Research On The Influence Of Industrial Chain Financial Model On The Value Of SAIC

Automobile industry,as the ace industry of manufacturing industry,is an important pillar of China's national economy.With the rapid development of the automobile industry,enterprises in its industrial chain show increasingly strong demand for diversified financial services.But with the rapid development of financial industry and the effective innovation,the industrial chain finance,as a kind of financial innovation service,can be timely and effectively meet the relevant chain enterprise financial service demand,on the basis of the original fund settlement services,in the light of the characteristics of industry trade and the specific needs of upstream and downstream enterprises,provide personalized financial products and services,capital financing industry chain,enhance the vitality of car of the real economy.Most importantly,the development of the industry chain financial model can affect the corporate value of the core enterprises in multiple aspects at the same time,which is very tempting for enterprises aiming at maximizing the corporate value.As most domestic and foreign researches tend to analyze the concept,mode,enthusiasm and risk of the industrial chain financial model qualitatively,a small number of researches focus on the positive impact of this model on middle and small-sized enterprises,while few researches focus on the impact of this model on core enterprises.Therefore,this paper adopts the case study method to study the core enterprise of the industrial chain financial model of SAIC,which will influence the value of the company.Firstly,this paper briefly introduces the SAIC and its subsidiary company SAICFC,and from internal demand induction and external motivation describes the motivation,and from preparation stage,germination stage and development stage describes the process of SAICFC's financial mode of industrial chain.Secondly,based on relevant theoretical foundation and financial statement data,it analyzes the factors that may affect the corporate value of SAIC from the aspects of financing structure,capital utilization efficiency and diversified operation in the implementation of the industrial chain financial model.Then based on EVA model,the corporate value of SAIC is calculated with the gradual improvement of the industrial chain financial model and the corporate value without considering the impact of the industrial chain financial model.Thus,the results of corporate value analysis are obtained to clarify whether the industrial chain financial model will have an impact on corporate value.Finally,combining with the experience of SAIC and its SAICFC in the process of developing and improving the industrial chain financial model,it puts forward relevant Suggestions and measures.This paper draws the following conclusions through case study: first,the industrial chain financial model can improve its corporate value by changing the financing structure of SAIC.Second,the industrial chain financial model can improve its corporate value by improving the efficiency of capital use of SAIC,including reasonably reducing the level of cash holding,improving the efficiency of working capital management and reserving financial flexibility.Thirdly,the industrial chain financial model can improve its corporate value by realizing diversified operations and new profit growth points of SAIC.Fourthly,based on the EVA model,the industrial chain financial model can reduce the debt capital cost and weighted average cost of capital by expanding the scale of debt financing and optimizing the debt maturity structure,so as to improve the corporate value of SAIC and the increase was about $31,05.01 million.