Financial Performance Research Of Hengli Petrochemical Under The Whole Industry Chain Model

In recent years,China’s policies to encourage the upgrading of the industrial structure of the chemical fiber industry have been successively issued.With the help and support of the policies,the industry has been restructured optimally,the degree of industry focus has been increased,and the full execution of the industrial chain model has become the orientation of chemical fiber enterprises.However,in the theoretical field,there is no conclusion whether the whole industry chain model will have a positive or negative effect on the financial performance of enterprises.As the first private enterprise in the chemical fiber industry to realize the integrated operation of the whole industrial chain model,Hengli Petrochemical has a certain representative study on the financial results of the whole industrial chain pattern,in order to serve as reference for other chemical fiber enterprises to implement the whole chain strategy,so as to contribute to the growth of the whole industry.On the basis of combing and summarizing domestic and foreign literature on the model of the whole industry chain and financial performance,this paper expounds related concepts and theories and makes an in-depth analysis combining with case analysis.First,analyzed the motivation and integration path of the implementation mode of Hengli Petrochemical,from the vertical and horizontal analysis of the implementation of the whole industry chain model of Hengli Petrochemical;next,combined with the theoretical basis to explore the influence of the whole industry chain model on the financial performance of Hengli Petrochemical,the mechanism,to provide analysis direction for the financial performance evaluation later;last,the financial data of Hengli Petrochemical from 2017-2022 are used as the basis.Based on EVA-Dupont analysis,the financial effect of Hengli Petrochemical implementation of the whole industrial chain model is analyzed from three aspects of profitability,solvency and operational capacity,to evaluate the core competitiveness of enterprises after the implementation of the whole industrial chain model from the three dimensions of cultural advantages,intangible assets and resource advantages,comprehensively study the impact of the whole industry chain model on the financial performance of Hengli Petrochemical.Based on constant force all petrochemical industrial chain pattern case study analysis,the following conclusions:(1)the constant force of petrochemical two-step implementation of the whole industry chain model,the transverse polyester materials,innovative research and development technology,long,to do fine,do deep of polyester products chain;More than longitudinal investment production projects,ensure the supply of raw materials needed for the downstream polyester field.(2)The vertical extension and horizontal integration of the industrial chain have realized the internalization of transactions,enriched the company’s product categories and led the chemical fiber market,effectively played a synergistic effect,expanded the competitive advantage of the enterprise,and improved the operation efficiency of the enterprise.(3)the whole industry chain model of constant force petrochemical financial performance has a positive effect,the assets of the enterprise profit ability,debt paying ability,operation ability and capital investment benefit are got a significant boost.By summarizing its successful experience,the enlightenment is as follows: firstly,enterprises should reasonably lay out the industrial chain with their own actual situation and should not mindlessly pursue the wind;secondly,to establish the source advantage to provide stable raw material supply for the middle and downstream production,strengthen the key links in the industrial chain,continuous innovation to enhance the core competitiveness;again,to optimize the management structure,the synergy of the whole industrial chain to the maximum value;finally,to build the unique enterprise culture of the whole industry chain,promote the upstream and downstream towards the same goal.