：汽车零部件是汽车工业发展的基础，汽车零部件行业的发展 和汽车工业的发展是相互促进、共同发展的。发动机及其泵类行业的 发展与汽车行业紧密相联，XYB公司作为汽车油泵制造企业，一方面 必须把握国家汽车市场发展的机遇：汽车市场发展潜力巨大，汽车零 部件潜力依然巨大，汽车零部件产业规模也将稳步提升。另一方面也 必须认清形势，我国发动机泵类行业与国外相比还存在着较大差距， 国内发动机泵类行业已进入为载重汽车、工程机械等配套的高端多缸 发动机泵类领域。 本文立足XYB公司经营现状及财务能力现状的分析，以EVA理 论为指导，借助XYB公司2016年－2018年财务数据，计算2017年 及2018年的经济增加值，结果表明：2018年经济增加值远低于2017 年。根据EVA计算结果，结合发展战略、财务战略及财务能力内在 关系，一方面从发展战略及财务战略方面分析经济增加值变化的原 因，另一方面从偿债能力、盈利能力、营运能力及成长能力角度分析 其财务能力存在问题及原因。 根据XYB公司财务能力存在的问题，立足于XYB公司的财务 现状，全面考虑发展战略、财务战略及财务能力对EVA的影响，以 发展战略调整为出发点，指引公司进行财务战略转型，并从偿债能力、 盈利能力、营运能力及成长能力视角提出财务能力的提升策略。（1） 偿债能力提升策略：转变负债筹资方式，增加权益性筹资量。（2）盈 利能力提升策略：加大产品出口，增加营业收入；加强内部管理，降 低成本费用；盘活存量资产，提高盈利质量。（3）营运能力提升策略： 加强应收账款管理，减少资金占用；加强固定资产管理，提高生产能 力。（4）成长能力提升策略：加强研发团队建设，提升技术水平；转 II 变激励方式，提升经营能力。发展战略调整及财务战略的转型，为 XYB公司财务能力提升指明了方向，也有助推动公司持续健康发展。 关键词：经济增加值；财务能力；提升策略 III RESEARCHONTHEIMPROVEMENTOFFINANCIAL ABILITYOFHUNANOILPUMPCOMPANYFROMTHE PERSPECTIVEOFECONOMICADDEDVALUE ChenZhiyao(MBA) DirectedbyProfessorLeiZhenhua Abstract:Sincetheautopartsarethefoundationofthedevelopmentof theautomobileindustry,theautopartsindustryandtheautomobile industryaremutuallypromotedanddeveloped.Hunanoilpumpcompany isanautomotiveoilpumpmanufacturerwherethedevelopmentofthe engineandpumpindustryiscloselylinkedtotheautomotiveindustry. Foronething,duetothehugedevelopmentpotentialofautomobile marketandautopartsaswellasandthesteadilyincreasingscaleofthe autopartsindustry,Hunanoilpumpcompanyshouldseizethe opportunityofnationalautomobliemarketdevelopment.Foranother,it shouldrecognizethatthereisstillalargegapbetweenChina'sengine pumpindustryandabroadalthoughdomesticenginepumpindustryhas enteredintothehigh-endmulti-cylinderenginepumpfieldfortruckand engineeringmachinery. BasedontheEconomicValueAddedtheory,thispaperanalyzesthe currentoperationstatusandfinancialcapacityofHunanoilpump companyofwhicheconomicvalueaddedin2017and2018iscalculated bythefinancialdataofHunanoilpumpfrom2016to2018.Theresearch resultsshowthattheeconomicvalueaddedin2018ismuchlowerthan thatin2017.AccordingtotheEVAcalculationresults,combinedwiththe internalrelationsofdevelopmentstrategy,financialstrategyandfinancial ability,ontheonehand,thereasonsforthechangeofeconomicadded valueareanalyzedfromtheaspectsofdevelopmentstrategyandfinancial strategy,ontheotherhand,theproblemsandreasonsofitsfinancial IV abilityareanalyzedfromtheperspectivesofsolvency,profitability, operationabilityandgrowthability. Accordingtotheproblemsexistinginthefinancialcapacityof Hunanoilpumpcompany,basedonthecurrentfinancialsituationof Hunanoilpumpcompany,thepapercomprehensivelyconsidersthe influenceofdevelopmentstrategy,financialstrategyandfinancial capacityonEVA,andtakestheadjustmentofdevelopmentstrategyasthe startingpointtoguidethecompanytocarryoutthefinancialstrategy transformation,andputsforwardthepromotionstrategyoffinancial capacityfromtheperspectiveofdebtpayingability,profitability, operationabilityandgrowthability。(1)Strategiesforimprovingsolvency: changingthewayofdebtfinancingandincreasingtheamountofequity financing.(2)Strategiesforimprovingprofitability:increasingproduct exportandoperatingrevenue;strengtheninginternalmanagementand reducingcost;activatingstockassetsandimprovingprofitability quality.(3)Strategiesforimprovingoperationalcapacity:strengthenthe managementofaccountsreceivable,reducecapitaloccupation; strengthenthemanagementoffixedassets,andimproveproduction capacity.(4)Thestrategyofimprovingthegrowthability:strengthening theconstructionofR&Dteam,improvingthetechnicallevel; changingtheincentivemode,improvingtheoperationability.The adjustmentofdevelopmentstrategyandthetransformationoffinancial strategyhavepointedoutthedirectionfortheimprovementoffinancial capacityofHunanoilpumpcompany,andalsohelpedtopromotethe sustainableandhealthydevelopmentofthecompany. Keywords:economicaddedvalue;financialability;promotionstrategy V 目录 摘要..............................................................................................................I Abstract......................................................................................................III 第1章绪论.........................................................................................1 1.1研究背景及意义.........................................................................1 1.1.1研究背景............................................................................1 1.1.2研究意义............................................................................2 1.2国内外研究现状.........................................................................3 1.2.1国外研究现状...................................................................3 1.2.2国内研究现状...................................................................4 1.2.3国内外研究述评...............................................................5 1.3研究思路与方法.........................................................................6 1.3.1研究思路............................................................................6 1.3.2研究方法............................................................................7 1.4研究内容......................................................................................7 第2章相关基础理论.............................................................................9 2.1财务能力概述.............................................................................9 2.1.1财务能力的内涵...............................................................9 2.1.2财务能力的内容...............................................................9 2.1.3财务能力的特征.............................................................10 2.2财务能力分析方法...................................................................12 2.2.1比率分析法.....................................................................12 2.2.2趋势分析法.....................................................................13 2.2.3水平分析法.....................................................................13 2.2.4垂直分析法.....................................................................13 VI 2.3EVA理论...................................................................................14 2.3.1理论概述..........................................................................14 2.3.2EVA价值评估模型的优点............................................14 2.3.3EVA价值评估模型的缺点............................................15 2.4EVA、企业战略、财务战略及财务能力关系.......................16 2.4.1EVA（经济增加值）是财务能力的综合价值指标.....16 2.4.2EVA（经济增加值）更能体现企业战略及财务战略目 标..................................................................................................16 2.4.3财务能力是企业战略与财务战略的综合反映.............16 第3章XYB股份有限公司财务能力现状研究.................................17 3.1XYB股份有限公司简介..........................................................17 3.1.1XYB公司历程................................................................17 3.1.2XYB公司的发展战略....................................................18 3.1.3XYB公司业务情况........................................................18 3.2XYB公司经营情况分析..........................................................19 3.2.1收入规模稳步增长.........................................................19 3.2.2持