兰花科创融资模式的案例分析

发布时间：2019-02-26 17:09

【摘要】：在现有社会环境,各方面呈现出高速发展态势。在这种情况下,对于企业来说,其进行融资的渠道以及手段也相应在发生改变。融资是指一个企业为了获得其自身发展所需资金而形成的一种行为与过程。在融资过程中,公司会根据自身发展的状况、发展特点以及公司结构等情况来思考企业未来的发展状况,结合当前与未来进行相应的判断与评价,从中选取适合的方式来为企业筹集更多的资金,构成一个相对完整稳定的资金供应链,确保企业的正常生产经营有足够的资金支持,促进企业的健康发展。这个过程,同时是针对企业融资结构进行的一种调整,即利用相应的融资渠道来改变资金部分占据整体的比重情况。企业未来的发展在很大程度上是直接受到其融资速度及规模影响的,企业融资的速度和规模决定企业在整个市场的竞争力,企业是否可以及时得到相应的资金支持其生产经营活动,在某种意义上直接决定着企业能否长远稳定的生存与发展。宏观因素对于企业的发展存在一定程度的影响,1949年建国后我国煤炭行业的发展经历了“由衰到盛、再到过剩”的情况。在其经历各个阶段时,行业、企业都表现出了鲜明的特征。考虑到煤炭行业近几年比较低迷的发展趋势,本文选取山西省煤炭行业企业中具有代表性的上市公司——山西兰花科技创业股份有限公司作为案例研究对象,对其融资模式和财务绩效进行分析。通过企业年报获取从其上市初期1998年到当前2015年的财务报表数据,研究兰花科创融资总额的发展趋势,并对1998年到2015年间企业不同融资方式取得融资的结构进行对比分析。同时通过对兰花科创企业绩效水平,具体包括盈利能力、偿债能力、运营能力和成长能力四个方面的分析,提出当下兰花科创在融资模式的选择上可能存在的问题,并对该企业下一步的融资方式选择提出合理建议。
[Abstract]:In the existing social environment, various aspects present a high-speed development trend. In this case, for the enterprise, its financing channels and means are also changing accordingly. Financing is a kind of behavior and process formed by an enterprise in order to obtain the funds needed for its own development. In the process of financing, the company will think about the future development of the enterprise according to its own development condition, development characteristics and company structure, and make corresponding judgment and evaluation in combination with the present and the future. Choose the suitable way to raise more funds for the enterprise, constitute a relatively complete and stable capital supply chain, ensure that the normal production and operation of the enterprise have sufficient funds to support and promote the healthy development of the enterprise. This process, at the same time, is a kind of adjustment to the financing structure of the enterprise, that is, using the corresponding financing channels to change the proportion of the capital part to the whole. To a large extent, the future development of an enterprise is directly affected by its financing speed and scale. The speed and scale of enterprise financing determine the competitiveness of the enterprise in the whole market. Whether an enterprise can get the corresponding funds to support its production and management activities in a certain sense directly determines the long-term and stable survival and development of the enterprise. Macro factors have influence on the development of enterprises to a certain extent. After 1949, the development of coal industry in China experienced the situation of "from decline to prosperity, then to surplus". In its experience each stage, the industry, the enterprise has shown the distinct characteristic. Considering the development trend of coal industry in recent years, this paper chooses Shanxi Orchid Science and Technology Venture Co., Ltd. as the case study object, which is a representative listed company in Shanxi coal industry. Analyze its financing mode and financial performance. The data of financial statements from 1998 to 2015 were obtained by the annual report of enterprises, and the development trend of total financing of Orchid Scientific Innovation was studied, and the structure of financing obtained by different financing methods of enterprises from 1998 to 2015 was compared and analyzed. At the same time, through the analysis of the enterprise performance level, including profitability, solvency, operation ability and growth ability, this paper puts forward the possible problems in the choice of financing mode of Orchid Science and Technology Innovation, which is based on the analysis of the enterprise performance level, including profitability, debt service ability, operation ability and growth ability. And the next step of financing for the enterprise to choose a reasonable proposal.
【学位授予单位】：山西大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.21

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