可持续增长模式下金明精机的融资结构研究

发布时间：2018-06-23 09:38

本文选题：可持续增长模式 + 融资结构　；参考：《黑龙江八一农垦大学》2017年硕士论文

【摘要】：资金是企业赖以生存的源泉,融资结构是否合理对于企业能否实现可持续增长至关重要。可持续增长模型中的“持续”意味着在企业稳定运营的前提下,为股东创造更大的利益,但是,如果企业过快增长,会导致资金紧张,甚至使企业的资金链断裂。因此,可持续增长模式主张:在尽可能少耗费企业财务资源的基础上,实现最大限度的增长。我国宏观经济现正处于增速放缓的阶段,各个行业近几年发展都不理想,塑机行业也不例外,表面上国内市场需求较大,但是大多数塑机行业的上市公司都处于连年亏损的状态,并且许多企业的实际增长率都高于可持续增长率,以金明精机股份有限公司最为典型。这时,就要为如何使财务资源在企业稳定增长的前提下得到充分的利用并且实现股东价值最大化找出路,这正是本文研究的重点和难点所在。本文在整理国内外文献的过程中,查阅了融资结构、可持续增长模型以及融资结构与可持续增长模型之间关系的各方面资料,基于可持续增长模式,在MM理论、优序融资理论、权衡理论的基础上,利用金明精机近5年的年度报告整理了金明精机内源融资、债务融资和股权融资三个方面的现状,再对金明精机的融资结构进行分析,在可持续增长模式的基础上建立财务指标体系,并分析金明精机的盈利能力、营运能力、偿债能力和成长能力,再采用比较分析法对金明精机的实际增长率与可持续增长率进行偏差分析,总结出金明精机在经营策略和财务策略上的诸多问题。例如:企业盲目扩张,只追求“纯规模”,无视“不经济”;应收账款比重过高,导致企业资金链愈发紧张;资本结构未合理优化,短期负债与长期负债严重失衡;企业在现阶段经营状况极不稳定的前提下,仍加大股权融资力度,放大了财务风险。最后,对金明精机现阶段的发展状况总结出了几点建议,第一:明确融资目标和融资顺序,第二:优化资本结构,第三:提高资产运营能力,第四:合理利用股权融资。我国塑机行业的大部分企业均处于连年亏损状态,通过对金明精机融资结构的分析,传递新的融资理念,促进公司实现可持续增长。
[Abstract]:Capital is the source of enterprise survival. Whether the financing structure is reasonable or not is very important for the enterprise to achieve sustainable growth. The "persistence" in the sustainable growth model means to create more benefits for shareholders under the premise of stable operation of the enterprise. However, if the enterprise grows too fast, it will lead to the shortage of funds and even the breakage of the capital chain of the enterprise. Therefore, the sustainable growth model advocates: to achieve maximum growth on the basis of minimal consumption of financial resources. China's macro economy is now in the stage of slowing down the growth rate. The development of various industries in recent years has not been ideal, and the plastic machinery industry is no exception. On the surface, there is a large demand in the domestic market. However, most of the listed companies in the plastic machinery industry are in the state of losing money year after year, and the actual growth rate of many enterprises is higher than the sustainable growth rate, the most typical of which is Jinming Precision Machinery Co., Ltd. At this time, it is necessary to find a way out for how to make full use of financial resources under the premise of stable growth of enterprises and realize the maximization of shareholder value, which is the focus and difficulty of this paper. In the process of collating the domestic and foreign literature, this paper has consulted the financing structure, the sustainable growth model and the relation between the financing structure and the sustainable growth model, based on the sustainable growth model, in the MM theory, the priority financing theory, On the basis of trade-off theory, the present situation of internal financing, debt financing and equity financing of Jinming Precision Machine is sorted out by using the annual report of Jinming Precision Machine in the past five years, and then the financing structure of Jinming Precision Machine is analyzed. Based on the sustainable growth model, the financial index system is established, and the profitability, operating capacity, solvency and growth ability of Jinming machine are analyzed. Then the deviation between the actual growth rate and the sustainable growth rate of Jinming refined machine is analyzed by comparative analysis, and many problems in the management strategy and financial strategy of Jinming refined machine are summarized. For example: enterprises blindly expand, only pursue "pure scale", ignore "uneconomic"; the proportion of accounts receivable is too high, leading to the increasingly tight capital chain, capital structure is not rational optimization, short-term liabilities and long-term liabilities are seriously unbalanced; Under the premise of extremely unstable operating condition at present, enterprises still increase equity financing and amplify financial risks. Finally, several suggestions are put forward for the development of Jinming fine machine at this stage. The first is to make clear the financing target and financing sequence, the second is to optimize the capital structure, the third is to improve the ability of assets operation, and the fourth is to make use of equity financing reasonably. Most of the enterprises in the plastic machinery industry of our country are in the state of losing money year after year. Through the analysis of the financing structure of Jinming machine, the new financing idea is transmitted to promote the sustainable growth of the company.
【学位授予单位】：黑龙江八一农垦大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.4;F406.7

【参考文献】