II
Abstract
In recent years, with the rapid development of economy in China, the transportation
network is constantly being improved. Transportation industry's future development will be
given priority to the transportation structure adjustment. Because the transportation industry
has the features of large fixed investment, long investment payback period and mass capital
occupied, so when a transportation enterprise is on the way of its expanse, it firstly has to
consider the rationality of the capital structure and ways to expand the financing channels.
And then after the very first thing mentioned above is solved, subsequently, it will need to
consider how to ensure the funds can be effectively used to invest the projects, how to ensure
the future distribution of the profits and how to reasonably evade the financial risks of the
financing in the premise of meeting the demand of daily operation and management. The
above things are all tightly related to the survival and development of a transportation
enterprise.
This article adopted the method of integrating theory with practice, and selected the HL
transportation company’s case as the research object. Introduce the transportation industry and
current status of HL company’s operation and financing, and then base on the HL Company’s
actual situation to analysis the HL Company’s financing case.
First of all, the paper analyzes the HL Company’s operating characteristics, the industrial
development trends and the angle of financial status. And then descripts the company's
financial indicator characteristics, shows transportation enterprise financing situation and the
company's capital structure through the income and cost structure angle and cash flow angle.
Secondly，according to the HL Company’s financing needs and investment direction,
based on the Company’s status all from its too high level of asset to debt ratio, its high
long-term debt repayment pressure to its investment plan and needs, Profit distribution and
needs, financing ways and risk, the paper deeply analyzes and compares the two different
financing options and made a comment. And then combined with the company's strategic
development, industry characteristics, HL financing cost and financing risk, determines the
HL Company’s financing options.
Finally, the paper comes to the conclusion that when a company, especially a
transportation company, facing a choice of debt financing or equity financing. It must
comprehensively consider the company’s investment strategy, the equilibrium of financing
risk and revenue, the optimize of capital structure. And a good communication withI
shareholders during the financing process also seems very important.
To sum up, the transportation enterprise investment project at one hand takes up a lot of
funds; at the other hand continually raise the enterprise’s asset-liability ratio. And higher
financing costs reduce the profits of enterprises, and increase the financial risk. Therefore,
when choosing the financing way for transportation enterprises, equity financing can increase
the company's equity and keeps the company at a relatively low cost of funding to address the
needs of the development of enterprises and external market environment change.
Key Words：Refinancing; Equity financing; Financial risk; Structure of capital
摘 要
近年来，随着我国经济的迅速发展，交通运输网络也在不断完善。交通运输业的未
来发展将以交通运输结构调整为主。由于交通运输业投资具有固定资产投资大、投资回
收期长、资金占用量大等特点，为保障交通运输企业的战略发展和未来投资项目的顺利
发展，需要大量的资金投入。所以交通运输企业在不断投资扩张的同时，如何考虑资本
结构的合理性与拓展融资渠道，在解决资金需求问题的基础上，又如何保证资金在满足
日常经营管理需求的同时，能够有效运用到项目的投资以及未来利润的分配中，合理规
避融资带来的财务风险，对交通运输企业的生存与发展具有决定性的意义

本文采用理论与实际相结合的方法，选取 HL 交通运输公司案例作为研究对象，在
阐述交通运输行业与 HL 公司的经营及融资状况后，依据 HL 运输公司实际情况作为考
量依据，针对 HL 公司融资效果进行案例分析

首先，从 HL 公司的经营特征、行业状况的发展趋势与财务状况角度进行分析，描
述公司的财务指标特征，通过收入成本结构与现金流量等角度显示交通运输企业的融资
状况和公司的资本结构

其次，论文依据 HL 公司的资金需求与融资投向，针对可供选择的融资方案，同时
从 HL 公司的资本结构状况——面临着资产负债率过高，长期债务还款压力大的状态和
从公司的投资计划与投资需求、利润分配与需求、融资渠道与风险等方面展开深入分析，
对 HL 公司的两个融资方案进行比较分析与评价，结合 HL 公司的战略发展、行业特点、
融资成本以及融资风险，确定 HL 公司的融资方案

最后，论文认为公司特别是对于有着特有的经营特征的交通运输行业公司，面临融
资方案的选择时是选债务融资还是股权融资，在融资时必须综合考虑投资战略、融资风
险与收益的均衡、资本结构的优化。而且融资过程中与股东沟通也尤显重要

综上所述，交通运输企业投资项目既占用大量的资金，又会使企业资产负债率不断
升高。且高额的财务费用又减少了企业的利润，并增大财务风险。因此，对于交通运输
企业在选择融资途径时，股权融资既可使公司股本增加，又以较低的融资成本应对企业
发展的需要以及外部市场环境变化

关键词：融资方案；选择；资本结构；风险