苏宁融资模式的案例分析

发布时间：2018-04-24 01:33

本文选题：融资结构 + 融资模式　；参考：《财政部财政科学研究所》2014年硕士论文

【摘要】：企业融资结构是指企业资金来源的构成情况,企业资金来源大致可以分为负债和股权,企业融资渠道和融资模式决定着企业的融资结构。随着我国经济的发展,企业的融资渠道和融资方法逐渐增加。企业融资方式和融资结构的选择受到外部环境和内部因素的影响。企业融资结构的选择又影响着企业的发展状况、财务状况和运行状况。本文结合我国企业目前融资状况和融资方式选择的现状,对苏宁的融资方式和融资来源进行分析。本文分析了苏宁历年融资结构,研究苏宁快速发展过程中资金的来源。本文总结出苏宁融资模式的特点,根据苏宁的财务报表分析苏宁融资模式给企业造成的不利影响,目的是提出解决问题的办法和建议,希望能够为苏宁今后的融资提供帮助。同时也为其他企业提供融资方面的借鉴。本文主要采取案例分析的方法,首先梳理了目前各种融资方式及其特点,再结合目前我国企业融资方式选择的现状,介绍我国目前大部分企业常用的融资方式,为苏宁的分析做好准备。我国目前比较常用的融资方式主要有银行借款、票据融资和股权融资。债券融资的方式在上市企业中局限性比较大,上市公司普遍存在股权融资的偏好。其次,针对苏宁的融资模式,总结苏宁的融资来源和融资特点,分析苏宁融资模式和融资结构的优越性和不足。苏宁发展的资金主要有三个来源：供应商融资、上市之后股权融资和内源融资。苏宁的融资模式主要存在以下特征：利用类金融模式,占用供应商资金,再融资存在明显股权偏好,银行借款融资方式利用不足等。苏宁的融资模式为企业提供了发展资金,保证了苏宁规模扩张的顺利进行。苏宁的融资模式总体是值得肯定的,但是它也带来了一些隐患,比如：长期利用信用融资,一旦出现信用危机,可能引发经营风险等等。最后本文针对苏宁融资中出现的问题,提出建议,希望能够对苏宁以后的发展提供帮助。
[Abstract]:Enterprise financing structure refers to the composition of enterprise capital sources, which can be roughly divided into liabilities and equity. Financing channels and financing modes determine the financing structure of enterprises. With the development of our economy, the financing channels and financing methods of enterprises are increasing gradually. The choice of financing mode and structure is influenced by external environment and internal factors. The choice of financing structure influences the development, finance and operation of enterprises. This paper analyzes Su Ning's financing methods and sources according to the current financing situation and financing mode selection of Chinese enterprises. This paper analyzes the financing structure of Su Ning over the years and studies the sources of funds in the rapid development of Su Ning. This paper sums up the characteristics of Su Ning's financing mode, analyzes the adverse effects on enterprises caused by Su Ning's financing model according to Su Ning's financial statements, in order to put forward solutions and suggestions to solve the problems, and hopes to provide help for Su Ning's future financing. At the same time also for other enterprises to provide financing for reference. This article mainly adopts the case analysis method, first combs each kind of financing way and its characteristic at present, then unifies the present our country enterprise financing way choice present situation, introduces our country at present most enterprise commonly used the financing way. Prepare for Su Ning's analysis. At present, the financing methods commonly used in our country are mainly bank borrowing, bill financing and equity financing. The way of bond financing is more limited in listed enterprises, and there is a preference for equity financing in listed companies. Secondly, according to Su Ning's financing mode, summarizes the financing source and the financing characteristic of Su Ning, analyzes the advantage and the insufficiency of Su Ning's financing mode and financing structure. Su Ning's development fund has three main sources: supplier financing, equity financing after listing and endogenous financing. Su Ning's financing mode mainly has the following characteristics: using financial model, occupying supplier funds, refinancing has obvious equity preference, bank loan financing mode is underutilized and so on. Su Ning's financing model provides development funds for enterprises and ensures the smooth expansion of Su Ning's scale. Su Ning's financing model is positive in general, but it also brings some hidden dangers, such as long-term use of credit financing, once there is a credit crisis, it may lead to operational risks and so on. Finally, this paper puts forward some suggestions on the problems in Su Ning's financing, hoping to provide help for the future development of Su Ning.
【学位授予单位】：财政部财政科学研究所
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.72;F426.6

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