HL公司融资方案选择的案例分析
发布时间：2018-11-10 16:15
【摘要】：近年来，随着我国经济的迅速发展，交通运输网络也在不断完善。交通运输业的未来发展将以交通运输结构调整为主。由于交通运输业投资具有固定资产投资大、投资回收期长、资金占用量大等特点，为保障交通运输企业的战略发展和未来投资项目的顺利发展，需要大量的资金投入。所以交通运输企业在不断投资扩张的同时，如何考虑资本结构的合理性与拓展融资渠道，在解决资金需求问题的基础上，又如何保证资金在满足日常经营管理需求的同时，能够有效运用到项目的投资以及未来利润的分配中，合理规避融资带来的财务风险，对交通运输企业的生存与发展具有决定性的意义。 本文采用理论与实际相结合的方法，选取HL交通运输公司案例作为研究对象，在阐述交通运输行业与HL公司的经营及融资状况后，依据HL运输公司实际情况作为考量依据，针对HL公司融资效果进行案例分析。 首先，从HL公司的经营特征、行业状况的发展趋势与财务状况角度进行分析，描述公司的财务指标特征，通过收入成本结构与现金流量等角度显示交通运输企业的融资状况和公司的资本结构。 其次，论文依据HL公司的资金需求与融资投向，针对可供选择的融资方案，同时从HL公司的资本结构状况——面临着资产负债率过高，长期债务还款压力大的状态和从公司的投资计划与投资需求、利润分配与需求、融资渠道与风险等方面展开深入分析，对HL公司的两个融资方案进行比较分析与评价，结合HL公司的战略发展、行业特点、融资成本以及融资风险，确定HL公司的融资方案。 最后，论文认为公司特别是对于有着特有的经营特征的交通运输行业公司，，面临融资方案的选择时是选债务融资还是股权融资，在融资时必须综合考虑投资战略、融资风险与收益的均衡、资本结构的优化。而且融资过程中与股东沟通也尤显重要。 综上所述，交通运输企业投资项目既占用大量的资金，又会使企业资产负债率不断升高。且高额的财务费用又减少了企业的利润，并增大财务风险。因此，对于交通运输企业在选择融资途径时，股权融资既可使公司股本增加，又以较低的融资成本应对企业发展的需要以及外部市场环境变化。
[Abstract]:In recent years, with the rapid development of China's economy, the transportation network is also improving. The future development of transportation industry will be based on the adjustment of transportation structure. Because the investment of transportation industry is characterized by large investment in fixed assets, long payback period and large amount of capital, a large amount of capital investment is needed to ensure the strategic development of transportation enterprises and the smooth development of future investment projects. Therefore, how to consider the rationality of capital structure and the expansion of financing channels, and how to ensure that the capital can meet the needs of daily operation and management, on the basis of solving the problem of capital demand, while the transportation enterprises continue to invest and expand, It is of decisive significance for the survival and development of transportation enterprises to be able to effectively apply to the investment of projects and the distribution of future profits, and to avoid the financial risks caused by financing reasonably. This paper adopts the method of combining theory with practice, selects the case of HL transportation company as the research object, after expounding the operation and financing situation of transportation industry and HL company, according to the actual situation of HL transportation company as the basis of consideration. Case study on the financing effect of HL Company. First of all, from the HL company's operating characteristics, the development trend of the industry situation and the financial situation of the perspective of the analysis, describe the company's financial indicators characteristics, The financing status and capital structure of transportation enterprises are shown through the income cost structure and cash flow. Secondly, according to the capital demand and financing investment of HL Company, the paper aims at the alternative financing scheme, and at the same time, according to the capital structure of HL Company, it faces the high ratio of assets and liabilities. The state of long-term debt repayment pressure and the deep analysis from the aspects of investment plan and investment demand, profit distribution and demand, financing channel and risk, etc., to compare and evaluate the two financing schemes of HL Company. According to the strategic development, industry characteristics, financing cost and financing risk of HL, the financing scheme of HL is determined. Finally, the paper thinks that the company, especially the transportation company with special operating characteristics, should choose debt financing or equity financing when it faces the choice of financing scheme, and must consider the investment strategy comprehensively when it comes to financing. The balance of financing risk and income, the optimization of capital structure. And financing process and shareholder communication is also particularly important. To sum up, the investment projects of transportation enterprises not only occupy a lot of capital, but also increase the ratio of assets and liabilities. And the high financial cost reduces the profit of the enterprise, and increases the financial risk. Therefore, for transportation enterprises, equity financing can not only increase the equity of the company, but also meet the needs of the development of enterprises and the changes of external market environment with lower financing costs.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F512.6;F506.7
本文编号：2322931
[Abstract]:In recent years, with the rapid development of China's economy, the transportation network is also improving. The future development of transportation industry will be based on the adjustment of transportation structure. Because the investment of transportation industry is characterized by large investment in fixed assets, long payback period and large amount of capital, a large amount of capital investment is needed to ensure the strategic development of transportation enterprises and the smooth development of future investment projects. Therefore, how to consider the rationality of capital structure and the expansion of financing channels, and how to ensure that the capital can meet the needs of daily operation and management, on the basis of solving the problem of capital demand, while the transportation enterprises continue to invest and expand, It is of decisive significance for the survival and development of transportation enterprises to be able to effectively apply to the investment of projects and the distribution of future profits, and to avoid the financial risks caused by financing reasonably. This paper adopts the method of combining theory with practice, selects the case of HL transportation company as the research object, after expounding the operation and financing situation of transportation industry and HL company, according to the actual situation of HL transportation company as the basis of consideration. Case study on the financing effect of HL Company. First of all, from the HL company's operating characteristics, the development trend of the industry situation and the financial situation of the perspective of the analysis, describe the company's financial indicators characteristics, The financing status and capital structure of transportation enterprises are shown through the income cost structure and cash flow. Secondly, according to the capital demand and financing investment of HL Company, the paper aims at the alternative financing scheme, and at the same time, according to the capital structure of HL Company, it faces the high ratio of assets and liabilities. The state of long-term debt repayment pressure and the deep analysis from the aspects of investment plan and investment demand, profit distribution and demand, financing channel and risk, etc., to compare and evaluate the two financing schemes of HL Company. According to the strategic development, industry characteristics, financing cost and financing risk of HL, the financing scheme of HL is determined. Finally, the paper thinks that the company, especially the transportation company with special operating characteristics, should choose debt financing or equity financing when it faces the choice of financing scheme, and must consider the investment strategy comprehensively when it comes to financing. The balance of financing risk and income, the optimization of capital structure. And financing process and shareholder communication is also particularly important. To sum up, the investment projects of transportation enterprises not only occupy a lot of capital, but also increase the ratio of assets and liabilities. And the high financial cost reduces the profit of the enterprise, and increases the financial risk. Therefore, for transportation enterprises, equity financing can not only increase the equity of the company, but also meet the needs of the development of enterprises and the changes of external market environment with lower financing costs.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F512.6;F506.7
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