A石油公司资本结构优化及融资策略研究

发布时间：2018-03-20 06:40

本文选题：A石油公司　切入点：资本结构　出处：《成都理工大学》2016年硕士论文　论文类型：学位论文

【摘要】：改革开放以来,A石油公司这一国内的龙头企业,面临着计划经济向市场经济转型的发展背景。在这段时期以内,该公司频频采用兼并、重组的方式,生产规模和市场份额不断增长。和国外的同类企业相比,A公司表现出很明显的独特性。国外的大规模石油企业的发展,更依赖于内源力,当然,他们也会采用市场并购等资本运营手段。整体来看,国外的企业是通过“自下而上”的方式发展的,呈现出明显的市场特征,产业结构十分丰富,国际化水平极高,和国际资本市场之间有着广泛的联系。反观我国,大部分的大规模企业都诞生于国家经济改革的这股浪潮,特别是国有企业,其发展离不开政府的主导,和远远不够完善的国内资本市场之间的联系并不紧密。国家持股、产权结构简单,是我国的大型企业的通性。近些年间,国有大型企业加快重组、合并的步伐,产权结构也在很短的时间内丰富起来。不过也暴露出了一系列的问题,比如政府改革步伐跟不上、企业定位不够集中、行政影响过大等。资本结构反映的是企业债务与股权的比例关系,它在很大程度上决定着企业的偿债和再融资能力,决定着企业未来的盈利能力,是企业财务状况的一项重要指标。合理的资本结构可以降低融资成本,发挥财务杠杆的调节作用,使企业获得更大的自有资金收益率。资金对于一个企业来讲是其发展的“血液”,在全球经济下行的大环境下,安全资本结构下的企业融资方式选择显得尤为重要,是一项非常重要的课题。要促进国内企业资本结构不断优化,必须充分结合企业现行的资本结构的特征,选择需要采取何种融资方式,在最恰当的时机进行融资。企业应该从自身的实际情况入手,深入剖析自身的优劣势,结合自身的需求,针对市场进行预测,深入解读政策,采用不同的融资方式组合在一起,将融资成本控制在更低范围内,在最大程度上消除风险隐患。另外,针对各种融资方式进行比较,从自身的角度来权衡不同融资方式的利弊,并基于此确定最佳的融资方式。在以企业为对象的研究中,资本结构和融资方式是一项非常重要的课题。考虑到企业在各方面的特征都有一定的独特性,所以,企业应该结合自身的现状来不断调整资本结构并采取最佳的融资方式,确保资本结构具有弹性的特征。笔者在本课题的研究中,选择A公司这一案例,针对其资本结构和融资展开分析,为帮助其找到最佳的融资方式提供思路。同时,以案例为切入点,对我国国有企业深化改革提出建议,相信会为我国国有企业的资本运营以及融资方式的选择提供有益借鉴。
[Abstract]:Since the reform and opening up to the outside world, Oil Company A, the leading domestic enterprise, is facing the background of the transition from planned economy to market economy. During this period, the company frequently adopted the methods of merger and reorganization. The scale of production and market share are growing. Compared with the similar enterprises abroad, company A shows a distinct uniqueness. The development of large scale oil enterprises abroad depends more on endogenous forces, of course. They will also adopt capital operation means such as market mergers and acquisitions. On the whole, foreign enterprises develop through a "bottom-up" approach, showing obvious market characteristics, rich industrial structure, and extremely high level of internationalization. There are extensive links with the international capital market. On the other hand, most large-scale enterprises in China were born in this wave of national economic reform, especially state-owned enterprises, whose development can not be separated from the leading role of the government. There is not a close relationship between the state ownership and the far less perfect domestic capital market. State shareholding, simple property right structure, is the commonality of large enterprises in our country. In recent years, large state-owned enterprises have accelerated the pace of reorganization and merger. The structure of property rights has also been enriched in a very short period of time. However, a series of problems have also been exposed, such as the fact that the pace of government reform has not kept pace with the pace of reform, and that the orientation of enterprises is not focused enough. Capital structure reflects the proportional relationship between debt and equity, which to a large extent determines the ability of the enterprise to repay debt and refinance, and determines the profitability of the enterprise in the future. A reasonable capital structure can reduce the financing cost and bring into play the role of financial leverage. Capital is the "blood" of an enterprise's development. In the global economic downturn, the choice of enterprise financing mode under the safe capital structure is particularly important. In order to promote the continuous optimization of the capital structure of domestic enterprises, we must fully combine the characteristics of the current capital structure of enterprises and choose what financing methods we need to adopt. In the most appropriate time to finance. Enterprises should start from their own actual situation, in-depth analysis of their own strengths and weaknesses, combined with their own needs, to forecast the market, in-depth interpretation of the policy, using different financing methods together, Control the financing cost in a lower range, eliminate the hidden risks to the greatest extent. In addition, compare various financing methods and weigh the advantages and disadvantages of different financing methods from their own point of view. The capital structure and financing method is a very important subject in the study of enterprises. Considering the unique characteristics of the enterprises in various aspects, so, The enterprise should constantly adjust the capital structure and adopt the best financing method according to its present situation to ensure that the capital structure has the characteristics of elasticity. Based on the analysis of its capital structure and financing, this paper provides some ideas to help it find the best way of financing. At the same time, taking the case as the starting point, the paper puts forward some suggestions for deepening the reform of state-owned enterprises in China. It is believed that it will provide beneficial reference for the capital operation and the choice of financing mode of state-owned enterprises in our country.
【学位授予单位】：成都理工大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F406.7;F426.22

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