本文選題：可持續(xù)增長(zhǎng)模式 + 融資結(jié)構(gòu)　； 參考：《黑龍江八一農(nóng)墾大學(xué)》2017年碩士論文

【摘要】：資金是企業(yè)賴以生存的源泉,融資結(jié)構(gòu)是否合理對(duì)于企業(yè)能否實(shí)現(xiàn)可持續(xù)增長(zhǎng)至關(guān)重要�？沙掷m(xù)增長(zhǎng)模型中的“持續(xù)”意味著在企業(yè)穩(wěn)定運(yùn)營(yíng)的前提下,為股東創(chuàng)造更大的利益,但是,如果企業(yè)過(guò)快增長(zhǎng),會(huì)導(dǎo)致資金緊張,甚至使企業(yè)的資金鏈斷裂。因此,可持續(xù)增長(zhǎng)模式主張:在盡可能少耗費(fèi)企業(yè)財(cái)務(wù)資源的基礎(chǔ)上,實(shí)現(xiàn)最大限度的增長(zhǎng)。我國(guó)宏觀經(jīng)濟(jì)現(xiàn)正處于增速放緩的階段,各個(gè)行業(yè)近幾年發(fā)展都不理想,塑機(jī)行業(yè)也不例外,表面上國(guó)內(nèi)市場(chǎng)需求較大,但是大多數(shù)塑機(jī)行業(yè)的上市公司都處于連年虧損的狀態(tài),并且許多企業(yè)的實(shí)際增長(zhǎng)率都高于可持續(xù)增長(zhǎng)率,以金明精機(jī)股份有限公司最為典型。這時(shí),就要為如何使財(cái)務(wù)資源在企業(yè)穩(wěn)定增長(zhǎng)的前提下得到充分的利用并且實(shí)現(xiàn)股東價(jià)值最大化找出路,這正是本文研究的重點(diǎn)和難點(diǎn)所在。本文在整理國(guó)內(nèi)外文獻(xiàn)的過(guò)程中,查閱了融資結(jié)構(gòu)、可持續(xù)增長(zhǎng)模型以及融資結(jié)構(gòu)與可持續(xù)增長(zhǎng)模型之間關(guān)系的各方面資料,基于可持續(xù)增長(zhǎng)模式,在MM理論、優(yōu)序融資理論、權(quán)衡理論的基礎(chǔ)上,利用金明精機(jī)近5年的年度報(bào)告整理了金明精機(jī)內(nèi)源融資、債務(wù)融資和股權(quán)融資三個(gè)方面的現(xiàn)狀,再對(duì)金明精機(jī)的融資結(jié)構(gòu)進(jìn)行分析,在可持續(xù)增長(zhǎng)模式的基礎(chǔ)上建立財(cái)務(wù)指標(biāo)體系,并分析金明精機(jī)的盈利能力、營(yíng)運(yùn)能力、償債能力和成長(zhǎng)能力,再采用比較分析法對(duì)金明精機(jī)的實(shí)際增長(zhǎng)率與可持續(xù)增長(zhǎng)率進(jìn)行偏差分析,總結(jié)出金明精機(jī)在經(jīng)營(yíng)策略和財(cái)務(wù)策略上的諸多問(wèn)題。例如:企業(yè)盲目擴(kuò)張,只追求“純規(guī)�！�,無(wú)視“不經(jīng)濟(jì)”;應(yīng)收賬款比重過(guò)高,導(dǎo)致企業(yè)資金鏈愈發(fā)緊張;資本結(jié)構(gòu)未合理優(yōu)化,短期負(fù)債與長(zhǎng)期負(fù)債嚴(yán)重失衡;企業(yè)在現(xiàn)階段經(jīng)營(yíng)狀況極不穩(wěn)定的前提下,仍加大股權(quán)融資力度,放大了財(cái)務(wù)風(fēng)險(xiǎn)。最后,對(duì)金明精機(jī)現(xiàn)階段的發(fā)展?fàn)顩r總結(jié)出了幾點(diǎn)建議,第一:明確融資目標(biāo)和融資順序,第二:優(yōu)化資本結(jié)構(gòu),第三:提高資產(chǎn)運(yùn)營(yíng)能力,第四:合理利用股權(quán)融資。我國(guó)塑機(jī)行業(yè)的大部分企業(yè)均處于連年虧損狀態(tài),通過(guò)對(duì)金明精機(jī)融資結(jié)構(gòu)的分析,傳遞新的融資理念,促進(jìn)公司實(shí)現(xiàn)可持續(xù)增長(zhǎng)。
[Abstract]:Capital is the source of enterprise survival. Whether the financing structure is reasonable or not is very important for the enterprise to achieve sustainable growth. The "persistence" in the sustainable growth model means to create more benefits for shareholders under the premise of stable operation of the enterprise. However, if the enterprise grows too fast, it will lead to the shortage of funds and even the breakage of the capital chain of the enterprise. Therefore, the sustainable growth model advocates: to achieve maximum growth on the basis of minimal consumption of financial resources. China's macro economy is now in the stage of slowing down the growth rate. The development of various industries in recent years has not been ideal, and the plastic machinery industry is no exception. On the surface, there is a large demand in the domestic market. However, most of the listed companies in the plastic machinery industry are in the state of losing money year after year, and the actual growth rate of many enterprises is higher than the sustainable growth rate, the most typical of which is Jinming Precision Machinery Co., Ltd. At this time, it is necessary to find a way out for how to make full use of financial resources under the premise of stable growth of enterprises and realize the maximization of shareholder value, which is the focus and difficulty of this paper. In the process of collating the domestic and foreign literature, this paper has consulted the financing structure, the sustainable growth model and the relation between the financing structure and the sustainable growth model, based on the sustainable growth model, in the MM theory, the priority financing theory, On the basis of trade-off theory, the present situation of internal financing, debt financing and equity financing of Jinming Precision Machine is sorted out by using the annual report of Jinming Precision Machine in the past five years, and then the financing structure of Jinming Precision Machine is analyzed. Based on the sustainable growth model, the financial index system is established, and the profitability, operating capacity, solvency and growth ability of Jinming machine are analyzed. Then the deviation between the actual growth rate and the sustainable growth rate of Jinming refined machine is analyzed by comparative analysis, and many problems in the management strategy and financial strategy of Jinming refined machine are summarized. For example: enterprises blindly expand, only pursue "pure scale", ignore "uneconomic"; the proportion of accounts receivable is too high, leading to the increasingly tight capital chain, capital structure is not rational optimization, short-term liabilities and long-term liabilities are seriously unbalanced; Under the premise of extremely unstable operating condition at present, enterprises still increase equity financing and amplify financial risks. Finally, several suggestions are put forward for the development of Jinming fine machine at this stage. The first is to make clear the financing target and financing sequence, the second is to optimize the capital structure, the third is to improve the ability of assets operation, and the fourth is to make use of equity financing reasonably. Most of the enterprises in the plastic machinery industry of our country are in the state of losing money year after year. Through the analysis of the financing structure of Jinming machine, the new financing idea is transmitted to promote the sustainable growth of the company.
【學(xué)位授予單位】：黑龍江八一農(nóng)墾大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.4;F406.7

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