东方公司融资渠道研究

发布时间：2018-03-29 02:32

本文选题：融资渠道　切入点：融资成本　出处：《吉林大学》2017年硕士论文

【摘要】：汽车零部件行业是国家长时间重要援手发展的工业,因为它是汽车工业发展的根蒂,同时也是汽车整车行业的上游行业。近些年,国内的汽车保有量的逐年升高,直接拉动了汽车产业链上游汽车零部件行业的急剧成长,导致国内汽车零部件的需求规模迅速扩大。但国内零部件仅主要应用于自主品牌汽车,市场占有率比较低。因为我们仅仅是汽车零部件出产的大国还不是强国。国内零部件厂商在资金困难又要增加市场占有率时,必然面临融资的问题。从理论上讲,企业的融资结构是可以达到最优的。但因为企业内、外部因素的影响,想要达到企业的最优融资结构也是不容易的。对于企业来说,可供采取的融资形式、融资渠道不少。然而企业需要综合考虑融资成本,融资风险和企业偿债能力等各方面因素的影响,选择最合理的融资形式,才能达到匹配于企业的最佳融资结构。本文以本土零部件厂商东方公司为新建生产线、抢夺市场占有率而进行融资为例,从东方公司财务状况的分析入手,先对东方公司的融资现状、资金现状及未来的融资需求进行详细分析和阐述,发现负债主要为银行贷款的东方公司资产负债率极高,流动资金极其紧张,无法满足企业的生产经营需要,经常以短期流动资金贷款维持企业的经营运行。东方公司为解决公司现状,积极拓展市场,在迎来已取得新合资整车厂配套市场份额喜讯之时,也面临着新建生产线缺乏资金的难题,本文科学地运用销售百分比法对东方公司的资金需求规模进行预测,确定东方公司为新建生产线而需要融资的额度。其次,在确定融资额度之后,详细说明了东方公司可选取的几项融资渠道,例如股权融资、银行抵押借款、委托贷款等,客观地揭示出了东方公司在融资渠道中存在问题。再次,基于融资渠道存在的问题,运用趋势分析法对东方公司近五年的财务数据进行趋势分析,又进一步列示近五年零部件行业的平均值作为对照进行比较分析,得出东方公司各融资渠道问题的成因,主要为东方公司长期处于亏损状态,达不到股东期望的报酬率,抵押物账面金额不实以及未找到委托贷款企业等。最后,对东方公司的融资渠道提出了几项优化策略,由于东方公司资金紧张,长时间处于亏损状态,所以东方公司应提高盈利能力,体现出良好的发展趋势,逐渐提升股东们的投资信心,从而使股权融资不再是难题。完善公司的管理制度,建立责任追偿制,使作为抵押物的存货账实相符。公司从提高企业的获利能力、偿债能力、发展能力这几个重要的方面入手,进而提高在金融机构的信用评级情况。盘活公司现金流,一方面,增加资金的流入量。另一方面,控制资金的流出量。即科学管理资金收支额度及收支时间,保障公司的短期偿债能力。
[Abstract]:The auto parts industry is an industry developed by the state for a long time, because it is the root of the development of the automobile industry and also the upstream industry of the automobile industry. In recent years, the number of cars in China has increased year by year. The rapid growth of automobile parts industry in the upper reaches of the automobile industry chain has led to the rapid expansion of domestic demand for auto parts, but domestic components are mainly used in self-owned brand cars. The market share is relatively low. Because we are only a big country producing automobile parts and not a powerful country. When domestic component manufacturers have to increase their market share in terms of capital difficulties, they are bound to face the problem of financing. Theoretically speaking, However, it is not easy to achieve the optimal financing structure because of the influence of internal and external factors. However, enterprises need to consider the influence of financing cost, financing risk and corporate solvency, and choose the most reasonable financing form. In order to achieve the best financing structure matching with the enterprise, this paper takes Dongfang Company, a local component manufacturer, as an example to build a new production line and seize the market share, starting with the analysis of the financial situation of Dongfang Company. First of all, the current financing situation, capital status and future financing needs of Dongfang Company are analyzed and elaborated in detail. It is found that the assets and liabilities ratio of Dongfang Company, which is mainly in the form of bank loans, is extremely high, and the liquidity is extremely tight. Unable to meet the needs of the production and operation of the enterprise, it often maintains the operation of the enterprise with short-term liquid capital loans. In order to solve the current situation of the company and actively expand the market, Dongfang Company welcomes the good news of the market share of the new joint-venture vehicle factory. Also faced with the problem of lack of funds for the new production line, this liberal arts science uses the percentage of sales method to predict the size of the capital demand of the eastern company, and determine the amount of funds that the eastern company needs to raise for the new production line. Secondly, After determining the amount of financing, the paper explains in detail several financing channels that can be selected by Oriental companies, such as equity financing, bank mortgage loans, entrustment loans, and so on, which objectively reveals the problems existing in the financing channels of Oriental companies. Again, Based on the existing problems in financing channels, the trend analysis of the financial data of Dongfang Company in the past five years is carried out by using the trend analysis method, and the average value of the components industry in the last five years is further listed as a comparative analysis. The main causes of the financing channel problems of Dongfang Company are that the Orient Company is in a state of loss for a long time, can not reach the rate of return expected by shareholders, the book amount of the mortgage is not true and the entrusted loan enterprise has not been found, etc. Finally, Several optimization strategies have been put forward for the financing channels of the Oriental Company. Due to the shortage of funds and the loss of money for a long time, the Oriental Company should improve its profitability and reflect a good trend of development. Gradually improve shareholders' investment confidence, so that equity financing is no longer a problem. Improve the company's management system, establish a liability recovery system, so that the inventory as collateral to match. Starting with several important aspects of capacity development, we can then improve the credit rating of financial institutions. To activate the cash flow of companies, on the one hand, to increase the inflow of funds. On the other hand, To control the outflow of funds, that is, to scientifically manage the amount and time of income and expenditure of funds, to ensure the short-term solvency of the company.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.471

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