雨润集团债务融资研究

发布时间：2018-05-08 15:21

本文选题：债务融资 + 财务风险　；参考：《石河子大学》2017年硕士论文

【摘要】：根据我国银行业所处的地位,银行对于资金的垄断使得资金有效流通受到一定的阻碍,这种阻碍也是公司进行债务融资产生的风险之一,一般这种阻碍只发生在中小企业身上,国内外学者对中小企业债务融资的限制已经进行了全面的研究,因此本文不加以探讨。在研究企业债务融资风险的过程中,发现以下结论,如果企业的自有资本较低,而债务融资成本又过高,会存在企业的利润无法弥补债务本利和的情况,企业的生产经营也会受到不良影响,若是企业到期不能偿本付息,会加剧企业破产的可能。现阶段的雨润集团就是因为企业的利润无法用来偿还集团的债务,发生了财务危机。选取肉制品行业中的雨润集团作为代表来探讨债务融资这一问题,是因为雨润集团曾是肉质品行业中的翘楚,但因为其债务融资中存在的问题,导致集团的资金链断裂,使其成为研究债务融资问题中的一个典型案例。在研究雨润集团的债务融资时,结合当时行业中的债务融资概况,发现雨润集团在债务融资方面的问题可以作为行业中的预警。在分析雨润集团的债务融资时,定性的描述了其债务融资问题,定量的测量了债务融资风险。主要历程如下所示:首先简单的了解了雨润集团的基本概况,然后对以下的债务融资方式进行描述和分析,主要包括:银行借款、短期融资券、中期票据、商业信用以及融资租赁,后来又介绍了集团债务组成结构(即直接融资与间接融资)、债务期限结构(即长期债务与短期债务),根据上文对雨润集团债务融资的介绍分析其存在的问题及问题成因,得出了以下几点原因:商业信用下降、经营业绩下降以及集团的快速扩张、房地产投资过多,最后根据上述原因提出对应的解决方案。本文期望根据雨润集团这一案例告诫企业要保障自身债务融资结构合理,降低财务风险。
[Abstract]:According to the status of the banking industry in China, the monopoly of capital by the banks has hindered the effective circulation of funds, which is also one of the risks arising from the debt financing of companies. Generally speaking, this kind of hindrance only occurs in the small and medium-sized enterprises. Scholars at home and abroad have made a comprehensive study on the limitation of SME debt financing, so this paper does not discuss it. In the course of studying the risk of debt financing, we find the following conclusions: if the enterprise's own capital is low and the cost of debt financing is too high, there will be the situation that the profit of the enterprise cannot make up for the sum of the capital and interest of the debt. The production and management of enterprises will also be adversely affected, if the enterprise can not pay the interest due, it will aggravate the possibility of enterprise bankruptcy. The current Yurun Group is because the profits can not be used to repay the group's debt, a financial crisis. Yurun Group, a representative of meat industry, was selected to discuss the problem of debt financing because it was a leader in meat industry, but because of the problems in its debt financing, the group's capital chain broke. Make it become a typical case of debt financing. When studying the debt financing of Yurun Group, combined with the general situation of debt financing in the industry at that time, it is found that the problems of Yurun Group in debt financing can be used as an early warning in the industry. In the analysis of Yurun Group's debt financing, the debt financing problem is described qualitatively, and the debt financing risk is quantitatively measured. The main process is as follows: first of all, we simply understand the basic situation of Yurun Group, then describe and analyze the following debt financing methods, including: bank loans, short-term financing bonds, medium-term notes, Commercial credit and financial leasing, Then it introduces the composition structure of group debt (that is, direct and indirect financing), debt maturity structure (that is, long-term debt and short-term debt), and analyzes its problems and causes according to the above introduction to the debt financing of Yurun Group. The following reasons are obtained: the decline of commercial credit, the decline of business performance and the rapid expansion of the group, and the excessive investment in real estate. Finally, the corresponding solutions are put forward according to the above reasons. According to the case of Yu run Group, this paper expects to warn enterprises to ensure their debt financing structure is reasonable and to reduce financial risk.
【学位授予单位】：石河子大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82;F406.7

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