【摘要】：近年來，隨著我國經(jīng)濟(jì)的迅速發(fā)展，交通運(yùn)輸網(wǎng)絡(luò)也在不斷完善。交通運(yùn)輸業(yè)的未來發(fā)展將以交通運(yùn)輸結(jié)構(gòu)調(diào)整為主。由于交通運(yùn)輸業(yè)投資具有固定資產(chǎn)投資大、投資回收期長、資金占用量大等特點(diǎn)，為保障交通運(yùn)輸企業(yè)的戰(zhàn)略發(fā)展和未來投資項(xiàng)目的順利發(fā)展，需要大量的資金投入。所以交通運(yùn)輸企業(yè)在不斷投資擴(kuò)張的同時(shí)，如何考慮資本結(jié)構(gòu)的合理性與拓展融資渠道，在解決資金需求問題的基礎(chǔ)上，又如何保證資金在滿足日常經(jīng)營管理需求的同時(shí)，能夠有效運(yùn)用到項(xiàng)目的投資以及未來利潤的分配中，合理規(guī)避融資帶來的財(cái)務(wù)風(fēng)險(xiǎn)，對(duì)交通運(yùn)輸企業(yè)的生存與發(fā)展具有決定性的意義。 本文采用理論與實(shí)際相結(jié)合的方法，選取HL交通運(yùn)輸公司案例作為研究對(duì)象，在闡述交通運(yùn)輸行業(yè)與HL公司的經(jīng)營及融資狀況后，依據(jù)HL運(yùn)輸公司實(shí)際情況作為考量依據(jù)，針對(duì)HL公司融資效果進(jìn)行案例分析。 首先，從HL公司的經(jīng)營特征、行業(yè)狀況的發(fā)展趨勢(shì)與財(cái)務(wù)狀況角度進(jìn)行分析，描述公司的財(cái)務(wù)指標(biāo)特征，通過收入成本結(jié)構(gòu)與現(xiàn)金流量等角度顯示交通運(yùn)輸企業(yè)的融資狀況和公司的資本結(jié)構(gòu)。 其次，論文依據(jù)HL公司的資金需求與融資投向，針對(duì)可供選擇的融資方案，同時(shí)從HL公司的資本結(jié)構(gòu)狀況——面臨著資產(chǎn)負(fù)債率過高，長期債務(wù)還款壓力大的狀態(tài)和從公司的投資計(jì)劃與投資需求、利潤分配與需求、融資渠道與風(fēng)險(xiǎn)等方面展開深入分析，對(duì)HL公司的兩個(gè)融資方案進(jìn)行比較分析與評(píng)價(jià)，結(jié)合HL公司的戰(zhàn)略發(fā)展、行業(yè)特點(diǎn)、融資成本以及融資風(fēng)險(xiǎn)，確定HL公司的融資方案。 最后，論文認(rèn)為公司特別是對(duì)于有著特有的經(jīng)營特征的交通運(yùn)輸行業(yè)公司，，面臨融資方案的選擇時(shí)是選債務(wù)融資還是股權(quán)融資，在融資時(shí)必須綜合考慮投資戰(zhàn)略、融資風(fēng)險(xiǎn)與收益的均衡、資本結(jié)構(gòu)的優(yōu)化。而且融資過程中與股東溝通也尤顯重要。 綜上所述，交通運(yùn)輸企業(yè)投資項(xiàng)目既占用大量的資金，又會(huì)使企業(yè)資產(chǎn)負(fù)債率不斷升高。且高額的財(cái)務(wù)費(fèi)用又減少了企業(yè)的利潤，并增大財(cái)務(wù)風(fēng)險(xiǎn)。因此，對(duì)于交通運(yùn)輸企業(yè)在選擇融資途徑時(shí)，股權(quán)融資既可使公司股本增加，又以較低的融資成本應(yīng)對(duì)企業(yè)發(fā)展的需要以及外部市場環(huán)境變化。
[Abstract]:In recent years, with the rapid development of China's economy, the transportation network is also improving. The future development of transportation industry will be based on the adjustment of transportation structure. Because the investment of transportation industry is characterized by large investment in fixed assets, long payback period and large amount of capital, a large amount of capital investment is needed to ensure the strategic development of transportation enterprises and the smooth development of future investment projects. Therefore, how to consider the rationality of capital structure and the expansion of financing channels, and how to ensure that the capital can meet the needs of daily operation and management, on the basis of solving the problem of capital demand, while the transportation enterprises continue to invest and expand, It is of decisive significance for the survival and development of transportation enterprises to be able to effectively apply to the investment of projects and the distribution of future profits, and to avoid the financial risks caused by financing reasonably. This paper adopts the method of combining theory with practice, selects the case of HL transportation company as the research object, after expounding the operation and financing situation of transportation industry and HL company, according to the actual situation of HL transportation company as the basis of consideration. Case study on the financing effect of HL Company. First of all, from the HL company's operating characteristics, the development trend of the industry situation and the financial situation of the perspective of the analysis, describe the company's financial indicators characteristics, The financing status and capital structure of transportation enterprises are shown through the income cost structure and cash flow. Secondly, according to the capital demand and financing investment of HL Company, the paper aims at the alternative financing scheme, and at the same time, according to the capital structure of HL Company, it faces the high ratio of assets and liabilities. The state of long-term debt repayment pressure and the deep analysis from the aspects of investment plan and investment demand, profit distribution and demand, financing channel and risk, etc., to compare and evaluate the two financing schemes of HL Company. According to the strategic development, industry characteristics, financing cost and financing risk of HL, the financing scheme of HL is determined. Finally, the paper thinks that the company, especially the transportation company with special operating characteristics, should choose debt financing or equity financing when it faces the choice of financing scheme, and must consider the investment strategy comprehensively when it comes to financing. The balance of financing risk and income, the optimization of capital structure. And financing process and shareholder communication is also particularly important. To sum up, the investment projects of transportation enterprises not only occupy a lot of capital, but also increase the ratio of assets and liabilities. And the high financial cost reduces the profit of the enterprise, and increases the financial risk. Therefore, for transportation enterprises, equity financing can not only increase the equity of the company, but also meet the needs of the development of enterprises and the changes of external market environment with lower financing costs.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F512.6;F506.7

