金龙汽车资本结构与经营绩效研究

发布时间：2018-01-17 15:27

本文关键词：金龙汽车资本结构与经营绩效研究　出处：《中南大学》2014年硕士论文　论文类型：学位论文

【摘要】：财务学界对资本结构问题的研究由来已久,并且从MM理论诞生开始,资本结构理论更是引起了学术界的广泛关注。由于企业的资本结构影响综合资本成本,而企业的综合资本成本又会影响到企业的经营绩效,因此,资本结构与企业经营绩效的关系随着实践的发展逐渐成为财务学界研究的重点。两者之间关系的探讨,对于最优资本结构的确定,融资决策的优化,企业经营绩效提高都有着重要意义。首先,本文界定了资本结构和经营绩效的基本含义,对以往的国内外研究情况进行了初步梳理,从理论上分析了资本结构与企业经营绩效之间的关系；同时,对金龙汽车进行了综合能力的SWOT分析。然后,分析了金龙汽车资本结构和经营绩效的现状,选取在沪深两地上市的19家汽车企业20102012年的年报的财务数据,采用基于Logistic模型的多元回归分析法和聚类分析法对汽车行业资本结构与经营绩效关系进行实证研究,得出了65%的资产负债率符合一般认为的安全负债,具有很强的参考意义。企业既可以企业借助于负债经营,可以获得债务利息的抵税效应,取得利用财务杠杆的好处,以此来提升企业的盈利程度,避免高负债带来的高财务风险,从而改善企业的经营绩效。最后,对金龙汽车通过优化资本结构提高经营绩效提出了对策建议：金龙汽车近年来的资产负债率一直高于70%,已经超出了安全负债比率,在同行业内对比债务水平偏高,进一步增加债务融资不仅难以实现,对净资产收益率的贡献十分有限,而且将大大增加企业的财务风险。金龙汽车在严格控制负债增加的同时,努力降低债务水平,进一步加强成本费用控制,提高销售净利率,以提高企业绩效,更好地应对外部挑战。
[Abstract]:The study of capital structure in finance circles has a long history, and since the birth of MM theory, capital structure theory has attracted extensive attention of the academic community, because of the influence of the capital structure of enterprises on the cost of comprehensive capital. And the comprehensive capital cost of the enterprise will affect the business performance of the enterprise, therefore. With the development of practice, the relationship between capital structure and business performance has gradually become the focus of financial research. The discussion of the relationship between the two, for the determination of the optimal capital structure, the optimization of financing decisions. The improvement of business performance is of great significance. First of all, this paper defines the basic meaning of capital structure and business performance, makes a preliminary analysis of the previous domestic and foreign research situation, and theoretically analyzes the relationship between capital structure and business performance. At the same time, the comprehensive capability of Jinlong vehicle is analyzed by SWOT. Then, the paper analyzes the present situation of Jinlong Automobile's capital structure and operating performance, and selects the financial data of 19 auto companies listed in Shanghai and Shenzhen in 2010 and 2012. The relationship between capital structure and operating performance of automobile industry is studied empirically by multiple regression analysis and cluster analysis based on Logistic model. It is concluded that the asset-liability ratio of 65% accords with the commonly considered safe liability, which has a strong reference significance. Enterprises can not only use debt to operate, but also get the tax effect of debt interest. The advantage of using financial leverage can improve the profitability of enterprises, avoid the high financial risks brought by high debts, and improve the performance of enterprises. Finally, the paper puts forward some suggestions on how to improve the operating performance of Jinlong Automobile by optimizing its capital structure: the ratio of assets and liabilities of Jinlong Automobile has been higher than 70% in recent years, which has exceeded the ratio of safe debt. Compared with the higher level of debt in the same industry, further increase of debt financing is not only difficult to achieve, but also has a very limited contribution to the return on net assets. And will greatly increase the financial risk of enterprises. Jinlong Automobile in strict control of debt increase at the same time, efforts to reduce debt levels, further strengthen cost and cost control, improve the net interest rate of sales, in order to improve corporate performance. Better address external challenges.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.471;F406.7

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