【论文】企业在不同发展阶段融资方式的选择——基于蒙牛集团的研究.pdfVIP

企业在不同发展阶段融资方式的选择——基于蒙牛集团的研究 摘 要 本文主要探讨企业在不同发展阶段对融资方式的选择及其对企业业绩、增长的 作用。全篇文章分为四大部分：前言、相关理论的回顾、基于蒙牛集团的研究、研 究结论与政策建议。在前言与第一章，文章首先结合当前全球金融危机分析融资对 于企业生存、发展的重要性，其后按照相关融资理论的发展历程，详细分析并评价 MM 理论、融资啄食理论以及企业金融成长周期理论。第二章为蒙牛集团融资状况 的实例分析。本章将蒙牛集团的发展历程分为三个阶段，即发展初期、发展期与成 熟期，每个发展阶段包含背景分析以及相关财务数据分析，以体现出其在各个发展 阶段对于融资方式的选择。最后在研究结论中，通过对比相关融资理论与蒙牛的实 例分析，得出本文的结论:(1)蒙牛集团对于融资方式的选择符合企业啄食顺序；(2) 蒙牛集团在不同发展阶段融资结构不符合企业金融成长周期理论。并对研究结论做 出解释性说明。在第三章，根据之前的研究结论提出关于完善我国股票市场、债券 市场的政策建议。 关键词：融资，发展，啄食理论，企业金融成长周期理论 I 企业在不同发展阶段融资方式的选择——基于蒙牛集团的研究 Abstract The paper talks about the ways enterprises used to finance themselves at different stages of their development. The entire paper is designed to be divided to four sections: (1).Introduction (2).The discussion of relevant theory (3).The case study of MengNiu Group (4).Conclusion and policy suggestion. The introduction introduces the concept of financing, discussing the significant roles played by finance in the development and the survival of enterprises. The chapter one discusses and assesses the relevant theory of business finance, including the theory of pecking order and the theory of financing growth cycle. The chapter two is the case study of MengNiu Group in which the paper divides the development stages of MengNiu into three parts, which are the period of infancy, the period of prematurity and the period of maturity, based on the financial data collected, in order to survey its financing condition at its different stages of development. According to the former discussions and analysis, the chapter three reaches the results of the paper: Firstly, The financing preference of MengNiu Group conforms to the theory of pecking order mentioned befor