BDH股份有限公司融资结构优化研究

发布时间：2019-06-19 01:13

【摘要】：BDH股份有限公司是我国农业龙头企业的代表。公司有着强大的母公司——黑龙江省农垦集团作支撑，近些年其产品在市场上占有率很高，并得到了消费者的好评。随着公司产品的热销、地位的不断提升，公司经营中的问题也日益凸显出来。2012、2013年公司经历了严重的亏损，作为上市公司，公司的治理和财务状况饱受股民的置评。除了公司内部监管不严，公司的财务状况堪忧。公司融资结构不平衡，筹集的资金中存在大量借款并且90%以上都是短期借款，这为企业的经营带来了极大的风险。随着行业竞争的加剧，本身农业行业利润率低，加之其受天气、国家和金融机构的影响，使得公司要尽量完善经营治理，优化融资结构，，降低风险。BDH股份有限公司作为中国农业上市公司的“第一蓝筹股”，其地位是显而易见的。多少中小农业企业都在以它作为标杆，但是近两年来公司的问题颇多，在资本运作上的问题使得企业陷入了风险并已经导致严重亏损，必须要尽快解决问题。基于BDH股份有限公司融资结构上存在的的问题，本文首先阐述了课题的研究背景、研究目的及意义，结合国内外研究现状，将理论与实际相结合，提出本文的研究方法、研究内容。接下来，分析BDH公司的概况、融资结构的现状、存在的问题及成因，使读者对BDH股份有限公司的融资有一个初步的了解。然后分析公司宏观和微观的融资环境。宏观环境包括整个行业的情况、政府对公司融资的影响和金融机构的影响。宏观环境是决定公司能否顺利融资的基础，在整个经济形势不乐观的情况下企业的融资活动进行起来也十分困难。融资的微观环境则包括对企业经营状况、财务状况及信息披露和信用状况的分析。接下来利用灰色线性规划模型，收集公司关于融资成本、渠道金额等数据，并进行数据处理，为企业设计出资本成本最低的融资结构，并对设计结构进行评析，估测其可行性。最后对企业的经营治理提出一定的建议，尤其是在融资及资本运作方面，推动公司融资改革，严格把关公司内部经营管理，使公司更健康的发展。
[Abstract]:BDH Co., Ltd. is the representative of the leading agricultural enterprises in China. The company has a strong parent company, Heilongjiang Provincial Agricultural Reclamation Group as support, in recent years, its products in the market share is very high, and has been well received by consumers. As the company's products are selling well and its status continues to rise, the problems in the company's operations are becoming increasingly prominent. In 2012 and 2013, the company experienced serious losses, and as a listed company, the company's governance and financial position have been commented by shareholders. In addition to the company's internal supervision is not strict, the company's financial situation is worrying. The financing structure of the company is unbalanced, there are a lot of loans in the funds raised and more than 90% of them are short-term loans, which brings great risks to the operation of the enterprise. With the aggravation of industry competition, the low profit margin of agricultural industry, coupled with the influence of weather, state and financial institutions, makes companies try their best to improve management, optimize financing structure and reduce risk. BDH Co., Ltd., as the "first blue chip" of listed agricultural companies in China, its position is obvious. How many small and medium-sized agricultural enterprises are using it as the benchmark, but in the past two years, there are many problems in the company. The problems in capital operation make enterprises fall into risks and have led to serious losses, so we must solve the problem as soon as possible. Based on the problems existing in the financing structure of BDH Co., Ltd., this paper first expounds the research background, purpose and significance of the subject, combined with the research status at home and abroad, combines theory with practice, and puts forward the research methods and contents of this paper. Next, it analyzes the general situation of BDH Company, the present situation of financing structure, the existing problems and its causes, so that readers can have a preliminary understanding of the financing of BDH Co., Ltd. Then analyze the macro and micro financing environment of the company. The macro environment includes the industry as a whole, the impact of the government on corporate financing and the impact of financial institutions. Macro environment is the basis of determining whether the company can finance smoothly, and it is very difficult to carry out the financing activities of the enterprise under the condition that the whole economic situation is not optimistic. The micro environment of financing includes the analysis of business situation, financial situation, information disclosure and credit status. Then the grey linear programming model is used to collect the data of financing cost and channel amount of the company, and the data processing is carried out to design the financing structure with the lowest capital cost for the enterprise, and to evaluate the design structure and estimate its feasibility. Finally, some suggestions are put forward for the management of the enterprise, especially in the aspects of financing and capital operation, promoting the financing reform of the company, strictly checking the internal management of the company, so as to make the company develop more healthily.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F324;F302.6

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