吉林化纤股份有限公司融资渠道优化研究
发布时间：2018-10-25 20:55
【摘要】：党的十八届三中全会《决定》提出健全多层次资本市场体系，指出健全多层次资本市场是完善现代市场体系的重要内容，也是促进我国经济转型升级的一项战略任务。在现代社会主义市场经济不断发展的情况下，企业在发展中遇到越来越多的难题，其中，资金缺乏是影响企业发展的一个致命问题，而企业往往因为找不到合适的融资渠道，而造成融资困难，融资成本居高不下。 吉林化纤股份有限公司系经吉林省经济体制改革委员会批准，由吉林化学纤维厂为独家发起人，采取定向募集方式设立的股份制企业。1996年7月在深交所挂牌上市。吉林化纤是吉林省上市较早且发展较好的企业，但吉林化纤仍以银行贷款等间接融资方式为主，10年来仅通过资本市场等直接融资工具融资一次。如何提高上市公司的可持续发展能力，尤其是保护一些处于转型发展期的优质企业及其品牌，解决其在公司发展转型过程中存在的融资问题，一直值得我们思考和研究。 由于目前我国资本市场不够完善，银行体系高度集中，我国现有大部分上市公司在融资渠道选择方面都存在着问题，公司除首发上市时在资本市场募集资金，公司日常经营中仍以银行贷款等间接融资为主，，没有充分对现有融资制度进行有效管理，采取切实有效的融资方式，发挥股权、债权融资等资本市场直接融资工具的作用。 本文以吉林化纤股份公司为研究对象，利用文献分析法和实证研究分析法，对吉林化纤存在的融资渠道现状及存在的融资渠道单一、对银行贷款依赖性大，银行信贷中以短期贷款为主、长期贷款规模小，银行贷款以母公司为主、子公司贷款能力弱等问题进行描述的情况下，总结分析出融资品种利用不充分、融资区域存在局限、资本结构控制不合理等因素导致企业的融资渠道存在问题，从而结合国内外对上市公司融资问题和融资渠道选择的先进成果，有针对性的找出了充分利用直接融资、摆脱融资区域局限、完善公司治理结构、强化融资风险防范等应对措施及实施保障。 从本文的研究分析看，吉林化纤作为上市公司具有较宽阔的融资渠道可以选择，公司只要充分的利用资本市场的直接融资渠道，摆脱出现有的融资区域局限，通过完善公司直接结构，科学合理的选择适合公司发展的融资渠道，通过不断的开拓探索，在科学的风险评估标准的依照参考下，为公司找寻出一条更加适合自己的多层次的融资渠道组合，推动公司更好的转型升级和持续发展。
[Abstract]:The third Plenary session of the 18th CPC Central Committee proposed to perfect the multi-level capital market system, pointing out that perfecting the multi-level capital market is an important content of perfecting the modern market system, and it is also a strategic task to promote the economic transformation and upgrading of our country. With the continuous development of the modern socialist market economy, enterprises are encountering more and more difficulties in their development. Among them, the lack of funds is a fatal problem affecting the development of enterprises, and enterprises often find suitable financing channels because they cannot find suitable financing channels. But causes the financing difficulty, the financing cost is high. Jilin Chemical Fiber Co., Ltd. is a joint-stock enterprise, which was approved by Jilin Province Economic system Reform Commission and established by Jilin Chemical Fiber Factory as the sole sponsor. It was listed on Shenzhen Stock Exchange in July 1996. Jilin chemical fiber is an early listed and well-developed enterprise in Jilin Province, but Jilin chemical fiber is still mainly indirect financing methods such as bank loans. In the past 10 years, only one direct financing instrument such as capital market has been used to finance Jilin chemical fiber. How to improve the ability of sustainable development of listed companies, especially to protect some high-quality enterprises and their brands in the period of transformation and development, and to solve the financing problems existing in the process of development and transformation of the company, is always worth our consideration and study. Because the capital market in our country is not perfect and the banking system is highly concentrated at present, most of the listed companies in our country have problems in the choice of financing channels. In addition, the companies raise funds in the capital market when they are listed in the first listing. In the daily operation of the company, indirect financing, such as bank loans, is still the main factor, and the existing financing system is not adequately managed, and effective financing methods are adopted to play the role of direct financing tools in the capital market, such as equity, creditor's rights financing and so on. This paper takes Jilin Chemical Fiber Co., Ltd. as the research object, using the literature analysis method and the empirical research analysis method, to the Jilin chemical fiber existence financing channel present situation and the existence financing channel single, to the bank loan dependence, the article takes Jilin chemical fiber stock company as the research object, The bank credit is mainly short term loan, the long term loan scale is small, the bank loan is mainly the parent company, the subsidiary company's loan ability is weak and so on. Some factors such as unreasonable control of capital structure lead to the problems in financing channels of enterprises, so as to combine the advanced achievement of financing problems and financing channel selection of listed companies at home and abroad to find out how to make full use of direct financing. To get rid of the regional limitation of financing, to perfect the corporate governance structure, to strengthen the financing risk prevention and other countermeasures and implementation protection. From the research and analysis of this paper, Jilin chemical fiber as a listed company has a wide range of financing channels to choose, as long as the company makes full use of the direct financing channels of the capital market to get rid of the financing region limitations. By perfecting the direct structure of the company, scientifically and reasonably selecting the financing channels suitable for the development of the company, through continuous exploration, under the scientific risk assessment standard, according to the reference, For the company to find a more suitable for their own multi-level portfolio of financing channels to promote better transformation and sustainable development of the company.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F406.7;F426.72
