寶鋼海外加工中心融資評(píng)價(jià)研究
發(fā)布時(shí)間：2018-09-10 14:49
【摘要】：隨著全球經(jīng)濟(jì)一體化進(jìn)程的日益推進(jìn),特別是在國(guó)內(nèi)外鋼鐵市場(chǎng)不大景氣的環(huán)境下,傳統(tǒng)的鋼鐵貿(mào)易模式已無(wú)法適應(yīng)日益激烈的市場(chǎng)競(jìng)爭(zhēng)環(huán)境,鋼鐵企業(yè)必須通過(guò)供應(yīng)鏈建設(shè),提供增值服務(wù),才有可能實(shí)現(xiàn)增加市場(chǎng)份額的目的。寶鋼股份近年來(lái)為適應(yīng)全球產(chǎn)業(yè)大規(guī)�？蛻艋ㄖ期厔�(shì),加快了海外加工中心建設(shè),但由于國(guó)內(nèi)鋼鐵企業(yè)的海外加工中心建設(shè)尚無(wú)可供借鑒的經(jīng)驗(yàn),尤其是對(duì)融資模式的選擇依據(jù)的系統(tǒng)研究不足,仍依賴于項(xiàng)目團(tuán)隊(duì)的經(jīng)驗(yàn),缺乏合理的評(píng)價(jià)依據(jù),所以建立有效的融資模式評(píng)價(jià)體系,以尋求最佳融資模式,有效解決建設(shè)資金供給問(wèn)題已成為當(dāng)務(wù)之急。 本文在回顧國(guó)內(nèi)外有關(guān)融資理論研究的基礎(chǔ)上,結(jié)合寶鋼在意大利項(xiàng)目、泰國(guó)項(xiàng)目和韓國(guó)項(xiàng)目上的融資方式,分析了寶鋼海外加工配送中心的融資實(shí)踐及其存在的問(wèn)題。結(jié)合理論與實(shí)踐,重點(diǎn)分析了融資成本、融資風(fēng)險(xiǎn)及融資誘因等因素對(duì)海外加工中心融資模式的影響,在此基礎(chǔ)上,基于層次分析法建立了關(guān)于融資模式的評(píng)價(jià)指標(biāo)體系,并利用層次分析法對(duì)寶鋼海外加工中心的融資模式的有效性進(jìn)行了綜合評(píng)價(jià)。最后,以寶鋼印度項(xiàng)目為具體案例,驗(yàn)證了使用評(píng)價(jià)指標(biāo)體系和層次分析法對(duì)海外加工中心融資模式進(jìn)行綜合評(píng)價(jià)的有效性,結(jié)果表明寶鋼海外加工中心的融資模式?jīng)Q策應(yīng)追求融資誘因、融資成本和融資風(fēng)險(xiǎn)的最優(yōu)化組合。本文認(rèn)為在海外加工中心融資模式的選擇上,首先要考慮項(xiàng)目自身的融資誘因,即項(xiàng)目建設(shè)方式、融資額度、償還期限、融資速度等來(lái)評(píng)估融資方式的匹配度；其次,要全面衡量融資成本；再次,重視融資風(fēng)險(xiǎn)的管理,靈活運(yùn)用互換交易、遠(yuǎn)期交易等金融衍生工具來(lái)管理融資風(fēng)險(xiǎn)和成本。融資模式評(píng)價(jià)指標(biāo)體系的建立,為今后寶鋼海外項(xiàng)目融資模式的評(píng)價(jià)與優(yōu)選提供了一種定性與定量相結(jié)合的方法。
[Abstract]:With the progress of global economic integration, especially in the domestic and foreign steel market environment, the traditional steel trade model can no longer adapt to the increasingly fierce market competition environment, iron and steel enterprises must build through the supply chain. To provide value-added services, it is possible to achieve the goal of increasing market share. In recent years, Baosteel stock has accelerated the construction of overseas processing center in order to adapt to the trend of mass customization of global industry. However, there is no experience for reference in the construction of overseas processing center of domestic steel enterprises. Especially, the systematic research on the selection basis of financing mode is insufficient, still depends on the experience of the project team, and lacks the reasonable evaluation basis, so establish an effective financing model evaluation system to seek the best financing model. It is urgent to solve the problem of construction fund supply effectively. On the basis of reviewing domestic and foreign research on financing theory, combined with the financing methods of Baosteel in Italy, Thailand and South Korea, this paper analyzes the financing practice and existing problems of Baosteel's overseas processing and distribution center. Combined with theory and practice, the paper analyzes the influence of financing cost, financing risk and financing inducement on the financing mode of overseas processing center. On the basis of this, the evaluation index system of financing mode is established based on analytic hierarchy process (AHP). The effectiveness of the financing model of Baosteel's overseas processing center is evaluated by analytic hierarchy process (AHP). Finally, taking Baosteel India project as a specific case, the effectiveness of comprehensive evaluation of overseas processing center financing model is verified by using evaluation index system and analytic hierarchy process (AHP). The results show that the optimal combination of financing incentives, financing costs and financing risks should be pursued in the financing mode decision of Baosteel's overseas processing center. This paper thinks that in the choice of financing mode of overseas processing center, we should first consider the financing incentives of the project