【摘要】：黨的十八屆三中全會《決定》提出健全多層次資本市場體系，指出健全多層次資本市場是完善現(xiàn)代市場體系的重要內容，也是促進我國經(jīng)濟轉型升級的一項戰(zhàn)略任務。在現(xiàn)代社會主義市場經(jīng)濟不斷發(fā)展的情況下，企業(yè)在發(fā)展中遇到越來越多的難題，其中，資金缺乏是影響企業(yè)發(fā)展的一個致命問題，而企業(yè)往往因為找不到合適的融資渠道，而造成融資困難，融資成本居高不下。 吉林化纖股份有限公司系經(jīng)吉林省經(jīng)濟體制改革委員會批準，由吉林化學纖維廠為獨家發(fā)起人，采取定向募集方式設立的股份制企業(yè)。1996年7月在深交所掛牌上市。吉林化纖是吉林省上市較早且發(fā)展較好的企業(yè)，但吉林化纖仍以銀行貸款等間接融資方式為主，10年來僅通過資本市場等直接融資工具融資一次。如何提高上市公司的可持續(xù)發(fā)展能力，尤其是保護一些處于轉型發(fā)展期的優(yōu)質企業(yè)及其品牌，解決其在公司發(fā)展轉型過程中存在的融資問題，一直值得我們思考和研究。 由于目前我國資本市場不夠完善，銀行體系高度集中，我國現(xiàn)有大部分上市公司在融資渠道選擇方面都存在著問題，公司除首發(fā)上市時在資本市場募集資金，公司日常經(jīng)營中仍以銀行貸款等間接融資為主，，沒有充分對現(xiàn)有融資制度進行有效管理，采取切實有效的融資方式，發(fā)揮股權、債權融資等資本市場直接融資工具的作用。 本文以吉林化纖股份公司為研究對象，利用文獻分析法和實證研究分析法，對吉林化纖存在的融資渠道現(xiàn)狀及存在的融資渠道單一、對銀行貸款依賴性大，銀行信貸中以短期貸款為主、長期貸款規(guī)模小，銀行貸款以母公司為主、子公司貸款能力弱等問題進行描述的情況下，總結分析出融資品種利用不充分、融資區(qū)域存在局限、資本結構控制不合理等因素導致企業(yè)的融資渠道存在問題，從而結合國內外對上市公司融資問題和融資渠道選擇的先進成果，有針對性的找出了充分利用直接融資、擺脫融資區(qū)域局限、完善公司治理結構、強化融資風險防范等應對措施及實施保障。 從本文的研究分析看，吉林化纖作為上市公司具有較寬闊的融資渠道可以選擇，公司只要充分的利用資本市場的直接融資渠道，擺脫出現(xiàn)有的融資區(qū)域局限，通過完善公司直接結構，科學合理的選擇適合公司發(fā)展的融資渠道，通過不斷的開拓探索，在科學的風險評估標準的依照參考下，為公司找尋出一條更加適合自己的多層次的融資渠道組合，推動公司更好的轉型升級和持續(xù)發(fā)展。
[Abstract]:The third Plenary session of the 18th CPC Central Committee proposed to perfect the multi-level capital market system, pointing out that perfecting the multi-level capital market is an important content of perfecting the modern market system, and it is also a strategic task to promote the economic transformation and upgrading of our country. With the continuous development of the modern socialist market economy, enterprises are encountering more and more difficulties in their development. Among them, the lack of funds is a fatal problem affecting the development of enterprises, and enterprises often find suitable financing channels because they cannot find suitable financing channels. But causes the financing difficulty, the financing cost is high. Jilin Chemical Fiber Co., Ltd. is a joint-stock enterprise, which was approved by Jilin Province Economic system Reform Commission and established by Jilin Chemical Fiber Factory as the sole sponsor. It was listed on Shenzhen Stock Exchange in July 1996. Jilin chemical fiber is an early listed and well-developed enterprise in Jilin Province, but Jilin chemical fiber is still mainly indirect financing methods such as bank loans. In the past 10 years, only one direct financing instrument such as capital market has been used to finance Jilin chemical fiber. How to improve the ability of sustainable development of listed companies, especially to protect some high-quality enterprises and their brands in the period of transformation and development, and to solve the financing problems existing in the process of development and transformation of the company, is always worth our consideration and study. Because the capital market in our country is not perfect and the banking system is highly concentrated at present, most of the listed companies in our country have problems in the choice of financing channels. In addition, the companies raise funds in the capital market when they are listed in the first listing. In the daily operation of the company, indirect financing, such as bank loans, is still the main factor, and the existing financing system is not adequately managed, and effective financing methods are adopted to play the role of direct financing tools in the capital market, such as equity, creditor's rights financing and so on. This paper takes Jilin Chemical Fiber Co., Ltd. as the research object, using the literature analysis method and the empirical research analysis method, to the Jilin chemical fiber existence financing channel present situation and the existence financing channel single, to the bank loan dependence, the article takes Jilin chemical fiber stock company as the research object, The bank credit is mainly short term loan, the long term loan scale is small, the bank loan is mainly the parent company, the subsidiary company's loan ability is weak and so on. Some factors such as unreasonable control of capital structure lead to the problems in financing channels of enterprises, so as to combine the advanced achievement of financing problems and financing channel selection of listed companies at home and abroad to find out how to make full use of direct financing. To get rid of the regional limitation of financing, to perfect the corporate governance structure, to strengthen the financing risk prevention and other countermeasures and implementation protection. From the research and analysis of this paper, Jilin chemical fiber as a listed company has a wide range of financing channels to choose, as long as the company makes full use of the direct financing channels of the capital market to get rid of the financing region limitations. By perfecting the direct structure of the company, scientifically and reasonably selecting the financing channels suitable for the development of the company, through continuous exploration, under the scientific risk assessment standard, according to the reference, For the company to find a more suitable for their own multi-level portfolio of financing channels to promote better transformation and sustainable development of the company.
【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F406.7;F426.72

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