【作者】 王文博；

【导师】 陈晓；

【作者基本信息】 清华大学 ， 工商管理， 2004， 硕士

【摘要】 德隆这只资本市场上的巨兽,在过去短短十几年中从默默无闻的民营企业发展成为超级航母式的企业集团,创造了一个又一个的奇迹。众多的学者和专业人士在惊叹它的成长轨迹的同时,又在不断地进行研究和思考,德隆究竟给中国的资本市场带来了什么,为中国的企业经营模式提供了哪些借鉴?思想的火花在观点的交锋中产生,对德隆系的争论与探讨为本文的成稿提供了开阔的思路和广袤的视野。关于德隆的评论毁誉参半。一种观点认为德隆是中国股市的“超级主力”,是“恶庄”,德隆从资本市场上获取暴利。另一种观点则认为德隆是资本与产业整合的典范,创造了中国民营企业发展的新模式。以上两种观点不仅在民间争论颇为激烈,而且许多著名的经济学家对德隆的认识也大相径庭,各执一词。本文首先从纵横两个维度对德隆进行了全面剖析,一是回顾了德隆传奇的生长历程,特别是对奠定德隆系基石的经典“三大战役”进行了详细描述;二是全面介绍了德隆系的整体轮廓,包括其产业集团和金融体系。为了发现德隆高昂的股价背后是否有恰当的业绩支撑,本文重点选取德隆旗下三驾马车新疆屯河、湘火炬和合金投资作为研究对象,利用上市公司公开的财务信息,细致入微地分析了德隆系上市公司的实业经营成绩。同时,为了更加客观地说明问题,本文还选取了新疆屯河所在的水泥行业,以及湘火炬所在的汽配行业等诸多上市公司作为对比分析的标杆,同时借助了杜邦分析等财务指标分析的必要手段。在摆出大量数字证据之后,本文对德隆产业经营的效果给出了自己的评判。同样,针对德隆“圈钱论”,本文亦是力图用证据说话,围绕德隆系三家上市公司,主要从股市融资和银行借贷两个角度,利用多项指标,全方位地给与了有力论证。在论文最后部分,本文对“德隆现象”出现的原因,从现实角度进行了简要分析,并且上升到整个民营企业,为民营企业在中国目前经济状况下的运行和发展提供了借鉴。更多还原

【Abstract】 D`Long, a giant in China’s capital market, has made one miracle after another throughits transformation from a private enterprise to a giant conglomerate within just tenyears or so. While researchers and specialists are amazed at its rapid growth, theyconstantly question what D`Long has brought to Chinese capital market and whatother enterprises can learn from its development model. The extensive discussionsand intense debates with respect to D`Long phenomena has opened an interestingperspective to the author and caused the formation of this paper.About D`Long, there exist two controversial opinions. Some believe that D`Long isthe evil force, which manipulated the China`s capital market and made huge profitsout of it. The others believe that D`Long has explored and developed a new growthpath for the Chinese private enterprises. As such, D’Long shall be set as a model forother private enterprises.This paper is organized its study about D`Long in two aspects. First, it looks backon D`Long`s history, especially on its well-known “Three Big Campaigns” that hasestablished D`Long`s foundation. Then it analyses D`Long`s organization andoperation, including its group members and its financial system.To find out whether or not D’long has actually made outstanding performance tosupport its high stock price, the author has used the disclosed financial information ofXinjiang Tunhe, Xiang Torch and Shenyang Alloy, the three major members ofD`Long, to assess D`Long`s operation and achievement.To be more objective, the author has also analyzed the competitors’ information incement and auto parts industries respectively, where Xinjiang Tunhe and Xiang Torchbelong. Throughout this paper, the author has adopted the methods such as financialindex analysis for Dupont.Conclusion of D’Long’s operating performance is drawn on the basis of the above.Similarly, with respect to the comment that D’Long makes money by abusing thecapital market, the author strives to conclude with evidences. Focusing on the threemajor members mentioned above, the author demonstrates his standpoint from theperspective of equity financing and bank loan, respectively.In the end, the author applies the D`Long phenomena and draws a picture foroperation and development of the Chinese private enterprises.更多还原