S建筑科学研究院集团资本结构优化研究
发布时间：2018-11-10 16:46
【摘要】：本文以S建筑科学研究院集团(简称S公司)为研究案例,以该公司发布在中国证券监督委员会网站上的招股说明书上的相关数据为依据,确保论文中的数据来源真实可靠。首先阅读了国内外关于资本结构的文献,阐述了国内外关于资本结构研究的相关现状。其次介绍了资本结构的相关理论以及资本结构优化理论,为本文的后续研究打下理论基础。然后运用比例分析法,纵向分析S建筑科学研究院集团的资本结构现状。在纵向分析的基础上,运用比较分析法进行横向分析,选取了同行业的十个企业作横向对比,发现S建筑科学研究院集团资本结构存在的问题,并结合实际分析出现问题的原因。通过构建静态最优资本结构模型来探求出S公司最合适的资本结构点,发现本身的资产负债结构不是最优的,通过动态分析法,结合行业特征,宏观政策,企业盈利能力,财务杠杆弹性和公司成长性,得出S公司的最优资本结构区间,运用加权资本成本法来确定融资方式。最终的结论就是S公司资本结构的优化,需要提高资产负债率,降低流动负债占比,提高第一股东占比,在可行条件下发行债券的方式进行融资。最后将资本结构存在问题的成因与财务报告相结合,提出具体的优化措施,包括拓宽融资渠道、提高资产负债率、优化股权结构。希望能使S建筑科学研究院集团的资本结构达到最优。在S公司募集资金的措施中,将上市后S公司融资的各种渠道通过加权资本成本法得出最适合S公司的融资渠道。
[Abstract]:This paper takes S Institute of Architectural Sciences Group (S Company) as a case study, based on the relevant data published by S Corporation on the website of China Securities Regulatory Commission to ensure that the data sources in this paper are true and reliable. First of all, we read the literature about capital structure at home and abroad, and expatiate the current situation of capital structure research at home and abroad. Secondly, it introduces the related theories of capital structure and the theory of capital structure optimization, which lays a theoretical foundation for the further study of this paper. Then using the proportional analysis, longitudinal analysis of S building science research group capital structure status. On the basis of longitudinal analysis, this paper uses comparative analysis method to carry out horizontal analysis, selects ten enterprises in the same industry as horizontal contrast, and finds out the problems existing in the capital structure of S Building Science Research Institute Group. And combined with the actual analysis of the causes of the problem. By constructing the static optimal capital structure model to find out the most suitable capital structure point of S Company, it is found that its asset-liability structure is not optimal. The optimal capital structure interval of S company is obtained by financial leverage elasticity and company growth, and the method of weighted capital cost is used to determine the financing method. The final conclusion is that the optimization of capital structure of S Company needs to raise the ratio of assets and liabilities, reduce the proportion of current liabilities, increase the proportion of the first shareholders, and issue bonds to finance under feasible conditions. Finally, combining the causes of the capital structure problems with the financial report, the paper puts forward some specific optimization measures, including widening the financing channels, improving the asset-liability ratio, and optimizing the equity structure. We hope to optimize the capital structure of S Building Research Institute Group. Among the measures of raising funds of S Company, the financing channels of S Company after listing are obtained by weighted capital cost method.
【学位授予单位】：南京信息工程大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.92
本文编号：2323000
[Abstract]:This paper takes S Institute of Architectural Sciences Group (S Company) as a case study, based on the relevant data published by S Corporation on the website of China Securities Regulatory Commission to ensure that the data sources in this paper are true and reliable. First of all, we read the literature about capital structure at home and abroad, and expatiate the current situation of capital structure research at home and abroad. Secondly, it introduces the related theories of capital structure and the theory of capital structure optimization, which lays a theoretical foundation for the further study of this paper. Then using the proportional analysis, longitudinal analysis of S building science research group capital structure status. On the basis of longitudinal analysis, this paper uses comparative analysis method to carry out horizontal analysis, selects ten enterprises in the same industry as horizontal contrast, and finds out the problems existing in the capital structure of S Building Science Research Institute Group. And combined with the actual analysis of the causes of the problem. By constructing the static optimal capital structure model to find out the most suitable capital structure point of S Company, it is found that its asset-liability structure is not optimal. The optimal capital structure interval of S company is obtained by financial leverage elasticity and company growth, and the method of weighted capital cost is used to determine the financing method. The final conclusion is that the optimization of capital structure of S Company needs to raise the ratio of assets and liabilities, reduce the proportion of current liabilities, increase the proportion of the first shareholders, and issue bonds to finance under feasible conditions. Finally, combining the causes of the capital structure problems with the financial report, the paper puts forward some specific optimization measures, including widening the financing channels, improving the asset-liability ratio, and optimizing the equity structure. We hope to optimize the capital structure of S Building Research Institute Group. Among the measures of raising funds of S Company, the financing channels of S Company after listing are obtained by weighted capital cost method.
【学位授予单位】：南京信息工程大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.92
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