基于现金流的TE公司资本结构优化研究
发布时间：2018-08-12 09:48
【摘要】：现金流就像企业的血液,企业如果缺乏现金,就难免会出现偿债危机,甚至最终走向倒闭。对于发电企业来说,现金流量更加重要,主要表现在：基建期的融资成本较高、生产经营期的费用支出较大、还本付息压力大,进而导致现金流出量大。资本结构一直是企业财务管理的热门话题,它与现金流息息相关,因为资本结构涉及企业资本的筹集、经营和利益分配等各个环节,资本结构的优劣将影响到企业现金流量的好坏。TE公司系电力行业的水力发电公司,不同于一般的能源公司,亦不同于一般的火力发电和其他发电公司。其产品不能大规模存储,产品生产受客观自然条件和地理环境的限制较大。由于近年来云贵地区干旱,使得TE公司的收入未达到历年平均水平。还贷压力越来越大,而且固定资产折旧的大幅度减少导致利润上升,由此产生大量的企业所得税,面临年终股东现金分红等问题。公司本身的现金流量净额远远不足以应对这些现金流量支出,公司现金流短缺的问题愈加严重。目前我国学者对现金流及资本结构的研究主要集中在上市公司或者某一个行业,很少细致地深入到一个企业去分析、研究和解决企业面临的实际问题。本文结合TE公司近年来的相关财务报表和公司相关政策,旨在通过对TE公司现金流和资本结构状况的分析,探讨造成公司现金流短缺的原因,并从深层次影响因素入手,选用适合企业发展实际的方法对公司未来的资金需求进行初步预测,最终提出资本结构的优化方案。通过筹资活动调整目前不合理的资本结构;获得筹资资金后,通过投资活动的资源配置形成合理的资产结构,合理的资产结构能增大公司未来的现金流,最终形成合理的资本结构,促使公司的经营、投资、筹资活动良性循环。
[Abstract]:Cash flow is like the blood of an enterprise. If the company is short of cash, it will inevitably face a debt-servicing crisis and even eventually close down. For power generation enterprises, cash flow is more important, mainly in: the financing cost of capital construction period is higher, the cost of production and operation period is large, and the pressure of servicing capital and interest is large, which leads to a large amount of cash outflow. Capital structure has always been a hot topic in enterprise financial management. It is closely related to cash flow, because capital structure involves all aspects of enterprise capital raising, management and benefit distribution, etc. Capital structure will affect the cash flow of enterprises. Te is a hydropower company in power industry, which is different from ordinary energy companies, thermal power generation and other power generation companies. Its products can not be stored in large scale, and its production is restricted by objective natural conditions and geographical environment. Due to the drought in recent years, te's revenue has not reached the average level. The pressure of repayment of loans is increasing, and the depreciation of fixed assets leads to the increase of profits, which results in a large amount of enterprise income tax and face the problem of cash dividend of shareholders at the end of the year. The company's own net cash flow is far from sufficient to cope with these cash flow expenses, and the cash flow shortage is worsening. At present, the research on cash flow and capital structure is mainly focused on listed companies or a certain industry, and rarely goes deep into a firm to analyze, study and solve the actual problems faced by enterprises. Combining with the related financial statements and policies of te Company in recent years, this paper aims to analyze the cash flow and capital structure of te Company, and discuss the causes of cash flow shortage, and start with the deep influencing factors. The method suitable for the development of the enterprise is selected to forecast the future capital demand of the company, and finally the optimization scheme of the capital structure is put forward. Adjusting the current unreasonable capital structure through fund-raising activities; after obtaining the financing funds, the rational asset structure can be formed through the allocation of resources of the investment activities, and the reasonable asset structure can increase the future cash flow of the company. Finally, the formation of a reasonable capital structure, to promote the company's management, investment, fund-raising activities virtuous circle.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.61
本文编号：2178686
[Abstract]:Cash flow is like the blood of an enterprise. If the company is short of cash, it will inevitably face a debt-servicing crisis and even eventually close down. For power generation enterprises, cash flow is more important, mainly in: the financing cost of capital construction period is higher, the cost of production and operation period is large, and the pressure of servicing capital and interest is large, which leads to a large amount of cash outflow. Capital structure has always been a hot topic in enterprise financial management. It is closely related to cash flow, because capital structure involves all aspects of enterprise capital raising, management and benefit distribution, etc. Capital structure will affect the cash flow of enterprises. Te is a hydropower company in power industry, which is different from ordinary energy companies, thermal power generation and other power generation companies. Its products can not be stored in large scale, and its production is restricted by objective natural conditions and geographical environment. Due to the drought in recent years, te's revenue has not reached the average level. The pressure of repayment of loans is increasing, and the depreciation of fixed assets leads to the increase of profits, which results in a large amount of enterprise income tax and face the problem of cash dividend of shareholders at the end of the year. The company's own net cash flow is far from sufficient to cope with these cash flow expenses, and the cash flow shortage is worsening. At present, the research on cash flow and capital structure is mainly focused on listed companies or a certain industry, and rarely goes deep into a firm to analyze, study and solve the actual problems faced by enterprises. Combining with the related financial statements and policies of te Company in recent years, this paper aims to analyze the cash flow and capital structure of te Company, and discuss the causes of cash flow shortage, and start with the deep influencing factors. The method suitable for the development of the enterprise is selected to forecast the future capital demand of the company, and finally the optimization scheme of the capital structure is put forward. Adjusting the current unreasonable capital structure through fund-raising activities; after obtaining the financing funds, the rational asset structure can be formed through the allocation of resources of the investment activities, and the reasonable asset structure can increase the future cash flow of the company. Finally, the formation of a reasonable capital structure, to promote the company's management, investment, fund-raising activities virtuous circle.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.61
【参考文献】
相关期刊论文 前1条
1 韩冰;;企业财务风险控制策略研究[J];现代营销(学苑版);2013年03期
，本文编号：2178686
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