摘要
N测绘公司融资效率研究
工商管理专业
研究生罗天银
指导老师徐莉
摘要进入信息时代，以空间技术、大数据和云计算为基础的测绘地理信息
产业迅速发展，在国家战略扶持下孕育了大量的中小型高新技术企业。这些企业
受限于行业严重的区域保护性特点，规模普遍偏小，在当下融资体系中面临着融
资难、融资贵的问题。N测绘公司在体制内率先开展事业单位转为企业，成为全国
第一家测绘地理信息服务的 A股上市公司。但是，拟建设的项目进展并不顺利，
迄今未能给企业带来预期效益，其融资决策的合理性和真实的融资动机值得探究。
如何做好财务融资管理，提高融资效率，成为企业长期发展中的一个重要命题。
本文结合国内外融资效率的相关研究成果和理论基础，通过案例分析的研究
方法，根据 N测绘公司各年度的财报，梳理近年来公司通过股权融资和债券融资
的现状，剖析公司融资资金的使用情况，对比分析融资产生的效果，并以融资成
本和投资收益为参数，用比值法对公司的融资效率进行客观评价。结合 N测绘公
司所处的测绘地理信息行业特征，根据公司内部投融资实际情况，重点从融资动
机和产业环境等内外部因素对N测绘公司融资效率低下的原因进行分析。
研究发现，N测绘公司融资成本高，资金利用率低，投资效益不佳，融资效率
低下。究其原因，一方面是公司财务管理思维陈旧，融资动机模糊，融资结构失
衡；另一方面是测绘地理信息行业壁垒突出，竞争环境恶劣，无法依靠资本优势
提升企业价值。针对 N测绘公司的实际情况，本文从认清融资管理环境、做好融
资规划决策、加强融资能力建设和进行融资风险管理等四个方面提出了建设性意
见。面对复杂的客观环境，N测绘公司切忌盲目融资扩张，而应注重融资质量，以
融资效率为准绳，着力优化资本结构，加强自身经营能力建设，从而促进企业稳
步健康发展。
本文的贡献是，通过 N测绘公司的案例研究，理论联系实际，从多角度尤其
是产业环境对测绘地理信息行业代表性公司进行融资效率研究，不仅对上市公司
改善资本结构、提高融资管理水平、实现公司可持续发展等方面带来现实意义，
更是给其他高新技术企业规避盲目融资、降低融资成本以及提高资产运行效率带
来启示。
I

四川师范大学硕士学位论文
关键词：测绘地理信息融资效率融资结构产业环境 N测绘公司
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Abstract
Research on Financing Efficiency of N Surveying
and Mapping Company
Major: MBA
Postgraduate: Luo Tianyin
Tutor: Xu Li
Abstract: In the information age, the surveying and mapping geographic
information industry based on space technology, big data and cloud computing has
developed rapidly, and a large number of small and medium-sized high-tech enterprises
have been bred with the support of the national strategy. Limited by the serious regional
protective characteristics of the industry, these enterprises are generally small in scale.
They are facing the problems of difficult and expensive financing in the current
financing system. N surveying and mapping company took the lead in transforming
public institutions into enterprises within the system, becoming the first A-share listed
company providing surveying and mapping geographic information services in China.
However, the progress of the proposed project is not smooth and has not brought the
expected benefits to the enterprise so far. The rationality of its financing decision and
the real financing motivation are worth exploring. How to do a good job in financial
financing management and improve financing efficiency has become an important
proposition in the long-term development of enterprises.
Based on the relevant research results and theoretical basis of financing efficiency
at home and abroad, through the research method of case analysis, and according to the
annual financial reports of N surveying and mapping company, this paper combs the
current situation of the company's equity financing and bond financing in recent years,
analyzes the use of the company's financing funds, compares and analyzes the effects of
financing, and takes the financing cost and investment income as the parameters, The
ratio method is used to objectively evaluate the financing efficiency of the company.
Combined with the characteristics of the surveying and mapping geographic
information industry where N surveying and mapping company is located, and
according to the actual situation of internal investment and financing of the company,
this paper analyzes the reasons for the low financing efficiency of N surveying and
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