从财务报表分析视角看家电企业价值影响要素——以格力电器为例

Analysis of the Factors Affecting the Value of Household Appliance Companies:Based on the Financial Statement Analysis——Take GREE Electric as an Example

改革开放以后,全球经济快速腾飞,一体化进程加快,经历四十多年的发展,我国的家电企业无论在国内还是海外都实现了快速稳定的成长,走出国门走进世界,但同时也面临着越来越激烈的市场竞争。为了提高市场竞争力,家电企业必须不断开发新产品、开拓新市场,这些都对现金流提出了高要求,在一定程度上增加了资本需求。随着经营管理意识的转变和提高,企业债务偿还能力问题引起了各方利益相关者的关注。以往在企业资金不充足的时候,我们考虑使用金融杠杆来进行债务融资,但由于增加的债务比例,从而增加了金融风险,加重了资金链断裂的可能性。因此,对企业的财务能力的分析显得尤为重要。因此,在本文中,以格力电器为研究对象,采用比率分析法,分析2015年-2018年的财务数据,研究格力电器的债务管理能力及如何影响企业价值。

Since the reform and opening up,with the development of global economic integration,the global relationship is getting closer and closer and China's household appliance industry is changing for the better day by day.After more than 40 years of development,China's household appliance enterprises have achieved rapid and steady growth.In order to promote the competitiveness of the market,home appliance enterprise dedicated to developing new products,opening up new markets,to some extent,this increased the need for funding.As the economy idea changing and management consciousness enhancing,the enterprise's debt-paying is concerned by numerous stakeholders.In the past,when the enterprise was short of funds,it would think of using financial leverage to operate in debt.However,the gradually increasing debt ratio increased financial risks and increased the possibility of financial distress.Therefore,this paper takes GREE as an example,selects five years of financial data from 2015 to 2018,and analyzes the operating ability of GREE and how it affects the enterprise value by using the ratio analysis method.It is hoped that the analysis in this paper can provide some constructive suggestions for the formulation of GREE's financial strategic policy,so as to better serve the overall strategic objectives of GREE and improve the value of GREE.