I 摘要 大数据时代的全面到来，给所有与之业务相关的企业既带来了无尽的机会和可能， 同时也带来了竞争与挑战。在残酷激烈的市场环境下，企业想求得生存、发展，单靠自 身积累和传统业务服务模式创利是很难做到的。纵观国内外的优秀大型企业，其发展壮 大，均与有效运用资本运营有着密不可分的关系，资本运营业已成为企业资源整合的必 经之路。 在确认、识别到资本运营对于企业重要意义的前提下，我国业已有越来越多的企业 将资本运营纳入到企业战略管理的范畴之中。本文以资本运营管理理论、财务分析理论、 杜邦分析法、PEST 分析法、SWOT 分析法等理论为基础理论依据，以国内最早参与行 业信息化建设涉及大数据业务的上市公司 SX 公司为例，研究其资本运营现状与问题， 提出 SX 公司资本运营的效率提升对策。本文通过文献研究法，比较分析同历史分析互 相交织的方法，以及演绎与归纳相结合的方法对 SX 公司 2015-2017 年的主要财务报表 及其重要财务指标进行分析对比，全面透视 SX 公司资本运营现状及存在的问题，并作 出原因分析。针对 SX 公司资本运营现状提出效率提升对策，SX 公司应进行管理层的 专业化建设；SX 公司资本结构的优化；SX 公司资本运营周转率的加速；提升 SX 公司 投融资决策的水平。同时本文进一步提出了提升 SX 公司资本运营策略效率的保障措施。 本文在科学理论与历史数据分析的基础上得出 SX 公司资本运营效率提升对策与保 障方案，为 SX 公司的持续发展提供参考。SX 公司以业务模式和技术服务产品创新引 领和推动中国信息化产业进程和信息服务产业发展，以数据赋能欧亿·体育（中国）有限公司创新升级，助力产 业价值重塑，支撑数字中国使命，本文对 SX 公司资本运营策略的探究分析意义绝非此 公司一端。 关 键 词 :SX 公司； 资本结构； 资本运营 研究类型:应用研究西北大学硕士学位论文 II Abstract While the full advent of the big data era has brought opportunities and possibilities to related enterprises involved in the big data business, it also proposed competition and challenges to them. Under such a market environment with fierce competition, it is no easy job for the enterprises to seek survival, development and profits merely relying on themselves and the traditional business service mode. It is easy to find that the development and expanding of excellent big enterprises at home and abroad are inseparable with the effective application of capital management, without exception. Therefore, capital management has become the essential path for enterprises to realize resource integration. Having realized the importance of capital management to enterprises, more and more domestic enterprises have included capital management into the scope of their enterprise strategic management. Based on capital operation management theory, financial analysis theory, DuPont analysis method、PEST analysis method、SWOT analysis method, this paper takes the listed company SX, which is the earliest domestic company participating in informatization construction and involving big data business, as an example to study the status quo and problems of its capital operation and put forward countermeasures to improve SX company's capital operation efficiency. Firstly, it introduces the business overview and capital operation status of SX company. Then, by applying the literature reviewing method, the comparative analysis method in combination with historical analysis, as well as the integration of analysis and synthesis, the main financial statements and important financial indicators of SX company in the past three years are analyzed and compared, so as to comprehensively look into the existing problems of SX company's capital operation and analyze the reasons. Countermeasures for improving SX company's capital operation are put forward based on the current capital operation in SX company: SX company should carry out the professional construction at the management level, optimize its capital structure, accelerate the capital operation turnover and improve its investment and financing decision-making. At the same time, this paper further proposes the safeguard measures to improve the efficiency of SX company's capital operation strategy. Based on the analysis of related scientific theories and historical data, this paper draws theAbstract III countermeasures and guarantee schemes for improving SX company’s capital operation efficiency, thereby providing a reference for SX Company’s sustainable development. SX company leads and promotes the development of China's information industry process and information service industry with business models and technology service product innovation, and helps reshape industrial values and support the mission of the construction of “digital China” by innovating and upgrading the industries on a data basis. The significance of the exploration analysis in this paper on SX company's capital management strategies exceeds the company level. K e y W o r d s :SX Company, Capital Structure, Capital Operation Research Type:Application research西北大学硕士学位论文 IV 目 录 摘要...................................................................................................................................I ABSTRACT.......................................................................................................................II 目 录................................................................................................................................IV 第一章 导论...................................................................................................................... 1 1.1 研究背景及意义...................................................................................................... 1 1.1.1 选题背景........................................................................................................... 1 1.1.2 研究意义........................................................................................................... 2 1.2 研究思路与内容...................................................................................................... 3 1.2.1 研究思路........................................................................................................... 3 1.2.2 研究内容........................................................................................................... 3 1.3 研究方法.................................................................................................................. 6 第二章 相关概念界定及理论基础.................................................................................. 7 2.1 概念界定.................................................................................................................. 7 2.1.1 资本运营的基本概念....................................................................................... 7 2.1.2 资本运营的内容和主要方式........................................................................... 7 2.2 理论基础................................................................................................................ 10 2.2.1 PEST、SWOT 分析法 ................................................................................... 10 2.2.2 财务分析理论..................................................................................................11 第三章 SX 公司资本运营现状分析 ............................................................................. 16 3.1 SX 公司简介.......................................................................................................... 16 3.2 SX 公司所处情况分析.......................................................................................... 16 3.2.1SX 公司的 PEST 分析 .................................................................................... 16 3.2.2SX 公司的 SWOT 分析 .................................................................................. 17 3.3 SX 公司资本运营现状及问题.............................................................................. 19 3.4 SX 公司资本运营存在问题的原因分析.............................................................. 23 第四章 SX 公司资本运营效率提升对策 ..................................................................... 26 4.1 进行管理层的专业化建设.................................................................................... 26