本文關(guān)鍵詞： 跨國(guó)企業(yè) 公司價(jià)值 匯率波動(dòng) SDX公司 實(shí)證分析　出處：《北京工業(yè)大學(xué)》2015年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：隨著世界經(jīng)濟(jì)由工業(yè)經(jīng)濟(jì)向服務(wù)經(jīng)濟(jì)的迅速轉(zhuǎn)型,承接服務(wù)外包成為了跨國(guó)企業(yè)參與國(guó)際競(jìng)爭(zhēng),實(shí)現(xiàn)公司價(jià)值高速增長(zhǎng)的重要途徑。2008年美國(guó)金融危機(jī)和2009年歐債危機(jī)的爆發(fā),跨國(guó)企業(yè)增加了將附加值較低的后勤服務(wù)流程進(jìn)行外包的數(shù)量,危機(jī)加劇了國(guó)際債券市場(chǎng)、股票市場(chǎng)和外匯市場(chǎng)動(dòng)蕩,匯率產(chǎn)生大幅波動(dòng),加劇了承接后勤服務(wù)企業(yè)的外匯風(fēng)險(xiǎn),致使承包后勤服務(wù)業(yè)務(wù)企業(yè)的生產(chǎn)經(jīng)營(yíng)、市場(chǎng)環(huán)境和公司價(jià)值都發(fā)生了變化。因此,本文以在全球80個(gè)國(guó)家開(kāi)展跨國(guó)后勤服務(wù)承包服務(wù)的SDX公司作為研究對(duì)象,以期通過(guò)匯率波動(dòng)對(duì)跨國(guó)企業(yè)SDX公司價(jià)值影響的研究,對(duì)SDX公司提出了加強(qiáng)規(guī)避外匯風(fēng)險(xiǎn)的建議,提高核心競(jìng)爭(zhēng)力,使SDX達(dá)到公司價(jià)值最大化的目標(biāo)。同時(shí),也為我國(guó)承包跨國(guó)后勤服務(wù)的公司提供參考和借鑒。本文從公司財(cái)務(wù)角度分析了SDX公司的外在環(huán)境和內(nèi)在素質(zhì)對(duì)公司價(jià)值的影響。運(yùn)用現(xiàn)金流貼現(xiàn)模型推導(dǎo)出匯率與SDX公司價(jià)值的關(guān)系方程,得出了匯率波動(dòng)對(duì)跨國(guó)企業(yè)SDX公司價(jià)值影響的多元非線(xiàn)性回歸模型。由于匯率波動(dòng)引發(fā)的匯率風(fēng)險(xiǎn)對(duì)SDX公司價(jià)值影響的作用隨期限長(zhǎng)短表現(xiàn)不同,本文從長(zhǎng)期影響和短期影響兩個(gè)方面進(jìn)行了分析,并分別對(duì)主要幣種美元、歐元、人民幣的匯率波動(dòng)對(duì)SDX公司價(jià)值的影響,以及匯率波動(dòng)對(duì)與SDX公司同行業(yè)、不同國(guó)際業(yè)務(wù)收入企業(yè)的公司價(jià)值的影響進(jìn)行了研究。本文根據(jù)實(shí)證分析結(jié)果得出了三點(diǎn)結(jié)論:一是SDX公司的財(cái)務(wù)價(jià)值驅(qū)動(dòng)因素和營(yíng)業(yè)價(jià)值驅(qū)動(dòng)因素有助于SDX公司提升公司價(jià)值;二是無(wú)論在長(zhǎng)期影響,還是短期影響內(nèi),美元、歐元、人民幣及匯率整體波動(dòng)對(duì)SDX的公司價(jià)值影響顯著。由于匯率波動(dòng)直接影響著SDX公司的成本、投資、債務(wù)、融資等因素,使得不同貨幣的匯率波動(dòng)對(duì)SDX的公司價(jià)值存在著明顯相關(guān)性;三是通過(guò)將SDX公司與同行業(yè)、不同國(guó)際業(yè)務(wù)收入比例的企業(yè)進(jìn)行比較,發(fā)現(xiàn)國(guó)際業(yè)務(wù)收入占比越高的企業(yè),匯率波動(dòng)對(duì)其公司價(jià)值的影響越顯著。
[Abstract]:With the rapid transformation of the world economy from the industrial economy to a service economy, service outsourcing has become a multinational enterprises to participate in international competition, an important way to realize the value of the company.2008 years the rapid growth of the financial crisis in the United States in 2009 and the European debt crisis, multinational enterprises have increased the number of low flow of logistics service outsourcing will be added value, crisis adding to the international bond market, stock market and foreign exchange market volatility, exchange rate fluctuations have intensified, undertake logistics service enterprise foreign exchange risk, the contract logistics business enterprise production management, market environment and corporate value are changed. Therefore, this paper to carry out transnational logistics service contract service in 80 countries around the world SDX company as the research object, to study the impact of exchange rate fluctuations on multinational enterprises SDX the value of the company, the company proposed to strengthen SDX To avoid foreign exchange risk, improve the core competitiveness, the SDX reached the maximum value of the company's target. At the same time, and provide the reference for China's multinational logistics service company contract. This paper analyses the influence of the external environment of SDX company and the inherent quality of the value of the company from the financial angle. The use of discounted cash flow model this paper deduces the relation equation of exchange rate and SDX value of the company, the multivariate nonlinear regression model has been established for the effect of exchange rate fluctuations on the multinational SDX company value. Due to the impact of exchange rate fluctuations caused by the exchange rate risk on the value of the company for the performance of SDX with different length, this paper analyzed from two aspects of long-term effects and short-term effects, and of the major currencies the dollar, euro, RMB exchange rate fluctuations on the SDX value of the company, and the fluctuation of exchange rate and SDX companies in the same industry, different international business income The influence corporate value is studied. According to the results of empirical analysis draws three conclusions: one is the SDX company's financial value drivers and business value drivers to help SDX company to enhance the value of the company; the two is whether in the long-term or short-term impact, influence, dollar, euro, RMB and the exchange rate of the overall volatility of the value of the SDX was significant. Due to exchange rate fluctuations directly affect the cost of SDX company, investment, debt financing and other factors, the fluctuation of exchange rates in different currencies on the SDX value of the company has significant correlation; three is the SDX company with the same industry, compares the different proportion of international business income of the enterprises found, international business income accounted for more enterprises, the impact of exchange rate fluctuations on the value of the company is more significant.

【學(xué)位授予單位】：北京工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類(lèi)號(hào)】：F832.6;F276.7

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本文編號(hào)：1463152