本文選題：A石油公司　切入點(diǎn)：資本結(jié)構(gòu)　出處：《成都理工大學(xué)》2016年碩士論文　論文類型：學(xué)位論文

【摘要】：改革開放以來,A石油公司這一國內(nèi)的龍頭企業(yè),面臨著計(jì)劃經(jīng)濟(jì)向市場經(jīng)濟(jì)轉(zhuǎn)型的發(fā)展背景。在這段時期以內(nèi),該公司頻頻采用兼并、重組的方式,生產(chǎn)規(guī)模和市場份額不斷增長。和國外的同類企業(yè)相比,A公司表現(xiàn)出很明顯的獨(dú)特性。國外的大規(guī)模石油企業(yè)的發(fā)展,更依賴于內(nèi)源力,當(dāng)然,他們也會采用市場并購等資本運(yùn)營手段。整體來看,國外的企業(yè)是通過“自下而上”的方式發(fā)展的,呈現(xiàn)出明顯的市場特征,產(chǎn)業(yè)結(jié)構(gòu)十分豐富,國際化水平極高,和國際資本市場之間有著廣泛的聯(lián)系。反觀我國,大部分的大規(guī)模企業(yè)都誕生于國家經(jīng)濟(jì)改革的這股浪潮,特別是國有企業(yè),其發(fā)展離不開政府的主導(dǎo),和遠(yuǎn)遠(yuǎn)不夠完善的國內(nèi)資本市場之間的聯(lián)系并不緊密。國家持股、產(chǎn)權(quán)結(jié)構(gòu)簡單,是我國的大型企業(yè)的通性。近些年間,國有大型企業(yè)加快重組、合并的步伐,產(chǎn)權(quán)結(jié)構(gòu)也在很短的時間內(nèi)豐富起來。不過也暴露出了一系列的問題,比如政府改革步伐跟不上、企業(yè)定位不夠集中、行政影響過大等。資本結(jié)構(gòu)反映的是企業(yè)債務(wù)與股權(quán)的比例關(guān)系,它在很大程度上決定著企業(yè)的償債和再融資能力,決定著企業(yè)未來的盈利能力,是企業(yè)財(cái)務(wù)狀況的一項(xiàng)重要指標(biāo)。合理的資本結(jié)構(gòu)可以降低融資成本,發(fā)揮財(cái)務(wù)杠桿的調(diào)節(jié)作用,使企業(yè)獲得更大的自有資金收益率。資金對于一個企業(yè)來講是其發(fā)展的“血液”,在全球經(jīng)濟(jì)下行的大環(huán)境下,安全資本結(jié)構(gòu)下的企業(yè)融資方式選擇顯得尤為重要,是一項(xiàng)非常重要的課題。要促進(jìn)國內(nèi)企業(yè)資本結(jié)構(gòu)不斷優(yōu)化,必須充分結(jié)合企業(yè)現(xiàn)行的資本結(jié)構(gòu)的特征,選擇需要采取何種融資方式,在最恰當(dāng)?shù)臅r機(jī)進(jìn)行融資。企業(yè)應(yīng)該從自身的實(shí)際情況入手,深入剖析自身的優(yōu)劣勢,結(jié)合自身的需求,針對市場進(jìn)行預(yù)測,深入解讀政策,采用不同的融資方式組合在一起,將融資成本控制在更低范圍內(nèi),在最大程度上消除風(fēng)險隱患。另外,針對各種融資方式進(jìn)行比較,從自身的角度來權(quán)衡不同融資方式的利弊,并基于此確定最佳的融資方式。在以企業(yè)為對象的研究中,資本結(jié)構(gòu)和融資方式是一項(xiàng)非常重要的課題�？紤]到企業(yè)在各方面的特征都有一定的獨(dú)特性,所以,企業(yè)應(yīng)該結(jié)合自身的現(xiàn)狀來不斷調(diào)整資本結(jié)構(gòu)并采取最佳的融資方式,確保資本結(jié)構(gòu)具有彈性的特征。筆者在本課題的研究中,選擇A公司這一案例,針對其資本結(jié)構(gòu)和融資展開分析,為幫助其找到最佳的融資方式提供思路。同時,以案例為切入點(diǎn),對我國國有企業(yè)深化改革提出建議,相信會為我國國有企業(yè)的資本運(yùn)營以及融資方式的選擇提供有益借鑒。
[Abstract]:Since the reform and opening up to the outside world, Oil Company A, the leading domestic enterprise, is facing the background of the transition from planned economy to market economy. During this period, the company frequently adopted the methods of merger and reorganization. The scale of production and market share are growing. Compared with the similar enterprises abroad, company A shows a distinct uniqueness. The development of large scale oil enterprises abroad depends more on endogenous forces, of course. They will also adopt capital operation means such as market mergers and acquisitions. On the whole, foreign enterprises develop through a "bottom-up" approach, showing obvious market characteristics, rich industrial structure, and extremely high level of internationalization. There are extensive links with the international capital market. On the other hand, most large-scale enterprises in China were born in this wave of national economic reform, especially state-owned enterprises, whose development can not be separated from the leading role of the government. There is not a close relationship between the state ownership and the far less perfect domestic capital market. State shareholding, simple property right structure, is the commonality of large enterprises in our country. In recent years, large state-owned enterprises have accelerated the pace of reorganization and merger. The structure of property rights has also been enriched in a very short period of time. However, a series of problems have also been exposed, such as the fact that the pace of government reform has not kept pace with the pace of reform, and that the orientation of enterprises is not focused enough. Capital structure reflects the proportional relationship between debt and equity, which to a large extent determines the ability of the enterprise to repay debt and refinance, and determines the profitability of the enterprise in the future. A reasonable capital structure can reduce the financing cost and bring into play the role of financial leverage. Capital is the "blood" of an enterprise's development. In the global economic downturn, the choice of enterprise financing mode under the safe capital structure is particularly important. In order to promote the continuous optimization of the capital structure of domestic enterprises, we must fully combine the characteristics of the current capital structure of enterprises and choose what financing methods we need to adopt. In the most appropriate time to finance. Enterprises should start from their own actual situation, in-depth analysis of their own strengths and weaknesses, combined with their own needs, to forecast the market, in-depth interpretation of the policy, using different financing methods together, Control the financing cost in a lower range, eliminate the hidden risks to the greatest extent. In addition, compare various financing methods and weigh the advantages and disadvantages of different financing methods from their own point of view. The capital structure and financing method is a very important subject in the study of enterprises. Considering the unique characteristics of the enterprises in various aspects, so, The enterprise should constantly adjust the capital structure and adopt the best financing method according to its present situation to ensure that the capital structure has the characteristics of elasticity. Based on the analysis of its capital structure and financing, this paper provides some ideas to help it find the best way of financing. At the same time, taking the case as the starting point, the paper puts forward some suggestions for deepening the reform of state-owned enterprises in China. It is believed that it will provide beneficial reference for the capital operation and the choice of financing mode of state-owned enterprises in our country.
【學(xué)位授予單位】：成都理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F406.7;F426.22

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