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 劉文芳;;解決我國中小企業(yè)融資難對(duì)策探討[J];財(cái)經(jīng)界(學(xué)術(shù)版);2011年05期

2 蒲夫生;溫鐵強(qiáng);;我國商業(yè)銀行小企業(yè)的融資擔(dān)保研究——關(guān)于第二順位擔(dān)保物權(quán)在反擔(dān)保中的具體運(yùn)用[J];金融論壇;2006年06期

3 佟孟華;劉迎春;;遼寧省中小企業(yè)融資方式與融資效率實(shí)證研究[J];東北財(cái)經(jīng)大學(xué)學(xué)報(bào);2012年02期

4 盧福財(cái);企業(yè)融資方式演變的歷史邏輯與國際比較[J];當(dāng)代財(cái)經(jīng);2001年04期

5 陳曉紅;劉劍;;不同成長階段下中小企業(yè)融資方式選擇研究[J];管理工程學(xué)報(bào);2006年01期

6 張杰青;關(guān)系借貸與中小企業(yè)融資[J];華東經(jīng)濟(jì)管理;2002年03期

7 陳文漢;;我國中小企業(yè)融資難的經(jīng)濟(jì)學(xué)解釋及其對(duì)策[J];華東經(jīng)濟(jì)管理;2006年11期

8 胡旺聯(lián);規(guī)范和完善政府行為 緩解中小企業(yè)融資困難[J];湖南農(nóng)業(yè)大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2002年04期

9 李長友,彭志剛;“囚徒困境”與中小企業(yè)金融支持[J];經(jīng)濟(jì)導(dǎo)刊;2004年02期

10 陳敏菊;;中小企業(yè)融資缺口分析——基于浙江省中小企業(yè)對(duì)比問卷調(diào)查[J];經(jīng)濟(jì)理論與經(jīng)濟(jì)管理;2009年11期

本文編號(hào)：2322931