硕士研究生学位论文
单位代码
分类号
学号
密级
11664
1505210107
题（中、英文）目 A民营企业融资方案优化研究
A Study on Financing Optimization of A Private Enterprises
作者姓名陈宇江 指导教师姓名、职务
李永红教授、周钢柱
高级会计师
专业学位类别 工商管理硕士
提交论文日期 二○一八年六月
专业学位领域
西安邮电大学
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摘要
I
摘 要
“十三五”以来，国家大力发展新能源产业，其中锂电池在能源储备领域有重要应
用。首先可以解决电网用电的峰谷调节难题。其次，清洁能源中如风能、太阳能、潮
汐能等都是间断性的能源，锂电储能设备配合上述清洁能源的使用，在发电时储能，
在间断期间释放能量，可以有效地缓解我国能源紧缺的现状
本文以A民营企业为研究对象，其为一家以碳素制品为主兼炭材料研发的国家
级高新技术生产型企业，属于锂电池的上游产业。企业拥有30余项专利及专有技术，
企业下设研发中心、行政中心、制造中心、财务中心、营销中心、采购、装备、能信
等事业本部，并在2010年3月与某大学合作成立了科研开发基地，致力打造“锂离子
电池负极材料”行业领军企业。然而，随着锂电池行业的快速发展以及A企业顺应该
发展所进行的扩大再生产，往往绕不开企业融资这一关键步骤
本文的研究重点在于综合分析当前A企业的生产经营与财务状况，结合企业现
有融资方案的资金来源与融资需求总量并分析其融资方式，有针对性的运用优序融资
理论、资本需求理论以及债务替代理论对原计划融资方案进行优化设计。通过新设计
的融资方案与原计划融资方案进行量化对比评价，得出本文的研究结论
本文运用优序融资、融资需求、融资租赁及融资评价理论进行融资方案设计与评
价，认为A企业应首先进行资金来源优化，运用其出色的留存收益积累所代表的内
源融资能力以及资本成本较低的债务融资方式进行资金来源调整；其次确定其融资总
量，运用销售百分比法计算其增加的净经营资产以量化其融资总需求；最后引入融资
租赁替代银行借款提高其债务融资的成功几率，丰富了A企业的融资方式。本文可
以现实指导A企业对其原计划融资方案进行优化设计，降低融资资本成本，拓宽融
资渠道，并且有效整合融资租赁的方法步骤帮助指导A企业完成融资
关键词：民营企业；融资方案；优序融资；融资租赁
ABSTRACT
III
ABSTRACT
Since the Thirteenth Five-Year Plan, the state has been vigorously developing the new
energy industry, in which lithium batteries have important applications in the field of
energy reserves. First of all, it can solve the power grid peak-valley regulation problem.
Second, clean energy such as wind energy, solar energy and tidal energy are intermittent
energy sources. Lithium energy storage equipment, in conjunction with the above clean
energy sources, store energy during power generation and release energy during the
interruption, which can effectively alleviate the status quo of energy shortage in China .
This article takes A private enterprise as the research object, which is a national
high-tech production enterprise researched and developed based on carbon products and
carbon materials, which belongs to the upstream industry of lithium batteries. The
company has more than 30 patents and proprietary technologies. The company has set up
R&D centers, administrative centers, manufacturing centers, financial centers, marketing
centers, procurement, equipment, and other businesses. In March 2010, it established
cooperation with a university. The scientific research and development base is dedicated to
creating the leading enterprise in the lithium-ion battery anode material industry.
However, with the rapid development of the lithium battery industry and the expansion of
production of A companies in response to the development, they often cannot bypass the
key step of corporate financing.
The research focus of this paper is to comprehensively analyze the current production
and operation status and financial status of A company, combine the capital source and
total financing demand of the company's existing financing plan and analyze its financing
methods, and use targeted financing theory and capital demand theory. And debt
replacement theory optimizes the original plan financing plan. Through the quantitative
comparison and evaluation of the newly-designed financing plan and the original planned
financing plan, the conclusions of this paper are drawn.
This paper uses the Financing Order, Financing Demand, Financing Leasing, and
Financing Evaluation Theory to design and evaluate the financing plan. It is believed that
Company A should first optimize the sources of funds, and use its outstanding retained
earnings to accumulate the internal financing capacity and capital cost represented by the
accumulation. Low debt financing method to adjust the source of funds; Second, determine
its total financing, using the sales percentage method to calculate its increased net。