本文選題：債務(wù)融資 + 財(cái)務(wù)風(fēng)險(xiǎn)　； 參考：《石河子大學(xué)》2017年碩士論文

【摘要】：根據(jù)我國(guó)銀行業(yè)所處的地位,銀行對(duì)于資金的壟斷使得資金有效流通受到一定的阻礙,這種阻礙也是公司進(jìn)行債務(wù)融資產(chǎn)生的風(fēng)險(xiǎn)之一,一般這種阻礙只發(fā)生在中小企業(yè)身上,國(guó)內(nèi)外學(xué)者對(duì)中小企業(yè)債務(wù)融資的限制已經(jīng)進(jìn)行了全面的研究,因此本文不加以探討。在研究企業(yè)債務(wù)融資風(fēng)險(xiǎn)的過(guò)程中,發(fā)現(xiàn)以下結(jié)論,如果企業(yè)的自有資本較低,而債務(wù)融資成本又過(guò)高,會(huì)存在企業(yè)的利潤(rùn)無(wú)法彌補(bǔ)債務(wù)本利和的情況,企業(yè)的生產(chǎn)經(jīng)營(yíng)也會(huì)受到不良影響,若是企業(yè)到期不能償本付息,會(huì)加劇企業(yè)破產(chǎn)的可能�，F(xiàn)階段的雨潤(rùn)集團(tuán)就是因?yàn)槠髽I(yè)的利潤(rùn)無(wú)法用來(lái)償還集團(tuán)的債務(wù),發(fā)生了財(cái)務(wù)危機(jī)。選取肉制品行業(yè)中的雨潤(rùn)集團(tuán)作為代表來(lái)探討債務(wù)融資這一問(wèn)題,是因?yàn)橛隄?rùn)集團(tuán)曾是肉質(zhì)品行業(yè)中的翹楚,但因?yàn)槠鋫鶆?wù)融資中存在的問(wèn)題,導(dǎo)致集團(tuán)的資金鏈斷裂,使其成為研究債務(wù)融資問(wèn)題中的一個(gè)典型案例。在研究雨潤(rùn)集團(tuán)的債務(wù)融資時(shí),結(jié)合當(dāng)時(shí)行業(yè)中的債務(wù)融資概況,發(fā)現(xiàn)雨潤(rùn)集團(tuán)在債務(wù)融資方面的問(wèn)題可以作為行業(yè)中的預(yù)警。在分析雨潤(rùn)集團(tuán)的債務(wù)融資時(shí),定性的描述了其債務(wù)融資問(wèn)題,定量的測(cè)量了債務(wù)融資風(fēng)險(xiǎn)。主要?dú)v程如下所示:首先簡(jiǎn)單的了解了雨潤(rùn)集團(tuán)的基本概況,然后對(duì)以下的債務(wù)融資方式進(jìn)行描述和分析,主要包括:銀行借款、短期融資券、中期票據(jù)、商業(yè)信用以及融資租賃,后來(lái)又介紹了集團(tuán)債務(wù)組成結(jié)構(gòu)(即直接融資與間接融資)、債務(wù)期限結(jié)構(gòu)(即長(zhǎng)期債務(wù)與短期債務(wù)),根據(jù)上文對(duì)雨潤(rùn)集團(tuán)債務(wù)融資的介紹分析其存在的問(wèn)題及問(wèn)題成因,得出了以下幾點(diǎn)原因:商業(yè)信用下降、經(jīng)營(yíng)業(yè)績(jī)下降以及集團(tuán)的快速擴(kuò)張、房地產(chǎn)投資過(guò)多,最后根據(jù)上述原因提出對(duì)應(yīng)的解決方案。本文期望根據(jù)雨潤(rùn)集團(tuán)這一案例告誡企業(yè)要保障自身債務(wù)融資結(jié)構(gòu)合理,降低財(cái)務(wù)風(fēng)險(xiǎn)。
[Abstract]:According to the status of the banking industry in China, the monopoly of capital by the banks has hindered the effective circulation of funds, which is also one of the risks arising from the debt financing of companies. Generally speaking, this kind of hindrance only occurs in the small and medium-sized enterprises. Scholars at home and abroad have made a comprehensive study on the limitation of SME debt financing, so this paper does not discuss it. In the course of studying the risk of debt financing, we find the following conclusions: if the enterprise's own capital is low and the cost of debt financing is too high, there will be the situation that the profit of the enterprise cannot make up for the sum of the capital and interest of the debt. The production and management of enterprises will also be adversely affected, if the enterprise can not pay the interest due, it will aggravate the possibility of enterprise bankruptcy. The current Yurun Group is because the profits can not be used to repay the group's debt, a financial crisis. Yurun Group, a representative of meat industry, was selected to discuss the problem of debt financing because it was a leader in meat industry, but because of the problems in its debt financing, the group's capital chain broke. Make it become a typical case of debt financing. When studying the debt financing of Yurun Group, combined with the general situation of debt financing in the industry at that time, it is found that the problems of Yurun Group in debt financing can be used as an early warning in the industry. In the analysis of Yurun Group's debt financing, the debt financing problem is described qualitatively, and the debt financing risk is quantitatively measured. The main process is as follows: first of all, we simply understand the basic situation of Yurun Group, then describe and analyze the following debt financing methods, including: bank loans, short-term financing bonds, medium-term notes, Commercial credit and financial leasing, Then it introduces the composition structure of group debt (that is, direct and indirect financing), debt maturity structure (that is, long-term debt and short-term debt), and analyzes its problems and causes according to the above introduction to the debt financing of Yurun Group. The following reasons are obtained: the decline of commercial credit, the decline of business performance and the rapid expansion of the group, and the excessive investment in real estate. Finally, the corresponding solutions are put forward according to the above reasons. According to the case of Yu run Group, this paper expects to warn enterprises to ensure their debt financing structure is reasonable and to reduce financial risk.
【學(xué)位授予單位】：石河子大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.82;F406.7

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