Research On Capital Operation Strategy Of LDK Solar

China's solar pv industry has achieved remarkable achievements in the past decade,from scratch and from scale to world leadership.However,due to the "two out" models,the overall industry lacks the ability to withstand risks.In the wake of the subprime crisis,the world economy has been in a slump,and western countries have adjusted their pv policies,reduced subsidies and shrunk the global market.Plus our pv enterprises blindly optimistic,crazy expansion,photovoltaic industry faces widespread production failure,high debt ratio,a variety of conditions such as severe overcapacity,its healthy development problem become a hot spot of theory to practice.LDK solar high-tech co.,LTD.Is a leading enterprise in the pv industry,and its development is a microcosm of China's photovoltaic industry.The purpose of this study is to apply their learning of enterprise strategy management,financial management knowledge,through the analysis of LDK solar high-tech co.,LTD in the photovoltaic industry's competitive environment and their own advantages and disadvantages at home and abroad,combined with the enterprise's strategic development direction,proposed under the current policy system,LDK company next idea of capital operation strategy,tried to adopt the means of capital operation in a certain extent,alleviate the difficulties faced by the company,help to realize the benign development of the company.After briefly about capital operation theory,this paper first reviews the LDK solar high-tech co.,LTD.,the capital operation course of the past and produce a series of consequences,because LDK company successively adopted in the process of the development of the past including IPO,refinancing,cooperation,mergers and acquisitions and bankruptcy reorganization way of capital operation,coupled with the world economy and the impact of the global pv industry,LDK solar high-tech co.,LTD.,the development of the fluctuation.Then this paper briefly expounds the LDK company locates the pv industry development situation at home and abroad,using the SWOT model and porter five model analysis of the company's specific situation,and the core competitiveness of enterprises in recent years and financial conditions are illustrated,and then put forward the conditions LDK company how to carry out the idea of capital operation strategy,mainly has bad assets liquidation,bankruptcy reorganization,the capital market to refinance,spin-off subsidiary means of capital operation such as selection and application,the focus is on the feasibility of the concrete way of comparative analysis and conclusion;To implement the strategy of the company's capital operation,including the organization,human resources,operation ability,finance,performance appraisal,etc.This article conclusion finally summarizes several aspects that should be paid attention to in the process of capital operation,including enterprise capital operation should be closely links with business,the initial design should be comprehensive system,do a good job in risk control measures,for such aspects as capital operation conveniently remind company follow-up less capital operation error,little detours.