【作者】 张强；

【导师】 孙秋枫；

【作者基本信息】 吉林大学 ， 工商管理硕士（专业学位）， 2020， 硕士

【摘要】 近年来中国汽车产业发生着巨变,过去国有汽车集团依靠国有背景、传统工业模式及行业限制性门槛,在中国汽车产业几乎拥有着垄断优势。而在当今,特别在中国全面迈向“中国制造2025”、中美贸易战持续等大背景下,国有汽车集团的生存和发展未来存在更多的不确定性,加上自身公司治理和市场化运营制度不完善等因素,在新兴的汽车产业衍生领域相比民营企业、外资企业,往往很难抓住机遇,错失发展良机,错过一些具有较好发展前景的项目,并且过去形成的主机厂优势在互联网+汽车的大背景下在一定程度上反而成为累赘。本文以一汽集团为例,对一汽集团的股权投资策略进行研究,深入挖掘国有大型汽车集团在战略投资和财务投资如何选择,在全球产业发展变化、国家制造业转型升级背景下如何制定股权投资策略,为中国汽车集团股权投资提出合理化建议以及股权投资策略制定的一般步骤。基于对一汽集团股权投资现状的研究,从当前的环境出发,分析了一汽集团股权投资存在的问题,包括投资结构单一,投资发展与现金流不同步,投资回报慢。在上述分析的基础上,本文详细分析了当前股权投资存在问题的原因,投资局限在汽车制造和技术,融资通道窄;投资管控不完善和内源融资不足。为了帮助一汽集团制定股权投资策略,本文提出了策略制定的一般步骤,策略制定的依据应当从中国制造2025、汽车产业投资管理规定和一汽集团战略规划出发。选择自主品牌多元化发展、合资合作品牌转型升级、打造新型服务增长极和以财务投资获取投资收益为主要投资目标。按照战略投资和财务投资区分不同的投资形式,具体路径包括加强与大众、丰田等传统汽车集团合作、开拓与新造车势力合作、建立以获取投资收益为核心目标的财务投资体系和布局“一带一路”开拓海外主力市场。同时为了保障实施,本文还提出了三项建议,包括优化资本结构、规范投资管理和完善考核评价机制。更多还原

【Abstract】 In recent years,China’s automobile industry has undergone great changes.In the past,state-owned automobile groups,relying on state-owned background,traditional industrial model and restrictive threshold of the industry,had almost monopoly advantages in China’s automobile industry.In today,especially in China towards a comprehensive "made in China 2025",a trade war with China continued backdrop,such as the survival and development of state-owned automobile group in the future there is more uncertainty,coupled with its own factors such as corporate governance and market operating system is not perfect,than in the emerging field of auto industry derivative private enterprises,foreign-funded enterprises,it is often difficult to seize the opportunity,missed opportunities,miss some of the items has a good development prospect,and used to form the same advantage in Internet + car backdrop to a certain extent,it became white elephants.Based on FAW group as an example,the study of FAW group company equity investment strategy,dig into state-owned large car industry group in how to choose the strategic investment and financial investment,facing changes in the global industrial development,transformation and upgrading of national manufacturing under the background of how to adjust the equity investment strategy,put forward reasonable Suggestions for China’s automobile group equity investment and general steps of equity investment strategy.Based on the study of the equity investment status of FAW Group,this paper analyzes the problems existing in the equity investment of FAW Group from the current environment,including the unitary investment structure.Investment development is out of step with cash flow.Slow returns on investment.On the basis of the above analysis,this paper analyzes in detail the reasons for the problems existing in the current equity investment.The investment is limited to automobile manufacturing and technology,and the financing channel is narrow.Imperfect investment control and insufficient internal financing.In order to help FAW Group formulate equity investment strategy,this paper puts forward general steps,including the basis of strategy formulation,which should start from Made in China 2025,automobile industry investment management regulations and FAW Group strategic planning.The investment form of strategy formulation includes the investment form choice of strategic investment and financial investment;Target selection for strategy formulation,including diversified development of self-owned brands,transformation and upgrading of joint venture and cooperative brands,building new service growth poles and obtaining investment income through financial investment;The formulation of specific investment strategies includes strengthening cooperation with Volkswagen,Toyota and other traditional automobile groups,exploring cooperation with new automobile manufacturers,establishing a financial investment system with the core goal of obtaining investment income and deploying The Belt and Road to explore the main overseas markets.In order to help FAW Group formulate its equity investment strategy,this paper proposes the general steps of strategy formulation,which should be based on made in China 2025,automobile industry investment management regulations and FAW Group strategic planning.Choose diversified development of independent brands,transformation and upgrading of joint venture and cooperative brands,building new service growth poles and taking financial investment to obtain investment income as the main investment objectives.Distinguish different investment forms according to strategic investment and financial investment.The specific path includes strengthening cooperation with Volkswagen,Toyota and other traditional automobilegroups,exploring cooperation with new automobile manufacturers,establishing a financial investment system with the core goal of obtaining investment income,and deploying "One Belt and One Road" to explore major overseas markets.At the same time,in order to ensure the implementation,this paper also puts forward three Suggestions,including optimizing the capital structure,standardizing the investment management and improving the assessment and evaluation mechanism.更多还原