A公司资本结构研究

发布时间：2018-03-29 14:37

本文选题：A公司　切入点：资本结构　出处：《南昌大学》2013年硕士论文

【摘要】：“十一五”以来,我国提出“节能和新能源汽车”战略,政府高度关注新能源汽车的研发和产业化。在国家政策的倡导与支持下,我国各地有关节能与新能源车的产品研发及示范推广可谓风起云涌。在能源和环保的压力下,新能源汽车无疑将成为未来汽车的发展方向。新能源汽车行业是属于七大战略型新兴产业之一。中国经济要战胜金融危机带来的影响,真正走出困境,必须依赖于新兴产业崛起。加快培育和发展新兴产业公司是打造未来经济新增长点、转变经济增长方式的战略选择。A公司作为新能源汽车行业里的代表性企业,公司主要经济指标连续十余年快速增长,连续十余年获得中国工商银行AAA级信用等级。因此以A公司为研究对象,研究其资本结构,实现其资本结构最优化对改进该类企业治理结构、增强企业核心竞争力,进而提升公司价值、促进新能源汽车大力发展,促进中国经济又好又快增长具有十分重要的意义。在系统回顾了资本结构理论,梳理相关研究文献的基础上,以汽车行业基本面、A公司及同行业3家上市公司2010-2012年公开的财务报表为研究资料,分析了A公司的经营业务、行业地位等,详细分析了A公司的资本结构现状,重点分析了A公司财务状况、资本构成状况、债务情况、股本结构、治理结构和资本运营状况,深入研究了A公司资本结构形成过程,探讨了A公司资本结构形成的内外部原因,从资产负债率、产权比率、负债结构和股本结构、盈利能力等方面与同行业上市公司对比分析了A公司资本结构的影响因素,得出了A公司资本结构方面存在资产负债率偏低,未充分发挥公司应有的财务杠杆效益；企业筹资能力低,影响企业盈利水平；融资方式单一；企业存在潜在的经营风险等问题。最后,根据A公司自身情况,提出了稳定资产负债率、整合债务结构、提高盈利能力和利用多元化金融工具等方面的对策。
[Abstract]:Since the 11th Five-Year Plan, China has put forward the strategy of "energy-saving and new energy vehicles". The government pays great attention to the research and development and industrialization of new energy vehicles. The product development and demonstration promotion of energy-saving and new energy vehicles in various parts of China can be described as surging. Under the pressure of energy and environmental protection, There is no doubt that new energy vehicles will become the direction of future automobile development. The new energy automobile industry is one of the seven major strategic emerging industries. China's economy must overcome the impact of the financial crisis and really get out of the predicament. We must rely on the rise of new industries. To speed up the cultivation and development of new industrial companies is a strategic choice for building new economic growth points in the future and changing the mode of economic growth. A company is the representative enterprise in the new energy automobile industry. The company's main economic indicators have grown rapidly for more than 10 consecutive years, and for more than 10 consecutive years it has gained the AAA credit rating of the Industrial and Commercial Bank of China.Therefore, taking Company A as the research object, the capital structure of the company has been studied. The optimization of its capital structure is of great significance to the improvement of the corporate governance structure, the enhancement of the core competitiveness of the enterprises, the promotion of corporate value, the vigorous development of new energy vehicles, and the sound and rapid growth of China's economy. On the basis of reviewing the theory of capital structure systematically and combing the relevant research literature, this paper analyzes the operating business of company A based on the financial statements of company A and three listed companies in the same industry from 2010 to 2012. The status of company A is analyzed in detail, with emphasis on its financial status, capital composition, debt, equity structure, governance structure and capital operation. In this paper, the formation process of capital structure of company A is deeply studied, and the internal and external reasons for the formation of capital structure of company A are discussed, including asset-liability ratio, property ratio, debt structure and equity structure. Compared with the listed companies of the same industry, the paper analyzes the influencing factors of the capital structure of company A, and draws the conclusion that the capital structure of company A has a low ratio of assets and liabilities, which does not give full play to the financial leverage benefit that the company should have; The low financing ability of the enterprise affects the profit level of the enterprise; the financing method is single; the enterprise has the potential operation risk and so on. Finally, according to the situation of company A, it proposes to stabilize the asset-liability ratio and to integrate the debt structure. Improve profitability and use diversified financial instruments and other aspects of countermeasures.
【学位授予单位】：南昌大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.471

【引证文献】