I 摘要 本文以研究在国家级新区建设总体战略要求下，探究负责西咸新区基础设施建设的 企业之一 FX 公司的运行及融资结构情况。FX 公司是由西咸新区沣西新城管委会出资 的国有独资公司，是沣西新城最主要的基础设施投资建设主体和土地整理开发主体。沣 西新城管委会在政策、业务及资金等方面给予了公司大力支持，使公司在区域内具有较 强的竞争优势，但公司在融资方式上，目前仍以政府投资、银行贷款等债务性融资渠道 较多。在面对快速发展的新区建设要求和较大的建设资金缺口下，如何合理选择融资方 式，进行融资结构调整，并且在整个建设期如何有效的对建设资金进行风险监控，将是 FX 公司急需解决的难题。 文章以企业融资结构理论为依据，采用文献研究法、案例分析法和专家访谈法去研 究公司最优融资结构。以 FX 公司为实际案例，从公司基本情况出发，对 FX 公司目前 的财务状况和融资结构进行分析，并与多位 FX 公司职员和金融机构从业人员探讨公司 融资结构存在的问题及不合理原因。在此基础上考虑如何对 FX 公司融资结构进行优化 调整，在以股权融资与债权融资相融合，内部融资与外部融资相配合的基本思路下，结 合公司融资结构问题所在，我们提出了 FX 公司的风险融资与复合融资两个优化方案， 两个方案的设计都是以降低公司负债率、提高利润率和公司价值最大化为目标，为公司 未来的融资方式提供参考。在方案实施过程，我们从公司制度和人员配备上保障方案的 顺利实施，并在方案实施后可能遇到管理风险、财务风险、经营风险做出应对措施。 作为地方基础设施建设的国有企业，本文对 FX 公司融资结构的优化方案及结论， 也同样适用于其他地区基础设施建设企业。并且我国其他新区、开发区建设正在大举开 进，相信以后会有更多更深入的研究成果来提高类似企业的融资水平，为促进新区经济、 社会发展提供支持。 关键词：国有企业，基础设施建设，企业融资，融资结构优化西北大学硕士学位论文 II Abstract This article research about the operation and financing structure of FX company which is one of the infrastructure construction company in XiXian new district, under national level of new district construction. FX company is the enterprise solely funded by the state sponsor by FengXi council of XiXian new district. It is the most important part of infrastructure construction and land consolidation and development. It making positive contributions to the economy and social development of FengXi. And also have strong supply of the intra-regional infrastructure contribution and development. FX company have strong competitive edge because of the supply of policy, business and fund by FengXi council. However, the most part of company finance still supplies by government investment and bank loan due to the large investment and long horizon of infrastructure construction. Based on the theory of corporate financing structure, this paper studies the optimal corporate financing structure by literature research, case analysis and expert interview. Taking FX company as an example, this paper analyzes the current financial situation and financing structure of FX company based on the basic situation of the company, and discusses the problems and unreasonable reasons of the financing structure of the company with a number of FX company employees and employees of financial institutions. On the basis of considering how to optimize the FX company financing structure adjustment, in the equity financing and debt financing, internal financing and external financing, under the basic idea of combination of corporate financing structure problem, we put forward FX risk financing and composite financing two optimization scheme, the design of the two schemes are lower leverage, improve margins and company value maximization as the goal, the future of financing for the company to provide the reference. In the process of program implementation, we guarantee the smooth implementation of the program from the perspective of company system and personnel allocation, and take countermeasures against possible management risks, financial risks and operational risks after the implementation of the program. As state-owned enterprises in local infrastructure construction, the optimization scheme and conclusion of FX corporate financing structure in this paper are also applicable to infrastructure construction enterprises in other regions. In addition, new areas and development zones are being constructed in a large scale. It is believed that there will be moreAbstract III and deeper research results in the future to improve the financing level of similar enterprises and provide support for promoting the economic and social development of new areas. Keywords: State-owned enterprises, infrastructure construct, corporation financing, optimize the financing structure.西北大学硕士学位论文 IV 目 录 摘要...................................................................................................................................I ABSTRACT.......................................................................................................................II 目 录................................................................................................................................IV 第一章 绪论...................................................................................................................... 1 1.1 研究背景和意义...................................................................................................... 1 1.1.1 研究背景........................................................................................................... 1 1.1.2 研究意义.......................................................................................................... 2 1.2 研究的思路和方法.................................................................................................. 2 1.2.1 研究思路.......................................................................................................... 2 1.2.2 研究方法.......................................................................................................... 4 1.3 研究的主要内容及贡献 ......................................................................................... 4 1.3.1 研究内容.......................................................................................................... 4 1.3.2 研究贡献.......................................................................................................... 5 第二章 企业融资结构理论基础...................................................................................... 6 2.1 企业融资结构理论基础 ......................................................................................... 6 2.1.1 MM 理论 .......................................................................................................... 6 2.1.2 权衡理论.......................................................................................................... 7 2.2 企业融资结构的内涵与作用 ................................................................................. 7 2.2.1 企业融资结构的内涵...................................................................................... 7 2.2.2 融资结构的作用.............................................................................................. 8 2.3 我国企业债务融资结构现状分析 ......................................................................... 8 2.3.1 我国企业债务融资结构现状.......................................................................... 8 2.3.2 我国企业债务融资期限结构现状..................................................................11 第三章 FX 公司融资现状及问题分析 ......................................................................... 13 3.1 FX 公司基本情况.................................................................................................. 13 3.1.1 FX 公司概况 .................................................................................................. 13 3.1.2 FX 公司组织结构 .......................................................................................... 13目 录 V 3.1.3 FX 公司主营业务介绍 ...................................................................................14 3.2 FX 公司融资结构现状 ..........................................................................................16 3.2.1 FX 公司财务状况 .....