發(fā)布時(shí)間：2018-01-17 15:27

  本文關(guān)鍵詞：金龍汽車資本結(jié)構(gòu)與經(jīng)營績效研究　出處：《中南大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 金龍汽車 資本結(jié)構(gòu) 經(jīng)營績效

【摘要】：財(cái)務(wù)學(xué)界對資本結(jié)構(gòu)問題的研究由來已久,并且從MM理論誕生開始,資本結(jié)構(gòu)理論更是引起了學(xué)術(shù)界的廣泛關(guān)注。由于企業(yè)的資本結(jié)構(gòu)影響綜合資本成本,而企業(yè)的綜合資本成本又會(huì)影響到企業(yè)的經(jīng)營績效,因此,資本結(jié)構(gòu)與企業(yè)經(jīng)營績效的關(guān)系隨著實(shí)踐的發(fā)展逐漸成為財(cái)務(wù)學(xué)界研究的重點(diǎn)。兩者之間關(guān)系的探討,對于最優(yōu)資本結(jié)構(gòu)的確定,融資決策的優(yōu)化,企業(yè)經(jīng)營績效提高都有著重要意義。 首先,本文界定了資本結(jié)構(gòu)和經(jīng)營績效的基本含義,對以往的國內(nèi)外研究情況進(jìn)行了初步梳理,從理論上分析了資本結(jié)構(gòu)與企業(yè)經(jīng)營績效之間的關(guān)系；同時(shí),對金龍汽車進(jìn)行了綜合能力的SWOT分析。 然后,分析了金龍汽車資本結(jié)構(gòu)和經(jīng)營績效的現(xiàn)狀,選取在滬深兩地上市的19家汽車企業(yè)20102012年的年報(bào)的財(cái)務(wù)數(shù)據(jù),采用基于Logistic模型的多元回歸分析法和聚類分析法對汽車行業(yè)資本結(jié)構(gòu)與經(jīng)營績效關(guān)系進(jìn)行實(shí)證研究,得出了65%的資產(chǎn)負(fù)債率符合一般認(rèn)為的安全負(fù)債,具有很強(qiáng)的參考意義。企業(yè)既可以企業(yè)借助于負(fù)債經(jīng)營,可以獲得債務(wù)利息的抵稅效應(yīng),取得利用財(cái)務(wù)杠桿的好處,以此來提升企業(yè)的盈利程度,避免高負(fù)債帶來的高財(cái)務(wù)風(fēng)險(xiǎn),從而改善企業(yè)的經(jīng)營績效。 最后,對金龍汽車通過優(yōu)化資本結(jié)構(gòu)提高經(jīng)營績效提出了對策建議：金龍汽車近年來的資產(chǎn)負(fù)債率一直高于70%,已經(jīng)超出了安全負(fù)債比率,在同行業(yè)內(nèi)對比債務(wù)水平偏高,進(jìn)一步增加債務(wù)融資不僅難以實(shí)現(xiàn),對凈資產(chǎn)收益率的貢獻(xiàn)十分有限,而且將大大增加企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)。金龍汽車在嚴(yán)格控制負(fù)債增加的同時(shí),努力降低債務(wù)水平,進(jìn)一步加強(qiáng)成本費(fèi)用控制,提高銷售凈利率,以提高企業(yè)績效,更好地應(yīng)對外部挑戰(zhàn)。
[Abstract]:The study of capital structure in finance circles has a long history, and since the birth of MM theory, capital structure theory has attracted extensive attention of the academic community, because of the influence of the capital structure of enterprises on the cost of comprehensive capital. And the comprehensive capital cost of the enterprise will affect the business performance of the enterprise, therefore. With the development of practice, the relationship between capital structure and business performance has gradually become the focus of financial research. The discussion of the relationship between the two, for the determination of the optimal capital structure, the optimization of financing decisions. The improvement of business performance is of great significance. First of all, this paper defines the basic meaning of capital structure and business performance, makes a preliminary analysis of the previous domestic and foreign research situation, and theoretically analyzes the relationship between capital structure and business performance. At the same time, the comprehensive capability of Jinlong vehicle is analyzed by SWOT. Then, the paper analyzes the present situation of Jinlong Automobile's capital structure and operating performance, and selects the financial data of 19 auto companies listed in Shanghai and Shenzhen in 2010 and 2012. The relationship between capital structure and operating performance of automobile industry is studied empirically by multiple regression analysis and cluster analysis based on Logistic model. It is concluded that the asset-liability ratio of 65% accords with the commonly considered safe liability, which has a strong reference significance. Enterprises can not only use debt to operate, but also get the tax effect of debt interest. The advantage of using financial leverage can improve the profitability of enterprises, avoid the high financial risks brought by high debts, and improve the performance of enterprises. Finally, the paper puts forward some suggestions on how to improve the operating performance of Jinlong Automobile by optimizing its capital structure: the ratio of assets and liabilities of Jinlong Automobile has been higher than 70% in recent years, which has exceeded the ratio of safe debt. Compared with the higher level of debt in the same industry, further increase of debt financing is not only difficult to achieve, but also has a very limited contribution to the return on net assets. And will greatly increase the financial risk of enterprises. Jinlong Automobile in strict control of debt increase at the same time, efforts to reduce debt levels, further strengthen cost and cost control, improve the net interest rate of sales, in order to improve corporate performance. Better address external challenges.
【學(xué)位授予單位】：中南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F426.471;F406.7

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