摘要
工程机械制造业被誉为是中国制造业的脊梁。从2009年起,中国工程机械制造业的销售收入已跃居全球第一,并连续多年保持领先,在我国经济发展中发挥着不可或缺的重要作用。然而,同大多数行业一样,在我国工程机械制造行业中,也存在着良莠不齐的状况。造成这种现状的因素有很多,运营模式(包括交易结构、销售方式、财务策略、扩张策略等)无疑是影响工程机械制造企业经营业绩的一个重要因素。遗憾的是,目前鲜有研究围绕工程机械制造企业运营模式与财务业绩的问题展开深入探索。
本文选取工程机械行业中非常具有代表性的两家公司一一三一重工股份有限公司与中联重科股份有限公司作为研宄对象,试图深入考察运营模式差异可能对企业财务业绩产生的影响。事实上,这两家成功的工程机械制造商在产品结构、企业规模等方面都非常相近,但它们的运营模式却截然不同。本文旨在探索这两家公司的运营模式存在何种差异?这些差异会在财务报表中如何体现?进而将对公司财务业绩产生什么影响?本文将在比较不同运营模式会计处理差异的基础上,通过财务报表的三维比较和财务业绩指标对比分析,来逐一解答这些问题。
论文共分为六章:第一章是绪论,介绍了本文的研究背景,简要阐述了论文选题的原因、研究内容和研究框架;第二章描述了工程机械行业的特点,重点介绍工程机械行业的发展概况与市场销售状况;第三章是本文研究的起点,侧重于比较三一重工和中联重科这两家公司在运营模式及关键会计处理上的差异;第四章承袭上一章的分析,进一步对三一重工与中联重科两家公司的财务报表进行三维分析,并考察了运营模式差异对这两家公司财务报表的影响;第五章是本文的关键部分,旨在通过财务业绩指标的细致比较和深入分析,对比这两家公司财务业绩的优劣之处,进一步解析运营模式对财务业绩的影响;第六章是本文的结论部分,主要是对本文的研究进行概括总结,同时指出了本文的不足之处。
关键词:三一重工;中联重科;运营模式;财务业绩
Abstract
Engineering machinery-manufacturing industry is known as the backbone ofChina's manufacturing industiy. Since 2009,the sales revenue of the engineeringmachinery manufacturing industry in China has become the world's No. land keepthe leading position for many years. Therefore, engineering machin^y manufacturingindustry plays an indispensable role in China's economic development. However, theoperating performance of enterprises among engineering machinery companies showsgreat disparity in China. To choose an appropriate operating model (including tradestructure, credit sales, financial strategy and expansion strategy, etc.) is undoubtedlyone of the key factors that affect the performance of engineering machinerymanufacturing enterprises. It's a pity that there is little research on operating modeland operating performance about engineering machinery manufacturing enterpriseswhich can explain phenomenon above.
The study selects Sany Heavy Industry Co.,LTD and Zoomlion Heavy IndustryCo.,LTD as the research object, as they are typical representatives in the constructionmachinery industry. This paper is trying to research into the different operatingmodels' influence on companies' financial performance. In fact,these two successfulconstruction machinery manufacturers have similar product structure and are same inscale,while their operation models are quite different. This paper aims to explore thedifferences of operation models between these two companies. How do thesedifferences display in the financial statements? And what impact will these differencesleaves on the company's financial performance? This paper compares the differentoperating models through comparing their three-dimensional financial statements,andcomparing their financial performance indexes to find out answer for all questionsmentioned above.
There are six chaptos. The first chapter is introduction, which introduces theresearch background of this article, briefly elaborated the reason of selecting the topic,the research content and research framework; the second chapter describes thecharacteristics of the construction machiiiCTy industry, elaborating on the developmentof the construction machinery industry and market conditions; the tiiird chapter is thestarting point of this research, focusing on the comparison of Sany Heavy Industry'sand Zoomlion heavy section's operation model and their key differences inaccounting treatment; the fourth chapter analyzed Zoomlion and Sany heavyindustry's the financial statements from three dimensions, and discussed the affect ofoperating model's difference on their financial statements; the fifth chapter focused oncomprehensive analysis and comparison of Sany,s and Zoomlion's financial indexesto find out both parties' shortcomings and strong points and to further deep into theinfluence of operation model on financial performance; the sixth chapter is theconclusion of this article, which summarized the research and brought up theshortcomings of this paper.
Key words: Sany Heavy Industry; Zoomlion ; Operating Mode; FinancialPerformance
目录
第一章绪论
第一节研究背景及意义
第二节研究内容与框架
第二章工程机械行业发展现状与公司简介
第一节工程机械行业发展现状
第二节公司简介
第三章三一重工与中联重科运营模式与关键会计处理比较
第一节三一重工与中联重科运营模式差异分析
第二节三一重工与中联重科不同运营模式下旳会计处理与财务报表比较16
第四章三一重工与中联重科财务报表三维分析
第一节利润表的三维分析
第二节资产负债表的三维分析
第三节现金流量表的三维分析
第五章三一重工与中联重科财务业绩比较分析
第一节盈利能力分析
第二节资产使用效率指标分析
第三节负债管理指标分析
第四节现金创造能力指标分析
第五节増长能力指标分析
第六节经营风险和财务风险指标分析
第七节创值(EVA)能力指标分析
第六章结论
致谢
参考文献
