發(fā)布時(shí)間：2018-08-26 16:45

【摘要】：國(guó)際貿(mào)易中90%以上的貨物是通過(guò)海上運(yùn)輸完成,航運(yùn)業(yè)是全球經(jīng)濟(jì)的大動(dòng)脈。近年來(lái),在全球經(jīng)濟(jì)的推動(dòng)下,我國(guó)航運(yùn)市場(chǎng)獲得了空前的發(fā)展,尤其是在2008年金融危機(jī)之后,我國(guó)航運(yùn)市場(chǎng)給航運(yùn)業(yè)帶來(lái)了前所未有的機(jī)遇。航運(yùn)業(yè)屬于資金密集型產(chǎn)業(yè),資金需求量巨大,航運(yùn)企業(yè)的融資就成為航運(yùn)企業(yè)經(jīng)營(yíng)活動(dòng)的一項(xiàng)非常重要的內(nèi)容。鑒于融資是一項(xiàng)周期長(zhǎng)、運(yùn)行復(fù)雜的活動(dòng),同時(shí)融資渠道廣,融資方式多樣,融資結(jié)構(gòu)復(fù)雜多變。本文致力于研究航運(yùn)企業(yè)的融資結(jié)構(gòu),構(gòu)建融資結(jié)構(gòu)優(yōu)化模型,提出融資結(jié)構(gòu)的發(fā)展建議和措施,以此保證航運(yùn)企業(yè)的穩(wěn)定健康、長(zhǎng)遠(yuǎn)發(fā)展。 本文首先介紹融資結(jié)構(gòu)的基本理論,其次分析航運(yùn)企業(yè)的融資結(jié)構(gòu)現(xiàn)狀,通過(guò)國(guó)內(nèi)外航運(yùn)企業(yè)融資結(jié)構(gòu)現(xiàn)狀的對(duì)比分析,發(fā)現(xiàn)相較于國(guó)外航運(yùn)企業(yè)比較成熟、合理的融資結(jié)構(gòu),我國(guó)航運(yùn)企業(yè)的融資結(jié)構(gòu)存在諸多問(wèn)題,主要表現(xiàn)在融資結(jié)構(gòu)失衡,銀行貸款的比例較高,債券融資的比例較小,并且融資結(jié)構(gòu)決策難度增加,需要建立合理、科學(xué)的融資結(jié)構(gòu)優(yōu)化模型。并提出航運(yùn)企業(yè)融資結(jié)構(gòu)優(yōu)化模型構(gòu)建的建立目標(biāo)和選擇依據(jù)。論文首先引用熵理論,對(duì)專(zhuān)家組進(jìn)行分析,構(gòu)建了專(zhuān)家組優(yōu)化模型；其次鑒于航運(yùn)企業(yè)具有特殊性,在其做出融資結(jié)構(gòu)決策時(shí),需要綜合考慮融資成本、融資風(fēng)險(xiǎn)、以及經(jīng)濟(jì)環(huán)境、企業(yè)的盈利能力和償債能力等多方面因素,并依次構(gòu)建評(píng)價(jià)體系,并依據(jù)熵權(quán)理論,計(jì)算出評(píng)價(jià)指標(biāo)的權(quán)重；最后根據(jù)理想點(diǎn)解法,確定最優(yōu)的融資方案。并且依據(jù)建立的航運(yùn)企業(yè)融資結(jié)構(gòu)優(yōu)化模型,選擇研究對(duì)象,進(jìn)行算例分析,以此檢驗(yàn)?zāi)Ｐ偷臏?zhǔn)確性和實(shí)用性。最終,根據(jù)航運(yùn)企業(yè)的融資結(jié)構(gòu)理論和構(gòu)建的融資結(jié)構(gòu)優(yōu)化模型,結(jié)合我國(guó)航運(yùn)企業(yè)的融資環(huán)境和融資結(jié)構(gòu)現(xiàn)狀,提出相應(yīng)的發(fā)展建議和措施。
[Abstract]:More than 90% of the goods in international trade are transported by sea, and shipping is the artery of the global economy. In recent years, driven by the global economy, China's shipping market has been unprecedented development, especially after the 2008 financial crisis, China's shipping market has brought unprecedented opportunities to the shipping industry. The shipping industry is a capital-intensive industry, and the demand for funds is huge. Therefore, the financing of shipping enterprises has become a very important part of shipping enterprises' business activities. In view of financing is a long period, complex operation of activities, financing channels are wide, financing methods are diverse, financing structure is complex and changeable. This paper is devoted to studying the financing structure of shipping enterprises, constructing the optimization model of financing structure, and putting forward suggestions and measures for the development of financing structure, so as to ensure the stability and health and long-term development of shipping enterprises. This paper first introduces the basic theory of financing structure, then analyzes the present situation of the financing structure of shipping enterprises. Through the comparative analysis of the present situation of financing structure of shipping enterprises at home and abroad, it finds that the financing structure is more mature and reasonable than that of foreign shipping enterprises. There are many problems in the financing structure of shipping enterprises in our country, such as the imbalance of financing structure, the high proportion of bank loans, the small proportion of bond financing, and the difficulty of financing structure decision. Scientific financing structure optimization model. At the same time, the paper puts forward the establishment goal and the selection basis of the optimization model of the financing structure of shipping enterprises. Firstly, the paper uses entropy theory to analyze the expert group, and constructs the expert group optimization model. Secondly, considering the particularity of shipping enterprises, it is necessary to consider the financing cost and risk when they make the financing structure decision. And the economic environment, profitability and solvency of the enterprise and other factors, and build an evaluation system in turn, and based on entropy weight theory, calculate the weight of the evaluation index; finally, according to the ideal point solution, determine the optimal financing scheme. According to the optimized model of shipping enterprise financing structure, the research object is selected, and the example is analyzed to verify the veracity and practicability of the model. Finally, according to the theory of financing structure of shipping enterprises and the optimized model of financing structure, combined with the financing environment and the current situation of financing structure of shipping enterprises in China, the corresponding development suggestions and measures are put forward.
【學(xué)位授予單位】：大連海事大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F552;F832.4;F224

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