GW集团债务融资评价指标体系建设研究

发布时间：2018-09-10 16:20

【摘要】：GW集团是我国典型的地方性大型国有企业,其实际控制人为广东省国资委,主要从事汽车、金属、能源化工、木材等大宗商品贸易业务,总营业收入常年列广东省省属企业第一位,集团在行业内也极具竞争优势,是国家重点培育的20家大型物料流通企业之一。近年来,GW集团受国家宏观政策调控的影响,传统业务发展受阻,集团正处在转型升级的关键当口,资金需求量极大。而从何种途径取得集团后期发展所需的各类资本,同时保证这些资本在期限上长短搭配有序,在结构上健康合理,这直接取决于GW集团的融资活动是否科学合理。长期以来,债务融资在GW集团融资活动中一直处于核心地位,对GW集团融资问题的研究,必然应落脚于对其债务融资活动的具体研究上。然而目前国内学者多热衷于从宏观层面对债务融资问题进行研究,鲜有结合具体企业进行研究的案例论文,债务融资研究亟需由理论完善向实践应用的转变。基于上述背景,笔者选用代表性企业GW集团,对其债务融资问题进行了具体研究。首先,对债务融资问题国内外研究现状进行评述;其次,在查阅大量文献的基础上,梳理了债务融资方面相关经典理论;随后,通过对集团债务融资活动资料的研究和企业调研,发现其债务融资活动中存在债务短期化、融资方式单一等问题,并指出了其具体成因,包括我国债券市场发展失衡、过于依赖政府隐性担保、集团信用评级较低以及缺乏科学的债务融资评价指标体系。因此,本文提出为GW集团构建科学的债务融资评价指标体系,运用层次分析法从融资诱因、融资成本、融资风险3个主层级出发,下设9个具体评价指标,采取问卷调查法对各指标权重进行赋值,构建了完整的债务融资评价指标体系,并介绍了该指标体系的具体应用和保障性建议。
[Abstract]:The GW Group is a typical local large state-owned enterprise in China. Its actual control is the Guangdong SASAC, which is mainly engaged in trading in automobile, metal, energy, chemical, timber and other commodities. The total operating income ranks first among the provincial enterprises in Guangdong Province, and the group also has a competitive advantage in the industry. It is one of the 20 large material circulation enterprises cultivated by the state. In recent years, the GW Group is affected by the national macro-policy, the development of traditional business is blocked, the Group is at the critical moment of transformation and upgrading, the capital demand is huge. However, how to obtain all kinds of capital needed for the later development of the Group, and at the same time to ensure that these capitals are matched in order in terms of duration and in a healthy and reasonable structure, depends directly on whether the financing activities of GW Group are scientific and reasonable. For a long time, debt financing has been in the core position in the financing activities of GW Group. The study on the financing problem of GW Group must be based on the concrete research on its debt financing activities. However, at present, most domestic scholars are keen to study debt financing from the macro level. There are few case studies on debt financing combined with specific enterprises. The research on debt financing needs to be changed from theoretical improvement to practical application. Based on the above background, the author chooses GW Group, a representative enterprise, to study its debt financing problem. First of all, the domestic and foreign research on debt financing is reviewed. Secondly, on the basis of consulting a lot of literature, this paper combs the relevant classical theory of debt financing. Through the research on the data of group debt financing activities and the investigation of enterprises, it is found that there are some problems in the debt financing activities, such as the short-term debt financing, the single financing method, and the specific causes, including the imbalance of the development of the bond market in China. Too dependent on government implicit guarantee, low credit rating and lack of scientific debt financing evaluation index system. Therefore, this paper puts forward a scientific evaluation index system of debt financing for GW Group. Using Analytic hierarchy process (AHP), there are 9 specific evaluation indexes under the three main levels of financing inducement, financing cost and financing risk. In this paper, the weight of each index is assigned by questionnaire, and a complete index system of debt financing evaluation is constructed, and the concrete application of the index system and the supportability suggestions are also introduced.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F721;F715.5

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