【摘要】：GW集團(tuán)是我國(guó)典型的地方性大型國(guó)有企業(yè),其實(shí)際控制人為廣東省國(guó)資委,主要從事汽車(chē)、金屬、能源化工、木材等大宗商品貿(mào)易業(yè)務(wù),總營(yíng)業(yè)收入常年列廣東省省屬企業(yè)第一位,集團(tuán)在行業(yè)內(nèi)也極具競(jìng)爭(zhēng)優(yōu)勢(shì),是國(guó)家重點(diǎn)培育的20家大型物料流通企業(yè)之一。近年來(lái),GW集團(tuán)受?chē)?guó)家宏觀政策調(diào)控的影響,傳統(tǒng)業(yè)務(wù)發(fā)展受阻,集團(tuán)正處在轉(zhuǎn)型升級(jí)的關(guān)鍵當(dāng)口,資金需求量極大。而從何種途徑取得集團(tuán)后期發(fā)展所需的各類資本,同時(shí)保證這些資本在期限上長(zhǎng)短搭配有序,在結(jié)構(gòu)上健康合理,這直接取決于GW集團(tuán)的融資活動(dòng)是否科學(xué)合理。長(zhǎng)期以來(lái),債務(wù)融資在GW集團(tuán)融資活動(dòng)中一直處于核心地位,對(duì)GW集團(tuán)融資問(wèn)題的研究,必然應(yīng)落腳于對(duì)其債務(wù)融資活動(dòng)的具體研究上。然而目前國(guó)內(nèi)學(xué)者多熱衷于從宏觀層面對(duì)債務(wù)融資問(wèn)題進(jìn)行研究,鮮有結(jié)合具體企業(yè)進(jìn)行研究的案例論文,債務(wù)融資研究亟需由理論完善向?qū)嵺`應(yīng)用的轉(zhuǎn)變�；谏鲜霰尘�,筆者選用代表性企業(yè)GW集團(tuán),對(duì)其債務(wù)融資問(wèn)題進(jìn)行了具體研究。首先,對(duì)債務(wù)融資問(wèn)題國(guó)內(nèi)外研究現(xiàn)狀進(jìn)行評(píng)述;其次,在查閱大量文獻(xiàn)的基礎(chǔ)上,梳理了債務(wù)融資方面相關(guān)經(jīng)典理論;隨后,通過(guò)對(duì)集團(tuán)債務(wù)融資活動(dòng)資料的研究和企業(yè)調(diào)研,發(fā)現(xiàn)其債務(wù)融資活動(dòng)中存在債務(wù)短期化、融資方式單一等問(wèn)題,并指出了其具體成因,包括我國(guó)債券市場(chǎng)發(fā)展失衡、過(guò)于依賴政府隱性擔(dān)保、集團(tuán)信用評(píng)級(jí)較低以及缺乏科學(xué)的債務(wù)融資評(píng)價(jià)指標(biāo)體系。因此,本文提出為GW集團(tuán)構(gòu)建科學(xué)的債務(wù)融資評(píng)價(jià)指標(biāo)體系,運(yùn)用層次分析法從融資誘因、融資成本、融資風(fēng)險(xiǎn)3個(gè)主層級(jí)出發(fā),下設(shè)9個(gè)具體評(píng)價(jià)指標(biāo),采取問(wèn)卷調(diào)查法對(duì)各指標(biāo)權(quán)重進(jìn)行賦值,構(gòu)建了完整的債務(wù)融資評(píng)價(jià)指標(biāo)體系,并介紹了該指標(biāo)體系的具體應(yīng)用和保障性建議。
[Abstract]:The GW Group is a typical local large state-owned enterprise in China. Its actual control is the Guangdong SASAC, which is mainly engaged in trading in automobile, metal, energy, chemical, timber and other commodities. The total operating income ranks first among the provincial enterprises in Guangdong Province, and the group also has a competitive advantage in the industry. It is one of the 20 large material circulation enterprises cultivated by the state. In recent years, the GW Group is affected by the national macro-policy, the development of traditional business is blocked, the Group is at the critical moment of transformation and upgrading, the capital demand is huge. However, how to obtain all kinds of capital needed for the later development of the Group, and at the same time to ensure that these capitals are matched in order in terms of duration and in a healthy and reasonable structure, depends directly on whether the financing activities of GW Group are scientific and reasonable. For a long time, debt financing has been in the core position in the financing activities of GW Group. The study on the financing problem of GW Group must be based on the concrete research on its debt financing activities. However, at present, most domestic scholars are keen to study debt financing from the macro level. There are few case studies on debt financing combined with specific enterprises. The research on debt financing needs to be changed from theoretical improvement to practical application. Based on the above background, the author chooses GW Group, a representative enterprise, to study its debt financing problem. First of all, the domestic and foreign research on debt financing is reviewed. Secondly, on the basis of consulting a lot of literature, this paper combs the relevant classical theory of debt financing. Through the research on the data of group debt financing activities and the investigation of enterprises, it is found that there are some problems in the debt financing activities, such as the short-term debt financing, the single financing method, and the specific causes, including the imbalance of the development of the bond market in China. Too dependent on government implicit guarantee, low credit rating and lack of scientific debt financing evaluation index system. Therefore, this paper puts forward a scientific evaluation index system of debt financing for GW Group. Using Analytic hierarchy process (AHP), there are 9 specific evaluation indexes under the three main levels of financing inducement, financing cost and financing risk. In this paper, the weight of each index is assigned by questionnaire, and a complete index system of debt financing evaluation is constructed, and the concrete application of the index system and the supportability suggestions are also introduced.
【學(xué)位授予單位】：廣東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F721;F715.5

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