【摘要】：服裝行業(yè)作為一個(gè)傳統(tǒng)制造業(yè)來講，很長時(shí)間以來，不僅在確保人們最基本的衣食住行方面提供了很大的保障，同時(shí)在擴(kuò)大勞動(dòng)就業(yè)和增強(qiáng)國際間的貿(mào)易合作等方面做出了很大的貢獻(xiàn)。 中國加入WTO后，服裝制造業(yè)面臨著新的機(jī)遇和挑戰(zhàn)，由于服裝行業(yè)技術(shù)難度和機(jī)械要求低，缺乏品牌，OEM為主，作為勞動(dòng)密集型的服裝企業(yè)，融資難已成為一個(gè)“通病”，由于我國資本市場發(fā)展尚不完善，致使服裝企業(yè)融資渠道狹窄、融資工具單一，資金來源主要靠銀行信貸，生產(chǎn)資金過多的依賴銀行信貨，約占服裝資金鏈的50%以上，另一部分則是企業(yè)自籌資金。 資本是現(xiàn)代企業(yè)生存和發(fā)展的核心資源，企業(yè)在融資的過程中，，一個(gè)合理的資本結(jié)構(gòu)不僅可以使企業(yè)在同等投入的情況下，降低企業(yè)的資本成本、增加企業(yè)的利潤，同時(shí)還也有利于規(guī)范企業(yè)的行為，從而提高了企業(yè)的市場價(jià)值。 本文主要圍繞著X服裝公司的資本結(jié)構(gòu)的優(yōu)化問題來展開研究，在借助于國外資本結(jié)構(gòu)的相關(guān)理論和國內(nèi)資本結(jié)構(gòu)優(yōu)化理論的研究成果的基礎(chǔ)上，結(jié)合X服裝公司資本結(jié)構(gòu)現(xiàn)狀進(jìn)行系統(tǒng)分析，主要側(cè)重于研究企業(yè)的資本結(jié)構(gòu)中各成員之間的配比關(guān)系會(huì)對企業(yè)價(jià)值造成的影響。首先，通過對X服裝公司相關(guān)財(cái)務(wù)指標(biāo)的系統(tǒng)分析，并與國內(nèi)同行標(biāo)桿企業(yè)進(jìn)行橫向比較，找出X服裝公司資本結(jié)構(gòu)存在的問題根源；其次，在基于企業(yè)價(jià)值最大化為優(yōu)化目標(biāo)的前提下，采用最優(yōu)資本結(jié)構(gòu)靜態(tài)方程確定X服裝公司的最優(yōu)資本結(jié)構(gòu)點(diǎn)，基于假設(shè)的前提下，針對企業(yè)應(yīng)用杠桿水平的高低狀況進(jìn)行資本結(jié)構(gòu)調(diào)整；最后，綜合考慮影響企業(yè)的資本結(jié)構(gòu)的內(nèi)外部環(huán)境因素，提出優(yōu)化方案和應(yīng)對措施。 本篇文章主要采用理論與實(shí)踐相結(jié)合的方法，將X服裝公司作為研究對象，通過揭示其資本結(jié)構(gòu)狀況成因與形成過程的系統(tǒng)分析，按照找出問題-分析問題-解決問題的思路，去為X服裝公司探求更為合理的資本結(jié)構(gòu)，目的在于使企業(yè)的融資渠道變得更為暢通，提高X服裝公司的核心競爭力，實(shí)現(xiàn)企業(yè)價(jià)值的最大化。相信通過X服裝公司資本結(jié)構(gòu)的優(yōu)化研究，會(huì)對國內(nèi)紡織服裝上市公司的資本結(jié)構(gòu)優(yōu)化起到一定的現(xiàn)實(shí)借鑒意義。
[Abstract]:The clothing industry, as a traditional manufacturing industry, has not only provided a great guarantee in ensuring the most basic food, clothing, housing and transportation for a long time, At the same time, it has made great contribution in expanding labor employment and strengthening international trade cooperation. After China's entry into WTO, garment manufacturing industry is faced with new opportunities and challenges. Because of the low technical difficulty and mechanical requirements of garment industry, lack of brand name, and OEM as the main labor-intensive garment enterprises, the difficulty of financing has become a "common problem". Because of the imperfect development of capital market in our country, the financing channel of garment enterprises is narrow, the financing tool is single, the source of funds mainly depends on bank credit, and the production capital is too much dependent on bank credit, which accounts for more than 50% of the chain of clothing funds. The other part is the enterprise self-financing. Capital is the core resource for the survival and development of modern enterprises. In the process of financing, a reasonable capital structure can not only reduce the cost of capital and increase the profits of enterprises, but also reduce the cost of capital under the condition of equal investment. At the same time, it is also conducive to standardize the behavior of enterprises, thus improving the market value of enterprises. This paper mainly focuses on the optimization of the capital structure of X garment company, based on the research results of the foreign capital structure theory and the domestic capital structure optimization theory. Based on the analysis of the present situation of the capital structure of X garment company, this paper focuses on the influence of the matching relationship among the members of the capital structure on the value of the enterprise. First of all, through the systematic analysis of the related financial indicators of X clothing company and the horizontal comparison with domestic peer benchmarking enterprises, to find out the root causes of the capital structure problems of X clothing company; secondly, Based on the optimization goal of maximization of enterprise value, the optimal capital structure point of X garment company is determined by the static equation of optimal capital structure, and the optimal capital structure point of X garment company is determined on the premise of hypothesis. Finally, considering the internal and external environmental factors that affect the capital structure of the enterprise, the optimization scheme and countermeasures are put forward. This article mainly adopts the method of combining theory with practice, takes X clothing Company as the research object, through revealing its capital structure condition causes and the forming process systematic analysis, according to the way of finding out the problem-analyzing problem-solving the problem. To explore a more reasonable capital structure for X clothing company, the purpose is to make the financing channel of the enterprise more unimpeded, to improve the core competitiveness of X clothing company, and to realize the maximization of enterprise value. It is believed that the research on the optimization of capital structure of X garment company will be of practical significance to the optimization of capital structure of domestic textile and garment listed companies.
【學(xué)位授予單位】：電子科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.86

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