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从理论上讲，企业的融资结构是可以达到最优的。但因为企业内、外部因
素的影响，想要达到企业的最优融资结构也是不容易的。对于企业来说，可供
采取的融资形式、融资渠道不少。然而企业需要综合考虑融资成本，融资风险
和企业偿债能力等各方面因素的影响，选择最合理的融资形式，才能达到匹配
于企业的最佳融资结构
本文以本土零部件厂商东方公司为新建生产线、抢夺市场占有率而进行融
资为例，从东方公司财务状况的分析入手，先对东方公司的融资现状、资金现
状及未来的融资需求进行详细分析和阐述，发现负债主要为银行贷款的东方公
司资产负债率极高，流动资金极其紧张，无法满足企业的生产经营需要，经常
以短期流动资金贷款维持企业的经营运行。东方公司为解决公司现状，积极拓
展市场，在迎来已取得新合资整车厂配套市场份额喜讯之时，也面临着新建生
产线缺乏资金的难题，本文科学地运用销售百分比法对东方公司的资金需求规
模进行预测，确定东方公司为新建生产线而需要融资的额度。其次，在确定融
资额度之后，详细说明了东方公司可选取的几项融资渠道，例如股权融资、银
行抵押借款、委托贷款等，客观地揭示出了东方公司在融资渠道中存在问题
再次，基于融资渠道存在的问题，运用趋势分析法对东方公司近五年的财务数II
据进行趋势分析，又进一步列示近五年零部件行业的平均值作为对照进行比较
分析，得出东方公司各融资渠道问题的成因，主要为东方公司长期处于亏损状
态，达不到股东期望的报酬率，抵押物账面金额不实以及未找到委托贷款企业
等。最后，对东方公司的融资渠道提出了几项优化策略，由于东方公司资金紧
张，长时间处于亏损状态，所以东方公司应提高盈利能力，体现出良好的发展
趋势，逐渐提升股东们的投资信心，从而使股权融资不再是难题。完善公司的
管理制度，建立责任追偿制，使作为抵押物的存货账实相符。公司从提高企业
的获利能力、偿债能力、发展能力这几个重要的方面入手，进而提高在金融机
构的信用评级情况。盘活公司现金流，一方面，增加资金的流入量。另一方面，
控制资金的流出量。即科学管理资金收支额度及收支时间，保障公司的短期偿
债能力
关键词：
融资渠道，融资成本，融资风险III
Abstract
Research on Financing Channel of DONG FANG Company
Auto parts industry is the national important to develop the industry for a long
time, because it is the root of the auto industry development, is also the upstream
industry of automotive industry. Is increasing in recent years, the domestic car
ownership, direct drive the automobile industry chain upstream sharp growth of the
auto parts industry, leading to the demand of the domestic auto parts scale expands
rapidly. But domestic only mainly applied to the independent brand automobile parts,
low market share. Because we only produce auto parts powers is not power. Domestic
parts manufacturer in financial difficulties and to increase the market share, inevitably
facing funding problems.
In theory, enterprise financing structure can achieve optimal. But because the
enterprise internal and external factors, to achieve the optimum financing structure is
not easy. For companies to take the form of financing, the financing channels.
However, companies need to consider to the cost of financing, financing risk and the
enterprise debt paying ability and so on various aspects factors, choose the most
reasonable form of financing, in order to achieve the best financing structure to match
the enterprise.
Based on local parts manufacturer company for the new production line, east to
grab market share financing as an example, the analysis of the company&39;s financial
situation in the east, the first of the east company financing present situation, the
capital of the future financing needs of the present situation and the detailed analysis
and elaboration, found east of the liabilities are mainly bank loans company
asset-liability ratio is extremely high, working capital is very nervous, can&39;t satisfy the
production and operation of enterprises need, often with short-term working capitalIV
loans to maintain the enterprise the management operation. Oriental company to solve
the present situation, actively expand the market, the market share has been made in
the new joint venture oems supporting news, also face the problem of lack of funds,
built in this paper, using sales percentages method scientifically for the east to predict
the scale of the company&39;s capital requirements, determine the east company need
financing amount for the new production line. After second, determine the financing
amount, detailing the Oriental company can select several of the financing channels,
such as equity financing, bank mortgage loans, entrusted loans, etc., and objectively
reveals the problems that exist in the east the company in the financing channels.
Again, based on the problems existing in the financing channels, using the trend
analysis method to the east the company nearly five years of financial data, trend
analysis is further shown in comparison to the average of nearly five years parts
industry comparative analysis, it is concluded that the east the cause of the problem of
company financing channels, mainly for the Oriental companies are losing money for
a long time, return not meet shareholders&39; expectations, the carrying amount of the
mortgaged property is not real and not found entrust loan companies, etc. Finally,
several measures of Orient company&39;s financing channel optimization strategy,
because of the east company funds nervous, losing money for a long time, so the
company should improve profitability, the east reflects the good development trend,
gradually enhance the investment confidence of shareholders, so that the equity
financing is no longer a problem. Improve the company&39;s management system, the
establishment of liability recovery system, make inventory account real consistent as
collateral. Companies from raising enterprise&39;s profit ability, debt paying ability,
several important aspects of the development ability, and improve the credit rating in
financial institutions. Revitalize the company&39;s cash flow, on the one hand, increase
the capital inflows. On the other hand, control the outflow of funds. ScientificV
management fund payment amount and time, guarantee the company&39;s short-term
solvency.
Key words:
financing channel, financing cost, financing riskVI
目 录
第 1 章 绪论.........1
1.1 研究背景与意义.....1
1.2 研究方法与内容.....2
1.3 理论基础和文献综述.........4
第 2 章 东方公司融资需求及融资渠道存在的问题....7
2.1 东方公司基本情况简介.....7
2.2 东方公司资金现状.8
2.3 东方公司融资需求分析...10
2.4 东方公司融资渠道存在的问题.. 16
第 3 章 东方公司融资渠道问题的成因分析..20
3.1 报酬率无法达到股东期望.......... 20
3.2 借款抵押物账面金额不实.......... 24
3.3 金融机构拒绝办理委贷业务...... 26
3.4 难以保证租金按期偿还...27
第 4 章 东方公司融资渠道的优化策略..........31
4.1 提高盈利能力提升股东投资信心..........31
4.2 完善管理使抵押物账实相符...... 33
4.3 提高金融机构信用评级...40VII
4.4 科学管理资金保证短期偿债能力
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