本文選題：融資渠道　切入點：融資成本　出處：《吉林大學(xué)》2017年碩士論文

【摘要】：汽車零部件行業(yè)是國家長時間重要援手發(fā)展的工業(yè),因為它是汽車工業(yè)發(fā)展的根蒂,同時也是汽車整車行業(yè)的上游行業(yè)。近些年,國內(nèi)的汽車保有量的逐年升高,直接拉動了汽車產(chǎn)業(yè)鏈上游汽車零部件行業(yè)的急劇成長,導(dǎo)致國內(nèi)汽車零部件的需求規(guī)模迅速擴(kuò)大。但國內(nèi)零部件僅主要應(yīng)用于自主品牌汽車,市場占有率比較低。因為我們僅僅是汽車零部件出產(chǎn)的大國還不是強(qiáng)國。國內(nèi)零部件廠商在資金困難又要增加市場占有率時,必然面臨融資的問題。從理論上講,企業(yè)的融資結(jié)構(gòu)是可以達(dá)到最優(yōu)的。但因為企業(yè)內(nèi)、外部因素的影響,想要達(dá)到企業(yè)的最優(yōu)融資結(jié)構(gòu)也是不容易的。對于企業(yè)來說,可供采取的融資形式、融資渠道不少。然而企業(yè)需要綜合考慮融資成本,融資風(fēng)險和企業(yè)償債能力等各方面因素的影響,選擇最合理的融資形式,才能達(dá)到匹配于企業(yè)的最佳融資結(jié)構(gòu)。本文以本土零部件廠商東方公司為新建生產(chǎn)線、搶奪市場占有率而進(jìn)行融資為例,從東方公司財務(wù)狀況的分析入手,先對東方公司的融資現(xiàn)狀、資金現(xiàn)狀及未來的融資需求進(jìn)行詳細(xì)分析和闡述,發(fā)現(xiàn)負(fù)債主要為銀行貸款的東方公司資產(chǎn)負(fù)債率極高,流動資金極其緊張,無法滿足企業(yè)的生產(chǎn)經(jīng)營需要,經(jīng)常以短期流動資金貸款維持企業(yè)的經(jīng)營運(yùn)行。東方公司為解決公司現(xiàn)狀,積極拓展市場,在迎來已取得新合資整車廠配套市場份額喜訊之時,也面臨著新建生產(chǎn)線缺乏資金的難題,本文科學(xué)地運(yùn)用銷售百分比法對東方公司的資金需求規(guī)模進(jìn)行預(yù)測,確定東方公司為新建生產(chǎn)線而需要融資的額度。其次,在確定融資額度之后,詳細(xì)說明了東方公司可選取的幾項融資渠道,例如股權(quán)融資、銀行抵押借款、委托貸款等,客觀地揭示出了東方公司在融資渠道中存在問題。再次,基于融資渠道存在的問題,運(yùn)用趨勢分析法對東方公司近五年的財務(wù)數(shù)據(jù)進(jìn)行趨勢分析,又進(jìn)一步列示近五年零部件行業(yè)的平均值作為對照進(jìn)行比較分析,得出東方公司各融資渠道問題的成因,主要為東方公司長期處于虧損狀態(tài),達(dá)不到股東期望的報酬率,抵押物賬面金額不實以及未找到委托貸款企業(yè)等。最后,對東方公司的融資渠道提出了幾項優(yōu)化策略,由于東方公司資金緊張,長時間處于虧損狀態(tài),所以東方公司應(yīng)提高盈利能力,體現(xiàn)出良好的發(fā)展趨勢,逐漸提升股東們的投資信心,從而使股權(quán)融資不再是難題。完善公司的管理制度,建立責(zé)任追償制,使作為抵押物的存貨賬實相符。公司從提高企業(yè)的獲利能力、償債能力、發(fā)展能力這幾個重要的方面入手,進(jìn)而提高在金融機(jī)構(gòu)的信用評級情況。盤活公司現(xiàn)金流,一方面,增加資金的流入量。另一方面,控制資金的流出量。即科學(xué)管理資金收支額度及收支時間,保障公司的短期償債能力。
[Abstract]:The auto parts industry is an industry developed by the state for a long time, because it is the root of the development of the automobile industry and also the upstream industry of the automobile industry. In recent years, the number of cars in China has increased year by year. The rapid growth of automobile parts industry in the upper reaches of the automobile industry chain has led to the rapid expansion of domestic demand for auto parts, but domestic components are mainly used in self-owned brand cars. The market share is relatively low. Because we are only a big country producing automobile parts and not a powerful country. When domestic component manufacturers have to increase their market share in terms of capital difficulties, they are bound to face the problem of financing. Theoretically speaking, However, it is not easy to achieve the optimal financing structure because of the influence of internal and external factors. However, enterprises need to consider the influence of financing cost, financing risk and corporate solvency, and choose the most reasonable financing form. In order to achieve the best financing structure matching with the enterprise, this paper takes Dongfang Company, a local component manufacturer, as an example to build a new production line and seize the market share, starting with the analysis of the financial situation of Dongfang Company. First of all, the current financing situation, capital status and future financing needs of Dongfang Company are analyzed and elaborated in detail. It is found that the assets and liabilities ratio of Dongfang Company, which is mainly in the form of bank loans, is extremely high, and the liquidity is extremely tight. Unable to meet the needs of the production and operation of the enterprise, it often maintains the operation of the enterprise with short-term liquid capital loans. In order to solve the current situation of the company and actively expand the market, Dongfang Company welcomes the good news of the market share of the new joint-venture vehicle factory. Also faced with the problem of lack of funds for the new production line, this liberal arts science uses the percentage of sales method to predict the size of the capital demand of the eastern company, and determine the amount of funds that the eastern company needs to raise for the new production line. Secondly, After determining the amount of financing, the paper explains in detail several financing channels that can be selected by Oriental companies, such as equity financing, bank mortgage loans, entrustment loans, and so on, which objectively reveals the problems existing in the financing channels of Oriental companies. Again, Based on the existing problems in financing channels, the trend analysis of the financial data of Dongfang Company in the past five years is carried out by using the trend analysis method, and the average value of the components industry in the last five years is further listed as a comparative analysis. The main causes of the financing channel problems of Dongfang Company are that the Orient Company is in a state of loss for a long time, can not reach the rate of return expected by shareholders, the book amount of the mortgage is not true and the entrusted loan enterprise has not been found, etc. Finally, Several optimization strategies have been put forward for the financing channels of the Oriental Company. Due to the shortage of funds and the loss of money for a long time, the Oriental Company should improve its profitability and reflect a good trend of development. Gradually improve shareholders' investment confidence, so that equity financing is no longer a problem. Improve the company's management system, establish a liability recovery system, so that the inventory as collateral to match. Starting with several important aspects of capacity development, we can then improve the credit rating of financial institutions. To activate the cash flow of companies, on the one hand, to increase the inflow of funds. On the other hand, To control the outflow of funds, that is, to scientifically manage the amount and time of income and expenditure of funds, to ensure the short-term solvency of the company.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F426.471

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