I 摘要 2017年9月，国务院将山西作为资源型经济综合配套改革试验区， 要求实施国有企业改革振兴计划。本文选取山西的资源型地方国企北 方铜业融资长时间依赖银行贷款，存在资金来源单一、融资方式不丰 富、融资成本较高、融资与业务错配、融资使用效率较低、忽视现金 流等问题。本文将探讨其融资结构优化的战略和方案，不仅降低融资 成本、丰富融资渠道，更要助力企业长期健康稳定发展，同时希望通 过解剖麻雀，形成有益经验，供其他同类国企借鉴。 本文将采用文献研究、实地考察、案例剖析和模拟比较等方法进 行研究。首先，在宏观层面梳理分析企业融资渠道和特点，特别是考 察国内矿业国企的融资情况。调研国内外企业常用的内外源融资的不 同形式，分析各种方式的特点、优势和适用场景。同时，分析当前国 内普遍采用的融资方式及主要资金来源情况，着重考察国企的融资方 式和其成因。以上分析将为企业制定融资战略和设计融资方案提供基 础材料，也为其他国企开展相关研究提供借鉴。第二，利用PEST和SWOT 方法深入分析北铜在进行多元化融资时宏观和微观层面的优劣势、机 会和挑战，分析将为企业优化融资结构提供战略指引。同时也展现出 一个国企如何进行多元化融资战略分析。第三，在设计融资方案中， 将结合市场真实情况和已有类似案例，充分利用债权和股权融资中的 各种形式，分别对北方铜业不同融资需求进行匹配。在债权融资方案 方面，针对企业流动资金、国际国内贸易结算和融资、现金管理、固 定资产融资等需求匹配相应的金融服务产品并考虑引入债券、信托、 保险等资金。在股权融资方案方面，为解决企业债务规模不断扩大和 债务结构不合理等问题并充分利用股权融资的特点和优势，将引入战 略投资者、启动上市（IPO）和实施员工持股计划等方式。最后，本文 将利用企业真实数据，将新旧融资方案都利用企业现行财务模型（杜 邦模型）进行分析，对比差异，综合分析新方案给企业带来包括降低 成本、改善现金流、有效激励员工、降低风险、提高声誉、契合战略 等益处，并有利于提高企业综合竞争力。 关键词：融资优化、融资战略、国企改革 ABSTRACT I ABSTRACT InSeptember2017,theStateCounciltookShanxiasacomprehensive supportingreformpilotareaofresource-basedeconomyandrequiredthe implementationofthereformandrevitalizationplanforstate-owned enterprises.Thispaperselectstheresource-basedlocalstate-owned enterprisesinShanxiProvince,NorthernCopperindustry,whichrelieson bankloansforalongtime.Therearemanyfinancingproblems,suchas singlesourceoffunds,lackoffinancingmethods,highfinancingcost, mismatchbetweenfinancingandbusiness,lowefficiencyoffinancinguse, andneglectofcashflow.Thispaperwilldiscussthestrategyandschemeof theoptimizationofitsfinancingstructure,notonlyreducingthefinancing costandenrichingthefinancingchannels,butalsohelpingthelong-term healthyandstabledevelopmentofenterprises.Atthesametime,ithopesto formusefulexperienceforothersimilarstate-ownedenterprisesby dissectingsparrows. Thispaperusesliteratureresearch,on-the-spotinvestigation,case analysiswithsimulationcomparisonandothermethods.Firstofall,itwill analyzefinancingchannelsandcharacteristicsatthemacrolevel, especiallythesituationofChinesestate-ownedenterprisesinthemining field.Thepaperwillresearchthedifferentformsofinternalandexternal financingcommonlyandanalyzethespecificcharacteristics,advantages andapplicablescenariosofvariousfinancingmethods.Thepaperfocuses ontheChinesemarketandanalyzesthemainfinancingmethodscommonly, thesourcesofthemainfundsandfurtherinvestigationofthereasonsfor theirselectionofstate-ownedenterprises.Theanalysiswillprovidebasic backgroundformakingfinancingstrategyanddesigningplanforNorthern Copperandalsomacroanalysisforotherenterprises.Secondly,thepaper willusePESTandSWOTtocomprehensivelyanalyzetheadvantages, disadvantages,opportunitiesandchallengesofNorthernCopperin diversifiedfinancing,whichwillbethestrategicguidelinesforfinancing optimization.Italsoshowselementsthatneedtobeconsideredwhena 中国政法大学硕士学位论文北方铜业融资优化研究 II enterprisedecideswhetherandhowtocarryoutdiversifiedfinancing. Third,indesigningthefinancingplan,thepaperwillusedifferentformsof thedebtandequityfinancingtomatchthefinancingneedsoftheNorthern Copper.Intermsofdebtfinancingscheme,accordingtotheneedsof liquidity,internationalanddomestictradesettlementandfinancing,cash managementandfixedassetfinancing,itisnecessarytomatch correspondingfinancialproductsandintroducebond,trust,insuranceand otherfunds.Intheaspectofequityfinancingscheme,inordertosolvethe problemsofcontinuousexpansionofdebtscale,unreasonabledebt structureanduseadvantagesofequityfinancingscheme,wecanintroduce strategicinvestors,launchIPOandimplementESOP.Finally,thispaper willcomparethedifferencesofthenewandoldfinancingplanbyDuPont Model,andcomprehensivelyanalyzeaseriesofbenefitsofnewmodeto enterprises,includingreducingcosts,improvingcashflow,effectively motivatingemployees,reducingrisks,improvingreputation,andalso conducivetoimprovingthecomprehensivecompetitivenessofenterprises. Keyword: Financingoptimization,Financingstrategy， State-ownedenterprisereform 目录 I 目录 导论...............................................................................................................................1 一、选题背景和意义................................................................................................1 （一）选题背景.................................................................................................1 （二）选题意义.................................................................................................1 二、研究内容............................................................................................................2 三、研究方法............................................................................................................3 （一）文献研究分析法.....................................................................................3 （二）案例剖析、模拟和比较分析法.............................................................3 （三）实地调研考察法.....................................................................................4 四、国内外研究现状................................................................................................4 （一）关于矿业企业融资影响因素的研究.....................................................4 （二）关于矿业企业融资渠道的研究.............................................................5 （三）小结.........................................................................................................6 五、本文研究的理论基础........................................................................................6 （一）优序融资理论（PeckingOrderTheory）.............................................7 （二）权衡理论（Trade－OffTheory）..........................................................7 （三）有效市场理论（EfficientMarketsHypothesis）..................................7 （四）激励理论（IncentiveTheory）..............................................................8 六、创新点................................................................................................................8 第一章国内重工业企业总体融资情况分析.................................................................9 一、国内企业融资渠道现状....................................................................................9 （一）内源融资.................................................................................................9 （二）外源融资.................................................................................................9 （三）国内市场资金来源情况.......................................................................10 二、国内重工业国企融资概况..............................................................................12 （一）国企融资情况分析...............................................................................12 （二）重工业企业融资情况分析...................................................................13 第二章北方铜业基本情况...........................................................................................15 一、公司概况..........................................................................................................15 二、公司主营业务和盈利情况介绍......................................................................15 中国政法大学硕士学位论文北方铜业融资优化研究 II （