本文编号：2294816
[Abstract]:The third Plenary session of the 18th CPC Central Committee proposed to perfect the multi-level capital market system, pointing out that perfecting the multi-level capital market is an important content of perfecting the modern market system, and it is also a strategic task to promote the economic transformation and upgrading of our country. With the continuous development of the modern socialist market economy, enterprises are encountering more and more difficulties in their development. Among them, the lack of funds is a fatal problem affecting the development of enterprises, and enterprises often find suitable financing channels because they cannot find suitable financing channels. But causes the financing difficulty, the financing cost is high. Jilin Chemical Fiber Co., Ltd. is a joint-stock enterprise, which was approved by Jilin Province Economic system Reform Commission and established by Jilin Chemical Fiber Factory as the sole sponsor. It was listed on Shenzhen Stock Exchange in July 1996. Jilin chemical fiber is an early listed and well-developed enterprise in Jilin Province, but Jilin chemical fiber is still mainly indirect financing methods such as bank loans. In the past 10 years, only one direct financing instrument such as capital market has been used to finance Jilin chemical fiber. How to improve the ability of sustainable development of listed companies, especially to protect some high-quality enterprises and their brands in the period of transformation and development, and to solve the financing problems existing in the process of development and transformation of the company, is always worth our consideration and study. Because the capital market in our country is not perfect and the banking system is highly concentrated at present, most of the listed companies in our country have problems in the choice of financing channels. In addition, the companies raise funds in the capital market when they are listed in the first listing. In the daily operation of the company, indirect financing, such as bank loans, is still the main factor, and the existing financing system is not adequately managed, and effective financing methods are adopted to play the role of direct financing tools in the capital market, such as equity, creditor's rights financing and so on. This paper takes Jilin Chemical Fiber Co., Ltd. as the research object, using the literature analysis method and the empirical research analysis method, to the Jilin chemical fiber existence financing channel present situation and the existence financing channel single, to the bank loan dependence, the article takes Jilin chemical fiber stock company as the research object, The bank credit is mainly short term loan, the long term loan scale is small, the bank loan is mainly the parent company, the subsidiary company's loan ability is weak and so on. Some factors such as unreasonable control of capital structure lead to the problems in financing channels of enterprises, so as to combine the advanced achievement of financing problems and financing channel selection of listed companies at home and abroad to find out how to make full use of direct financing. To get rid of the regional limitation of financing, to perfect the corporate governance structure, to strengthen the financing risk prevention and other countermeasures and implementation protection. From the research and analysis of this paper, Jilin chemical fiber as a listed company has a wide range of financing channels to choose, as long as the company makes full use of the direct financing channels of the capital market to get rid of the financing region limitations. By perfecting the direct structure of the company, scientifically and reasonably selecting the financing channels suitable for the development of the company, through continuous exploration, under the scientific risk assessment standard, according to the reference, For the company to find a more suitable for their own multi-level portfolio of financing channels to promote better transformation and sustainable development of the company.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F406.7;F426.72
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