X服装公司资本结构的优化研究

发布时间：2018-10-16 17:00

【摘要】：服装行业作为一个传统制造业来讲，很长时间以来，不仅在确保人们最基本的衣食住行方面提供了很大的保障，同时在扩大劳动就业和增强国际间的贸易合作等方面做出了很大的贡献。中国加入WTO后，服装制造业面临着新的机遇和挑战，由于服装行业技术难度和机械要求低，缺乏品牌，OEM为主，作为劳动密集型的服装企业，融资难已成为一个“通病”，由于我国资本市场发展尚不完善，致使服装企业融资渠道狭窄、融资工具单一，资金来源主要靠银行信贷，生产资金过多的依赖银行信货，约占服装资金链的50%以上，另一部分则是企业自筹资金。资本是现代企业生存和发展的核心资源，企业在融资的过程中，，一个合理的资本结构不仅可以使企业在同等投入的情况下，降低企业的资本成本、增加企业的利润，同时还也有利于规范企业的行为，从而提高了企业的市场价值。本文主要围绕着X服装公司的资本结构的优化问题来展开研究，在借助于国外资本结构的相关理论和国内资本结构优化理论的研究成果的基础上，结合X服装公司资本结构现状进行系统分析，主要侧重于研究企业的资本结构中各成员之间的配比关系会对企业价值造成的影响。首先，通过对X服装公司相关财务指标的系统分析，并与国内同行标杆企业进行横向比较，找出X服装公司资本结构存在的问题根源；其次，在基于企业价值最大化为优化目标的前提下，采用最优资本结构静态方程确定X服装公司的最优资本结构点，基于假设的前提下，针对企业应用杠杆水平的高低状况进行资本结构调整；最后，综合考虑影响企业的资本结构的内外部环境因素，提出优化方案和应对措施。本篇文章主要采用理论与实践相结合的方法，将X服装公司作为研究对象，通过揭示其资本结构状况成因与形成过程的系统分析，按照找出问题-分析问题-解决问题的思路，去为X服装公司探求更为合理的资本结构，目的在于使企业的融资渠道变得更为畅通，提高X服装公司的核心竞争力，实现企业价值的最大化。相信通过X服装公司资本结构的优化研究，会对国内纺织服装上市公司的资本结构优化起到一定的现实借鉴意义。
[Abstract]:The clothing industry, as a traditional manufacturing industry, has not only provided a great guarantee in ensuring the most basic food, clothing, housing and transportation for a long time, At the same time, it has made great contribution in expanding labor employment and strengthening international trade cooperation. After China's entry into WTO, garment manufacturing industry is faced with new opportunities and challenges. Because of the low technical difficulty and mechanical requirements of garment industry, lack of brand name, and OEM as the main labor-intensive garment enterprises, the difficulty of financing has become a "common problem". Because of the imperfect development of capital market in our country, the financing channel of garment enterprises is narrow, the financing tool is single, the source of funds mainly depends on bank credit, and the production capital is too much dependent on bank credit, which accounts for more than 50% of the chain of clothing funds. The other part is the enterprise self-financing. Capital is the core resource for the survival and development of modern enterprises. In the process of financing, a reasonable capital structure can not only reduce the cost of capital and increase the profits of enterprises, but also reduce the cost of capital under the condition of equal investment. At the same time, it is also conducive to standardize the behavior of enterprises, thus improving the market value of enterprises. This paper mainly focuses on the optimization of the capital structure of X garment company, based on the research results of the foreign capital structure theory and the domestic capital structure optimization theory. Based on the analysis of the present situation of the capital structure of X garment company, this paper focuses on the influence of the matching relationship among the members of the capital structure on the value of the enterprise. First of all, through the systematic analysis of the related financial indicators of X clothing company and the horizontal comparison with domestic peer benchmarking enterprises, to find out the root causes of the capital structure problems of X clothing company; secondly, Based on the optimization goal of maximization of enterprise value, the optimal capital structure point of X garment company is determined by the static equation of optimal capital structure, and the optimal capital structure point of X garment company is determined on the premise of hypothesis. Finally, considering the internal and external environmental factors that affect the capital structure of the enterprise, the optimization scheme and countermeasures are put forward. This article mainly adopts the method of combining theory with practice, takes X clothing Company as the research object, through revealing its capital structure condition causes and the forming process systematic analysis, according to the way of finding out the problem-analyzing problem-solving the problem. To explore a more reasonable capital structure for X clothing company, the purpose is to make the financing channel of the enterprise more unimpeded, to improve the core competitiveness of X clothing company, and to realize the maximization of enterprise value. It is believed that the research on the optimization of capital structure of X garment company will be of practical significance to the optimization of capital structure of domestic textile and garment listed companies.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.86

【参考文献】