itself, that is, project construction mode, financing quota, repayment period, financing speed and so on, to evaluate the matching degree of financing mode. Third, we should pay attention to the management of financing risk, and use financial derivatives such as swap transaction and forward transaction flexibly to manage financing risk and cost. The establishment of evaluation index system of financing mode provides a combination of qualitative and quantitative methods for the evaluation and optimization of overseas project financing mode of Baosteel in the future.
【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F426.31;F275
本文編號(hào)：2234764
[Abstract]:With the progress of global economic integration, especially in the domestic and foreign steel market environment, the traditional steel trade model can no longer adapt to the increasingly fierce market competition environment, iron and steel enterprises must build through the supply chain. To provide value-added services, it is possible to achieve the goal of increasing market share. In recent years, Baosteel stock has accelerated the construction of overseas processing center in order to adapt to the trend of mass customization of global industry. However, there is no experience for reference in the construction of overseas processing center of domestic steel enterprises. Especially, the systematic research on the selection basis of financing mode is insufficient, still depends on the experience of the project team, and lacks the reasonable evaluation basis, so establish an effective financing model evaluation system to seek the best financing model. It is urgent to solve the problem of construction fund supply effectively. On the basis of reviewing domestic and foreign research on financing theory, combined with the financing methods of Baosteel in Italy, Thailand and South Korea, this paper analyzes the financing practice and existing problems of Baosteel's overseas processing and distribution center. Combined with theory and practice, the paper analyzes the influence of financing cost, financing risk and financing inducement on the financing mode of overseas processing center. On the basis of this, the evaluation index system of financing mode is established based on analytic hierarchy process (AHP). The effectiveness of the financing model of Baosteel's overseas processing center is evaluated by analytic hierarchy process (AHP). Finally, taking Baosteel India project as a specific case, the effectiveness of comprehensive evaluation of overseas processing center financing model is verified by using evaluation index system and analytic hierarchy process (AHP). The results show that the optimal combination of financing incentives, financing costs and financing risks should be pursued in the financing mode decision of Baosteel's overseas processing center. This paper thinks that in the choice of financing mode of overseas processing center, we should first consider the financing incentives of the project itself, that is, project construction mode, financing quota, repayment period, financing speed and so on, to evaluate the matching degree of financing mode. Third, we should pay attention to the management of financing risk, and use financial derivatives such as swap transaction and forward transaction flexibly to manage financing risk and cost. The establishment of evaluation index system of financing mode provides a combination of qualitative and quantitative methods for the evaluation and optimization of overseas project financing mode of Baosteel in the future.
【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F426.31;F275
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，本文編號(hào)：2234764
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