【摘要】：現(xiàn)金流就像企業(yè)的血液,企業(yè)如果缺乏現(xiàn)金,就難免會(huì)出現(xiàn)償債危機(jī),甚至最終走向倒閉。對(duì)于發(fā)電企業(yè)來(lái)說(shuō),現(xiàn)金流量更加重要,主要表現(xiàn)在：基建期的融資成本較高、生產(chǎn)經(jīng)營(yíng)期的費(fèi)用支出較大、還本付息壓力大,進(jìn)而導(dǎo)致現(xiàn)金流出量大。資本結(jié)構(gòu)一直是企業(yè)財(cái)務(wù)管理的熱門話題,它與現(xiàn)金流息息相關(guān),因?yàn)橘Y本結(jié)構(gòu)涉及企業(yè)資本的籌集、經(jīng)營(yíng)和利益分配等各個(gè)環(huán)節(jié),資本結(jié)構(gòu)的優(yōu)劣將影響到企業(yè)現(xiàn)金流量的好壞。TE公司系電力行業(yè)的水力發(fā)電公司,不同于一般的能源公司,亦不同于一般的火力發(fā)電和其他發(fā)電公司。其產(chǎn)品不能大規(guī)模存儲(chǔ),產(chǎn)品生產(chǎn)受客觀自然條件和地理環(huán)境的限制較大。由于近年來(lái)云貴地區(qū)干旱,使得TE公司的收入未達(dá)到歷年平均水平。還貸壓力越來(lái)越大,而且固定資產(chǎn)折舊的大幅度減少導(dǎo)致利潤(rùn)上升,由此產(chǎn)生大量的企業(yè)所得稅,面臨年終股東現(xiàn)金分紅等問(wèn)題。公司本身的現(xiàn)金流量?jī)纛~遠(yuǎn)遠(yuǎn)不足以應(yīng)對(duì)這些現(xiàn)金流量支出,公司現(xiàn)金流短缺的問(wèn)題愈加嚴(yán)重。目前我國(guó)學(xué)者對(duì)現(xiàn)金流及資本結(jié)構(gòu)的研究主要集中在上市公司或者某一個(gè)行業(yè),很少細(xì)致地深入到一個(gè)企業(yè)去分析、研究和解決企業(yè)面臨的實(shí)際問(wèn)題。本文結(jié)合TE公司近年來(lái)的相關(guān)財(cái)務(wù)報(bào)表和公司相關(guān)政策,旨在通過(guò)對(duì)TE公司現(xiàn)金流和資本結(jié)構(gòu)狀況的分析,探討造成公司現(xiàn)金流短缺的原因,并從深層次影響因素入手,選用適合企業(yè)發(fā)展實(shí)際的方法對(duì)公司未來(lái)的資金需求進(jìn)行初步預(yù)測(cè),最終提出資本結(jié)構(gòu)的優(yōu)化方案。通過(guò)籌資活動(dòng)調(diào)整目前不合理的資本結(jié)構(gòu);獲得籌資資金后,通過(guò)投資活動(dòng)的資源配置形成合理的資產(chǎn)結(jié)構(gòu),合理的資產(chǎn)結(jié)構(gòu)能增大公司未來(lái)的現(xiàn)金流,最終形成合理的資本結(jié)構(gòu),促使公司的經(jīng)營(yíng)、投資、籌資活動(dòng)良性循環(huán)。
[Abstract]:Cash flow is like the blood of an enterprise. If the company is short of cash, it will inevitably face a debt-servicing crisis and even eventually close down. For power generation enterprises, cash flow is more important, mainly in: the financing cost of capital construction period is higher, the cost of production and operation period is large, and the pressure of servicing capital and interest is large, which leads to a large amount of cash outflow. Capital structure has always been a hot topic in enterprise financial management. It is closely related to cash flow, because capital structure involves all aspects of enterprise capital raising, management and benefit distribution, etc. Capital structure will affect the cash flow of enterprises. Te is a hydropower company in power industry, which is different from ordinary energy companies, thermal power generation and other power generation companies. Its products can not be stored in large scale, and its production is restricted by objective natural conditions and geographical environment. Due to the drought in recent years, te's revenue has not reached the average level. The pressure of repayment of loans is increasing, and the depreciation of fixed assets leads to the increase of profits, which results in a large amount of enterprise income tax and face the problem of cash dividend of shareholders at the end of the year. The company's own net cash flow is far from sufficient to cope with these cash flow expenses, and the cash flow shortage is worsening. At present, the research on cash flow and capital structure is mainly focused on listed companies or a certain industry, and rarely goes deep into a firm to analyze, study and solve the actual problems faced by enterprises. Combining with the related financial statements and policies of te Company in recent years, this paper aims to analyze the cash flow and capital structure of te Company, and discuss the causes of cash flow shortage, and start with the deep influencing factors. The method suitable for the development of the enterprise is selected to forecast the future capital demand of the company, and finally the optimization scheme of the capital structure is put forward. Adjusting the current unreasonable capital structure through fund-raising activities; after obtaining the financing funds, the rational asset structure can be formed through the allocation of resources of the investment activities, and the reasonable asset structure can increase the future cash flow of the company. Finally, the formation of a reasonable capital structure, to promote the company's management, investment, fund-raising activities virtuous circle.
【學(xué)位授予單位】：長(zhǎng)沙理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F406.7;F426.61

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本文編號(hào)：2178686