电信运营商财务竞争力的全角化透视

Multi-dimensional Perspective of Financial Competitiveness of Telecom Operators

本文从经营业绩、筹资效率、投资效果、资产管理、股利分配、现金增值、资本运营、价值创造八个方面全面透视和解析三家运营商的财务竞争力,这对促进我国电信运营企业实现成长管理与成本管理的有机统一,不断提升财务竞争力以支撑公司的战略转型具有十分重要的借鉴价值。

With the further saturation of telecommunication market,the room left for the growth of telecom business has been shrinking tremendously,and both the effectiveness and value of telecom enterprises are trapped.The revenue has got into a ＂bottleneck＂,with a constant slowdown in growth speed.Thus,revenue can no longer effectively drive benefit growth of enterprises,and at the same time,influenced by the factors such as market competition,service improvement and strategic transformation of enterprises,the increase in consumption of cost and resources seems to be inevitable.As a result,all telecom enterprises are facing a significant issue on how to retain a strong financial competitiveness so that the enterprises will sustain the sustainable growth.This paper will make a deep and comprehensive analysis of the financial competitiveness of three operators from eight aspects： business performance,financing efficiency,investment performance,asset management,dividend distribution,cash value-added,capital operation and value creation.It has an important reference value for promoting the telecom enterprises in our country to achieve the organic unity between growth management and cost management,and also for improving financial competitiveness in order to support the enterprises＇ strategic transformation.