情況,并對企業(yè)近年來的核心競爭力和財務狀況進行了說明,進而提出了當前狀況下賽維LDK公司如何進行資本運作戰(zhàn)略的構想,主要有清算不良資產、破產重組、資本市場再融資、分拆子公司等資本運作手段的選擇和運用,重點是具體方式的可行性的比較分析并得出結論;為公司資本運作戰(zhàn)略能夠實現(xiàn),提出了包括組織機構、人力資源、經營能力、資金、績效評價等方面的保障措施;本文結論最后總結了資本運作過程中應注意的幾個方面,包括企業(yè)資本運營應與經營緊密聯(lián)系、初始方案設計應全面系統(tǒng)、做好風險控制措施、資本運作要順勢而為等幾個方面,提醒公司后續(xù)資本運作少犯錯誤、少走彎路。
[Abstract]:In the past decade, China's photovoltaic industry has achieved remarkable achievements in the past decade. However, as the development model has the characteristics of "two in the outside", the whole industry is very short of the ability to resist risk. After the explosion of the subprime mortgage crisis, the world economic situation continues to be depressed, western countries The photovoltaic related policies have been adjusted to reduce the photovoltaic subsidies and the global market is shrinking. In addition, the photovoltaic industry is blindly optimistic and expanded, the photovoltaic industry is facing a variety of conditions such as large area shutdown, high debt rate, heavy capacity overcapacity and so on. The problem of healthy development has become a hot spot of concern in the theory and practice field. Jiangxi LDK LDK solar energy High-tech Co., Ltd. was once the leading enterprise of the photovoltaic industry, its development process is the epitome of China's photovoltaic industry. The purpose of this study is to use the knowledge of the strategic management, financial management and other aspects of the company's own learning, through the analysis of the domestic photovoltaic industry of the Jiangxi LDK LDK sun energy limited company. The external competitive environment and the advantages and disadvantages of the enterprise, combined with the strategic development direction of the enterprise, put forward the next step of the LDK LDK company's strategic conception of capital operation under the current relevant policy system, trying to use the means of capital operation to alleviate the difficulties faced by LDK company to a certain extent, and help to realize the benign development of the company. After referring to the theory of capital operation, this paper first reviews the past capital operation process and a series of consequences of Jiangxi LDK LDK Solar Technology Co., Ltd., since LDK LDK has adopted many kinds of capital operators, including IPO, refinancing, merger and acquisition, and bankruptcy reorganization in the past development process. In addition to the influence of the world economy and the global photovoltaic industry, the development process of LDK LDK solar technology limited company is very volatile. Then this paper briefly describes the domestic and foreign development status of the photovoltaic industry in LDK LDK, and uses the SWOT model and Potter five force model to analyze the specific situation of the company and to the enterprises in recent years. The core competitiveness and financial situation are explained, and then the idea of how to carry out the capital operation strategy of LDK LDK company under the current situation is put forward, including the choice and use of the means of capital operation, such as liquidation of bad assets, bankruptcy reorganization, refinancing of capital market, and split subsidiary companies. The emphasis is on the comparative analysis of the feasibility of specific ways. In order to realize the capital operation strategy of the company, we put forward the safeguard measures in the aspects of organization, human resources, management ability, capital and performance evaluation. Finally, this conclusion summarizes several aspects that should be paid attention to in the process of capital operation, including the close relationship between enterprise capital operation and operation, and the initial plan should be designed. Comprehensive system, good risk control measures, capital operation should follow the trend and so on, and remind companies to make fewer mistakes and take fewer detours.
【學位授予單位】：江西財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F426.6;F406.7

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