财务竞争力是以知识、创新为基本内核的，企业理财专有的，优异的、扎根 于企业财务能力体系中的一种竞争力。这是一个企业为实现其可持续竞争优势， 通过高效整合其各项财务能力，将企业的财务发展推至一个崭新的层面，然后作 用于企业可控资源的过程。企业在顺利地掌握了财务竞争力的有关概念之后，便 会推动其变更传统的经营理念，不再只是注重产品的生产经营，而是将更多的目 光投向资本结构与产业结构的整改，进行资源优化配置，从单一的实体经营转向 全新的资本经营领域，从而在本质上提高企业的核心竞争力。 本研究从财务竞争力的视角，通过因子分析法对A企业的财务竞争力进行实 证研究，通过数据分析，找出该企业在财务竞争力方面存在的问题，并分析了原 因。最后给出提升A企业财务竞争力的对策。研究内容包括，首先是绪论。该部 分作为全文的挈领部分，主要交代了本研究开展的背景和意义，并且通过对国内 外研究现状的研究，找出本文的立足点。其次是理论基础。该部分内容主要对财 务竞争力进行了概述，包括定义、特征、形成机理等。同时还对财务竞争力的评 价方法进行了论述。然后，对A企业财务竞争力现状进行分析，这是本研究的核 心部分，通过财务指标，从偿债能力、盈利能力以及发展能力三个层面，利用因 子分析法对A企业的财务竞争力进行了实证分析。基于实证分析的结果，分析了 A企业存在的财务竞争力方面的问题，并探讨了造成这些问题的原因。基于问题 分析和原因探讨的结果，提出改善A企业财务竞争力的对策。最后则是结论。 通过上述研究，结论如下，一方面，本文从企业的财务报表出发，设立了企 业偿债能力、盈利能力、发展能力三个方面的财务竞争力评价标准，同时通过利 用因子分析法分析了 A 企业所具备的财务竞争力，分析结果显示，A 企业在整 体财务竞争力方面虽然近些年有所增强，但其整体竞争力偏弱。另一方面，分析 A 企业的财务竞争力现况后发现，A 企业属于减损价值，现金短缺的类型，所以， 能够通过增加投资资本回报率的方式降低价值减速并增加可持续增长率，提高权 益资本从而降低出现资金缺乏的概率。 关键词，财务竞争力；偿债能力；盈利能力；发展能力江 苏 大 学 工 商 管 理 硕 士 （MBA） 学 位 论 文 II ABSTRACT Financial competitiveness is a kind of financial competitiveness that is used to reorganize a company's various financial capabilities at an extremely fast rate. The concept of financial competitiveness pushes the company's financial development to a new level. After successfully grasping the relevant concepts of financial competitiveness， the company will promote its change of traditional business philosophy， not just focusing on product production and management. In turn， it has paid more attention to the company's industrial structure and capital structure rectification， and has entered a new capital management field， thereby essentially improving the company's core competitiveness. From the perspective of financial competitiveness ， this study conducts empirical research on the financial competitiveness of Company A through factor analysis， finds out the problems of the company's financial competitiveness， and analyzes the reasons. Finally ， the countermeasures to improve the financial competitiveness of Company A are given. The research content includes: First， the introduction. As part of the full text， this part mainly explains the background and significance of this research. Through the review of the research status at home and abroad， this paper finds the foothold of this research. Second is the theoretical basis. This part of the content mainly summarizes the financial competitiveness， including definition， characteristics， formation mechanism and so on. At the same time， the evaluation methods of financial competitiveness are also discussed. Then，it analyzes the current situation of A company's financial competitiveness. This is the core part of this research. Through the financial indicators， from the three aspects of solvency， profitability and development capability， the factor analysis method is used to empirically discuss the financial competitiveness of Company A. Based on the results of empirical analysis，the paper analyzes the financial competitiveness of A companies and discusses the causes of these problems. Based on the results of current situation analysis and problem discussion， the countermeasures for improving the financial competitiveness of A company are proposed. The last is the conclusion.江 苏 大 学 工 商 管 理 硕 士 （MBA） 学 位 论 文 III Through the above research， the conclusions are as follows: On the one hand， this paper sets up the financial competitiveness evaluation criteria of the company's solvency， profitability and development ability from the financial statements of the enterprise， and analyzes the company A by using the factor analysis method. The financial competitiveness of the company shows that although the company's overall financial competitiveness has increased in recent years， its overall competitiveness is weak. On the other hand， after analyzing the current financial competitiveness of Company A， it is found that Company A belongs to the type of impairment value and cash shortage. Therefore， it can reduce the value deceleration and increase the sustainable growth rate and increase the equity by increasing the return on investment capital. Capital thus reduces the probability of a lack of funds. Keywords: financial competitiveness; solvency; profitability; development capability江 苏 大 学 工 商 管 理 硕 士 （MBA） 学 位 论 文 IV 目 录 第 1 章 绪论 .................................................................................................................1 1.1 研究背景........................................................................................................... 1 1.2 研究目的意义................................................................................................... 2 1.3 国内外研究现状............................................................................................... 3 1.3.1 国外研究现状......................................................................................... 3 1.3.2 国内研究现状......................................................................................... 5 1.4 研究思路和研究内容....................................................................................... 8 1.4.1 研究思路................................................................................................. 8 1.4.2 研究内容................................................................................................. 8 1.5 研究方法和技术路线....................................................................................... 9 1.5.1 研究方法................................................................................................. 9 1.5.2 技术路线............................................................................................... 10 第 2 章 相关理论基础 ...............................................................................................11 2.1 财务竞争力概述............................................................................................. 11 2.1.1 财务竞争力的定义与特征................................................................... 11 2.1.2 可持续的财务竞争力........................................................................... 12 2.1.3 财务竞争力的形成机理....................................................................... 15 2.2 财务竞争力的评价......................................................................................... 16 2.2.1 财务竞争力评价的界定....................................................................... 16 2.2.2 财务竞争力评价的目的....................................................................... 17 2.2.3 财务竞争力评价指标体系................................................................... 17 2.2.4 财务竞争力评价的意义....................................................................... 19 第 3 章 A 企业财务竞争力现状分析 .......................................................................21 3.1A 企业简介...................................................................................................... 21 3.2A 企业财务竞争力评价指标.......................................................................... 21 3.2.1