航运企业融资结构研究

发布时间：2018-08-26 16:45

【摘要】：国际贸易中90%以上的货物是通过海上运输完成,航运业是全球经济的大动脉。近年来,在全球经济的推动下,我国航运市场获得了空前的发展,尤其是在2008年金融危机之后,我国航运市场给航运业带来了前所未有的机遇。航运业属于资金密集型产业,资金需求量巨大,航运企业的融资就成为航运企业经营活动的一项非常重要的内容。鉴于融资是一项周期长、运行复杂的活动,同时融资渠道广,融资方式多样,融资结构复杂多变。本文致力于研究航运企业的融资结构,构建融资结构优化模型,提出融资结构的发展建议和措施,以此保证航运企业的稳定健康、长远发展。本文首先介绍融资结构的基本理论,其次分析航运企业的融资结构现状,通过国内外航运企业融资结构现状的对比分析,发现相较于国外航运企业比较成熟、合理的融资结构,我国航运企业的融资结构存在诸多问题,主要表现在融资结构失衡,银行贷款的比例较高,债券融资的比例较小,并且融资结构决策难度增加,需要建立合理、科学的融资结构优化模型。并提出航运企业融资结构优化模型构建的建立目标和选择依据。论文首先引用熵理论,对专家组进行分析,构建了专家组优化模型；其次鉴于航运企业具有特殊性,在其做出融资结构决策时,需要综合考虑融资成本、融资风险、以及经济环境、企业的盈利能力和偿债能力等多方面因素,并依次构建评价体系,并依据熵权理论,计算出评价指标的权重；最后根据理想点解法,确定最优的融资方案。并且依据建立的航运企业融资结构优化模型,选择研究对象,进行算例分析,以此检验模型的准确性和实用性。最终,根据航运企业的融资结构理论和构建的融资结构优化模型,结合我国航运企业的融资环境和融资结构现状,提出相应的发展建议和措施。
[Abstract]:More than 90% of the goods in international trade are transported by sea, and shipping is the artery of the global economy. In recent years, driven by the global economy, China's shipping market has been unprecedented development, especially after the 2008 financial crisis, China's shipping market has brought unprecedented opportunities to the shipping industry. The shipping industry is a capital-intensive industry, and the demand for funds is huge. Therefore, the financing of shipping enterprises has become a very important part of shipping enterprises' business activities. In view of financing is a long period, complex operation of activities, financing channels are wide, financing methods are diverse, financing structure is complex and changeable. This paper is devoted to studying the financing structure of shipping enterprises, constructing the optimization model of financing structure, and putting forward suggestions and measures for the development of financing structure, so as to ensure the stability and health and long-term development of shipping enterprises. This paper first introduces the basic theory of financing structure, then analyzes the present situation of the financing structure of shipping enterprises. Through the comparative analysis of the present situation of financing structure of shipping enterprises at home and abroad, it finds that the financing structure is more mature and reasonable than that of foreign shipping enterprises. There are many problems in the financing structure of shipping enterprises in our country, such as the imbalance of financing structure, the high proportion of bank loans, the small proportion of bond financing, and the difficulty of financing structure decision. Scientific financing structure optimization model. At the same time, the paper puts forward the establishment goal and the selection basis of the optimization model of the financing structure of shipping enterprises. Firstly, the paper uses entropy theory to analyze the expert group, and constructs the expert group optimization model. Secondly, considering the particularity of shipping enterprises, it is necessary to consider the financing cost and risk when they make the financing structure decision. And the economic environment, profitability and solvency of the enterprise and other factors, and build an evaluation system in turn, and based on entropy weight theory, calculate the weight of the evaluation index; finally, according to the ideal point solution, determine the optimal financing scheme. According to the optimized model of shipping enterprise financing structure, the research object is selected, and the example is analyzed to verify the veracity and practicability of the model. Finally, according to the theory of financing structure of shipping enterprises and the optimized model of financing structure, combined with the financing environment and the current situation of financing structure of shipping enterprises in China, the corresponding development suggestions and measures are put forward.
【学位授予单位】：大连海事大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F552;F832.4;F224

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