XG公司融资策略研究

发布时间：2018-05-01 01:36

本文选题：融资结构 + 中小企业　；参考：《长沙理工大学》2015年硕士论文

【摘要】：改革开放以来,由于我国大力发展市场经济,我国中小企业得到迅猛发展,中小企业在促进经济增长、创造就业机会、增加农民收入、转移农村富余劳动力等方面发挥越来越重要的作用。然而,由于为中小企业提供专门融资服务的机构和信用担保体系不健全、抵押担保体制尚需完善、资本市场的缺陷等问题,造成了中小企业融资困难。而融资难的问题极大的束缚了中小企业的生存和发展。XG公司作为其中一员,同样也面临着资金短缺,融资困难的问题。因此本文通过分析研究XG公司目前的实行的融资策略,找出其所存在的不足和缺陷,借鉴参考其他中小企业的融资经验,试图及时探究出一套合理有效并且适合XG公司的融资策略,解决其面临的资金短缺问题,为其健康平稳发展保驾护航。首先,本文从融资的基本理论出发,以XG公司基本情况为基础,结合其2011-2013年度的财务数据和其作为汽车零部件制造型中小企业特点,通过对XG公司融资结构进行分析,从深层次剖析XG公司融资难的现状及其成因。其次,为探究XG企业作为汽车零部件制造型中小企业,其融资结构与企业绩效的关系,以及它和行业整体水平的差距,本文利用行业的2011-2013年度的相关财务数据进行实证分析。笔者选取了代表企业绩效的息税前利润作为因变量,和能够反映其融资结构的股权融资比例、商业信用融资比例、银行借款融资比例、留存收益融资比例等四个指标作为自变量,对该行业的融资结构和企业绩效的关系进行多元回归,结果表明增加企业债权融资是较好的选择,得出行业总体状况并对比XG公司的情况从而得出其融资难的原因。最后,从其原因出发,结合XG公司的自身特点,建议其主要进行订单融资和融资租赁,适合其自身情况。同时也试图为其他中小企业解决融资难问题提供启示和参考。
[Abstract]:Since the reform and opening up, due to the vigorous development of the market economy in our country, the small and medium-sized enterprises in our country have developed rapidly. Small and medium-sized enterprises are promoting economic growth, creating employment opportunities, and increasing the income of farmers. Transfer rural surplus labor force and other aspects play a more and more important role. However, due to the imperfect institution and credit guarantee system of providing special financing services for SMEs, the mortgage guarantee system still needs to be perfected, and the defects of the capital market lead to the financing difficulties of SMEs. The problem of financing difficulties greatly constrains the survival and development of small and medium-sized enterprises. XG company as one of them also faces the problem of capital shortage and financing difficulties. Therefore, through the analysis of XG company's current financing strategy, find out its shortcomings and shortcomings, and refer to other small and medium-sized enterprises' financing experience. This paper attempts to explore a set of reasonable and effective financing strategies suitable for XG Company in order to solve the problem of capital shortage and ensure its healthy and stable development. First of all, from the basic theory of financing, based on the basic situation of XG Company, combined with its financial data in 2011-2013 and its characteristics as small and medium-sized enterprises of automobile parts manufacturing, this paper analyzes the financing structure of XG Company. This paper analyzes the present situation and causes of XG company's financing difficulty from a deep level. Secondly, in order to explore the relationship between the financing structure and enterprise performance of XG enterprise as a small and medium-sized automobile parts manufacturing enterprise, and the gap between XG enterprise and the industry as a whole, this paper makes an empirical analysis by using the relevant financial data of the industry in 2011-2013. The author chooses the profit before interest and tax which represents the performance of the enterprise as dependent variable, and the proportion of equity financing, commercial credit financing, bank loan financing, which can reflect its financing structure. As independent variables, the relationship between the financing structure of the industry and the performance of the enterprise is regressed. The results show that it is a better choice to increase the debt financing of the enterprise. Get the overall situation of the industry and compare the situation of XG Company to find the reasons for its financing difficulties. Finally, according to the characteristics of XG Company, the author suggests that XG mainly carry out order financing and financing lease, which is suitable for its own situation. At the same time, it also tries to provide enlightenment and reference for other small and medium enterprises to solve the problem of financing difficulties.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F426.471;F406.7

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