基于EVA的L公司融资结构优化研究

发布时间：2018-04-03 06:34

本文选题：杜邦模型　切入点：EVA　出处：《西北大学》2014年硕士论文

【摘要】：2010年伊始,国内光伏产业形成了一股投资热潮,热钱多来自于银行贷款。扩张产能在2011年上半年集中投产后,整个光伏行业迅即陷入价格恶战,并在2012年引发欧美“双反”。银行纷纷调低该行业企业信用评级,L公司也面临严重的资金缺口。本文以L公司及其同行业上市公司为研究样本,进行实证研究分析,将该公司的传统会计指标净资产收益率及其分解指标和同行业平均水平进行对比分析,并分析了该公司近五年来的现金周期指标从而找出该公司目前存在的融资问题和形成原因。然后引入EVA理念,通过软件对EVA指标和五个影响融资结构的变量进行线性回归方程的拟合,找出被解释变量和解释变量之间的相关关系,为探寻L公司的融资结构优化途径指明方向。通过实证分析后得出结论：(1)公司净资产收益率高并不意味着内源融资能力就强。(2)资产总额、资产负债率、总资产报酬率和现金周期与EVA正相关,其中总资产报酬率呈现显著的正相关；长期资产适合率与EVA指标呈现出比较显著的负相关。(3)基于EVA的融资结构优化有效途径有：加速流动资产的周转,有效降低资金占用,提高EVA价值；择机选择股权融资；适当提高债务融资水平,充分发挥财务杠杆效应。
[Abstract]:At the beginning of 2010, the domestic photovoltaic industry formed an investment boom, hot money from bank loans.Expansion of capacity in the first half of 2011 after concentrated production, the entire photovoltaic industry immediately plunged into a price war, and in 2012 triggered a "double opposition" in Europe and the United States.Banks have lowered the industry's corporate credit rating L also faces a serious funding gap.This paper takes L Company and its listed companies in the same industry as the research sample, carries on the empirical research analysis, carries on the contrast analysis to this company's traditional accounting index net assets return rate and its decomposition index and the same industry average level.The cash cycle index of the company in recent five years is analyzed to find out the financing problems and the reasons.Then the concept of EVA is introduced to fit the linear regression equation between the EVA index and the five variables that affect the financing structure, and the correlation between the explained variable and the explanatory variable is found out.In order to explore the financing structure of L company to optimize the way to point out the direction.Through the empirical analysis, it is concluded that the high return on net assets of the company does not mean that the endogenous financing ability is strong. 2) the total assets, the debt ratio, the total return on assets and the cash cycle are positively correlated with EVA.Among them, the return rate of total assets shows a significant positive correlation, and the long-term asset suitability rate has a relatively significant negative correlation with the EVA index. The effective ways to optimize the financing structure based on EVA are as follows: accelerating the turnover of current assets, effectively reducing the use of funds.To improve the value of EVA; to choose equity financing; to improve the debt financing level; to give full play to the financial leverage effect.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.6;F406.7

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