本文關(guān)鍵詞： 價值創(chuàng)造活動 價值創(chuàng)造成果 價值實現(xiàn)途徑　出處：《浙江工商大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：企業(yè)的目標(biāo)是價值最大化,這也是企業(yè)財務(wù)管理的目標(biāo)。對于企業(yè)本身而言,在資本市場上最基本的價值創(chuàng)造方式是提高核心競爭力,提升業(yè)務(wù)的盈利能力。企業(yè)在價值創(chuàng)造過程中涉及多方(實際控制人、機構(gòu)投資者、中小權(quán)益投資者和戰(zhàn)略投資者等)利益。不同利益相關(guān)者關(guān)注的是企業(yè)價值創(chuàng)造的不同方面,不同的企業(yè)行為為不同的利益相關(guān)者帶來的價值不同的。因此,無論在理論上還是現(xiàn)實中,研究企業(yè)及其利益相關(guān)方的價值創(chuàng)造和價值實現(xiàn)具有現(xiàn)實意義。本文試圖從財務(wù)角度對價值創(chuàng)造活動、價值創(chuàng)造成果、價值實現(xiàn)途徑三者關(guān)系進(jìn)行研究,得出可供實踐借鑒的啟示。 本文以三一重工為研究對象,采用最新的財務(wù)數(shù)據(jù),從財務(wù)視角運用案例研究方法,在文獻(xiàn)綜述和理論分析的基礎(chǔ)上,圍繞“價值創(chuàng)造和價值實現(xiàn)”的主題,分析研究了價值創(chuàng)造行為、價值創(chuàng)造成果及價值實現(xiàn)途徑等三方面問題。在價值創(chuàng)造行為方面,本文研究了資本運作和內(nèi)部財務(wù)資源整合對企業(yè)的貢獻(xiàn)；在價值創(chuàng)造成果方面,本文通過傳統(tǒng)財務(wù)指標(biāo)計量和經(jīng)濟增加值計量對價值創(chuàng)造行為效果進(jìn)行分析；在價值實現(xiàn)途徑方面,本文針對企業(yè)不同利益相關(guān)方研究了實現(xiàn)方式和效果。 經(jīng)過研究,本文得到了下列結(jié)論：(1)良好價值創(chuàng)造須與價值實現(xiàn)結(jié)合得當(dāng)；(2)有效配合不同類型財務(wù)活動有助于價值創(chuàng)造和實現(xiàn)；(3)EVA和傳統(tǒng)財務(wù)指標(biāo)相結(jié)合是良好價值創(chuàng)造成果衡量方式；(4)不同利益相關(guān)方擁有不同價值實現(xiàn)方式。根據(jù)結(jié)論,本文得到的啟示有：(1)注重價值創(chuàng)造和價值實現(xiàn)的傳導(dǎo)對接；(2)注重資本運作和財務(wù)資源整合的配合作用；(3)價值創(chuàng)造要以更好的標(biāo)準(zhǔn)來評價；(4)區(qū)分不同利益相關(guān)方的價值實現(xiàn)方式有利于價值實現(xiàn)途徑的暢通。 本文的研究視角較新穎。本文將價值活動置于公司不同的利益相關(guān)者的多重角度下進(jìn)行分析,突破了簡單基于某類利益相關(guān)者的角度立場分析價值創(chuàng)造實現(xiàn)的框架；從研究內(nèi)容上看,本文提出了價值創(chuàng)造實現(xiàn)的路線圖,充實了公司價值活動的邏輯鏈,優(yōu)化了價值創(chuàng)造活動、價值創(chuàng)造成果、價值實現(xiàn)途徑的銜接模型；本文也得出較新穎結(jié)論,辯證了一個銜接良好的“價值創(chuàng)造活動——價值創(chuàng)造成果——價值實現(xiàn)途徑”的價值循環(huán)模式,并在該模式內(nèi)嵌入資本運作、財務(wù)資源整合兩個維度的價值活動。
[Abstract]:The goal of the enterprise is to maximize the value, which is also the goal of the financial management of the enterprise. For the enterprise itself, the most basic way to create value in the capital market is to improve the core competitiveness. Enhance the profitability of business. Enterprises in the process of value creation involved in a number of (actual controllers, institutional investors). Different stakeholders focus on different aspects of enterprise value creation, different enterprise behavior brings different value to different stakeholders. Whether in theory or in reality, it is of practical significance to study the value creation and value realization of enterprises and their stakeholders. The relationship between the three ways of value realization is studied, and the enlightenment for practice is obtained. This article takes Sany heavy Industry as the research object, adopts the latest financial data, uses the case study method from the financial angle of view, on the basis of literature review and theoretical analysis, revolves around the theme of "value creation and value realization". In the aspect of value creation behavior, the contribution of capital operation and the integration of internal financial resources to the enterprise, this paper analyzes and studies the value creation behavior, the value creation achievement and the value realization way. In the aspect of value creation results, this paper analyzes the effect of value creation behavior through traditional financial index measurement and economic added value measurement. In the aspect of value realization, this paper studies the realization method and effect for different stakeholders. Through research, the following conclusions are drawn: 1) good value creation must be combined with value realization; 2) effective coordination of different types of financial activities contributes to the creation and realization of value; The combination of EVA and traditional financial indicators is a good measure of value creation. (4) different stakeholders have different ways of value realization. According to the conclusion, the enlightenment of this paper is: 1) focus on value creation and value realization; (2) pay attention to the coordination of capital operation and financial resources integration; (3) value creation should be evaluated by better standards; 4) differentiating the way of value realization among different stakeholders is beneficial to the unimpeded way of value realization. The research perspective of this paper is relatively novel. This paper puts the value activities under the multiple angles of different stakeholders of the company to carry on the analysis. It breaks through the framework of simply analyzing the realization of value creation based on the viewpoint of some kind of stakeholders. From the point of view of the research content, this paper puts forward the road map of value creation realization, enriches the logic chain of company value activity, and optimizes the linking model of value creation activity, value creation achievement and value realization approach. This paper also draws a relatively new conclusion, dialectical a "value creation activity-value creation achievement-value realization approach" value cycle model, and embed the capital operation in this model. Financial resources integration of two dimensions of value activities.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F406.7;F426.4

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