HT公司融资策略研究

发布时间：2018-05-20 02:37

本文选题：融资环境 + 融资策略　；参考：《吉林大学》2017年硕士论文

【摘要】：现代企业管理以财务管理为中心,而财务管理的核心是资金管理,从资金的运营过程来看,是在“筹集—投放—回收—分配”不断的循环运动中发挥效果,产生增值。融资是企业资金运营的第一步,市场经济条件下现代企业有着更广泛的融资方式和渠道。企业为了实现其战略目标以及市场价值的最大化,需要在一定融资风险约束条件下,通过科学有效的融资策略使得融资成本最低。而如何扩大融资渠道?如何提高融资效率?如何保证融资成本最低?如何建立与公司成长性及未来发展战略相匹配的融资策略?这些都是企业融资决策的重要问题。HT公司位于无锡市高新区综合保税区内,所处行业为半导体存储器产品(DREAM)的后工序服务业务,唯一的客户为韩国SK海力士(株式)会社,同时也是公司的第二大股东。DREAM目前已形成寡头垄断的市场形势,SK海力士成为该行业三巨头之一,而HT所有产品有SK海力士包销,双方结算以“全部成本+固定回报+奖励”的方式进行,“全部成本”中不包含融资成本和所得税,因此资金管理是HT财务的核心工作之一。鉴于HT公司的基本面,作者在对国内外融资理论进行梳理的基础上对公司融资现状,存在的问题及原因进行分析,通过SWOT分析法对公司融资环境以及影响公司融资策略的主要因素进行了分析,根据公司的实际情况制订公司融资原则,从三个维度对公司应采取的融资策略进行选择:(1)在基于融资策略特点进行的融资策略选择时,HT公司现阶段更适宜采用适中型融资策略。(2)在基于资本结构优化进行的融资策略选择,HT公司现阶段应采用“内源融资+债务融资”的方式,而在第二条生产线投资时应采用“债务融资+股权融资”的方式进行。(3)在基于融资方式进行的融资策略选择时,公司应进一步拓宽融资渠道,在现有的融资方式的基础上,对内源融资进行改善,尝试出口加工区内人民币融资,以及利用资本市场融资等方式。最后提出符合公司战略发展的总体融资策略:全面拓宽公司融资渠道,在充分考虑风险的基础上,长短结合,股权融资和债务融资结合,内源融资和外源融资结合,融资成本最低,构建符合公司需求的融资方式“组合”。在此过程中,作者也尝试以下问题进行研究:(1)对综合保税区这一特殊监管区域内企业在没有人民币收入来源的情况下也可以进行人民币融资。(2)如HT公司这样规模的公司应该有意识去和互联网金融进行对接。(3)应更好地利用资本市场进行融资。希望通过本文能够对HT公司实施科学的发展战略和融资策略提供帮助,也希望能对其他同类企业提供一些借鉴意义。
[Abstract]:Modern enterprise management takes financial management as the center, and the core of financial management is fund management. From the point of view of the operation process of funds, it is to exert the effect in the continuous circulation movement of "raise-put-recycle-distribute", produce the value added. Financing is the first step of enterprise capital operation. Under the condition of market economy, modern enterprises have more extensive financing ways and channels. In order to achieve its strategic goal and maximize the market value, enterprises need to make the lowest financing cost through scientific and effective financing strategy under certain financing risk constraints. And how to expand financing channels? How to improve the efficiency of financing? How to ensure the lowest financing cost? How to establish a financing strategy that matches the company's growth and future development strategies? These are important issues in the financing decisions of enterprises. HT Company is located in the Comprehensive bonded Zone of Wuxi High-Tech Zone, and is located in the post-process service business of semiconductor memory products. The only customer is SK Hynix (strain type) club of Korea. At the same time, it is also the second largest shareholder of the company. Real has now formed an oligopoly market situation. SK Hyniz has become one of the three giants in the industry, and all HT products are sold exclusively by SK Hynier. Both sides settle accounts in the form of "full cost fixed return reward", "total cost" does not include financing cost and income tax, so capital management is one of the core work of HT finance. In view of the fundamentals of HT Company, the author analyzes the current situation, problems and reasons of financing on the basis of combing the financing theories at home and abroad. This paper analyzes the financing environment of the company and the main factors that affect the financing strategy of the company by means of SWOT analysis, and formulates the principles of corporate financing according to the actual situation of the company. Choose the financing strategy that should be adopted by the company from three dimensions: 1) when choosing the financing strategy based on the characteristics of the financing strategy, HT Company is more suitable to adopt the moderate financing strategy at the present stage. (2) based on the optimization of the capital structure, it is more appropriate to adopt the moderate financing strategy. The company should adopt the method of "endogenous financing and debt financing" at this stage. When investing in the second production line, we should adopt the method of "debt financing equity financing". When we choose the financing strategy based on the financing mode, the company should further broaden the financing channels, and on the basis of the existing financing methods, To improve endogenous financing, try to export processing zone RMB financing, as well as the use of capital market financing. Finally, the paper puts forward the overall financing strategy in line with the development of the company strategy: broadening the financing channels of the company in an all-round way, combining the long and short, the equity and debt financing, the endogenous financing and the exogenous financing on the basis of fully considering the risks. The lowest financing cost, the construction of the company's needs to meet the financing mode "combination." In the process, The author also tries to study the following questions: 1) for enterprises in the special regulatory area of the Comprehensive bonded area, they can also carry out RMB financing without the source of RMB revenue.) A company of the size of HT should have To realize that internet finance should be connected with internet finance, we should make better use of capital markets for financing. It is hoped that this paper can help HT Company to implement scientific development strategy and financing strategy, and also can provide some reference significance to other similar enterprises.
【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;F426.63

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