A Comparison Study On Financial Performance,Financial Policy And Financial Strategy For Xiamen Port Development And Yan Tian Port Holdings

The world-renowned bay area has an open economic structure,is a patent concentration area of the world's top 500 companies,innovative companies and r&d resources,is the representative of international competitiveness and innovation ability,and is the pioneer of promoting international economic development and scientific and technological change.This paper focuses on the development goal of Xiamen Port and Yantian Port as the basic port of the global value chain and the core hub node connecting the "One Belt And One Road" value chain.By analyzing,comparing and evaluating the financial data of the two major port enterprises.this paper finds out the characteristics of their respective business models and puts forward corresponding development Suggestions.The thesis consists of nine chapters.The contents of each chapter are as follow:Chapter One,the research introduction,expounds the main problems and significance of the research and the research framework.Chapter Two,the development course,present situation and main problems of the port industry,introduces the business lodel,market analysis and forecast of the port industry.Chapter Three,Compan,profile,introduces the development status,main business,development strategy,business model?stock price trend,dividend situation,cumulative total financing,industry ranking and important financial data of two port companies.Then a comparative study of two companies was carried out according to the research framework and methods.Chapter Four,the three-dimensional analysis of financial statements.through structural analysis,trend analysis and peer comparative analysis of the financial data of two companies to carry out a comprehensive analysis.Chapter Five.the comparative analysis of the main financial indicators,compares and analyzes the profitability,asset efficiency,asset liquidity,debt status and solvency,cash creation ability and capital market performance of two companies.Chapter Six,factor decomposition analysis,the five financial indicators:profitability,cash creation,risk control mode.value-creation mode and growth mode of two companies.Chapter Seven,the Financial Policy analysis and evaluation,analyzes and evaluates four aspects of debt policy,dividend policy,working capital Management policy and investment policy of two companies from the perspective of financial strategy.Chapter Eight,Financial Strategy matrix analysis and financial policy recommendations,the use of financial strategy,natrix analysis method to evaluate and advise the financial policies of two companies.Chapter Nine.conclusions and recommendations.makes a summary evaluation of the financial situation and strategic development direction of two companies in the past five years,and puts forward the managelent countermeasures,financial strategies and development strategy suggestionsThrough the above analysis,the following conclusions are drawn:First.the three-dimensional analysis of the financial statements concluded that the total assets and owner's equity of Xiamen Port are lower than that of Yantian Port and the total liabilities are higher than that of Yantian Port.Xiamen port cost increase is greater than revenue,profit margin further compressed.The operating profit of Yantian Port is greater than the operating income,and the super-high net profit margin mainly comes from the investment income.Xiamen port is more dependent on financing.The scale of investment in Yantian Port is large and the return is greater Second,the conclusion of the analysis of the financial index system,the profitability,asset liquidity,liability status and solvency and capital market performance of Yantian Port are better than Xiamen Port.However,the profit mainly comes from the investment income,the stability is insufficient.Xiamen Port's asset efficiency is better than that of Yantian Port.Third,the conclusion of business model analysis.Xiamen port profit model,growth model and value-creation model are better than Yantian Port,but the wind control mode and cash-generating model of Yantian Port are better than Xiamen Port.Fourth,the conclusion of the financial policy analysis,Xiamen Port continues to optimize the debt structure to reduce the cost of debt.Yantian Port loderate increase of debt.Both companies are in short supply for future growth and are advised to reduce dividends appropriately.Xiamen Port's working capital management policy is less efficient,Yantian Port is higher,but the working capital demand is very small.Xiamen Port's investment policy is less efficientIn view of the above situation,the two companies respectively put forward the following suggestions:First,the business strategy.Xiamen port trade business proportion continues to climb,should do a good job in inventory management,improve the cash-out capacity;Fully free up capacity.Yantian Port continues to consolidate the basic service function of ships,give full play to the scale effect of container terminals,and expand port service functions from single terminal operation to integrated logistics operation.Second.the financial strategy,Xiamen Port continues to optimize the debt structure to reduce the cost of debt,reduce the pressure of interest payments.strictly control receivables,advances and inventory,adhere to the pre-payment and payables.strengthen the cash-out capacity,reduce dividends,retain edgy funds to protect the development,only in the company to invest in high-growth,stable projects.Yantian Port can moderately raise the level of debt,maintain dynamic adjustment.reduce dividends,retain funds to protect the development,maintain the existing scale of investment.maintain dynamic adjustment.Third,the developlent strategy,Xiamen port should continue to promote the integration of bulk cargo terminal resources,to build the Haixi port group of bulk cargo terminal operating platform.Adjust and optimize trade business,use financial derivatives to reduce the risk of price fluctuations.and do a good job in bulk trade in goods.Yantian Port makes full use of the advantages of endowment,do a good job in the construction of the collection and dredging system,expand the port integrated logistics operation capacity.Strengthen the business links between the port area and the economic hinterland,expand the internal and external connection of the collection and dredging system,and realize the integration of the integrated port logistics service and the highway transportation service.