【正文】 學(xué) 科 類：管理學(xué) 學(xué) 號(hào)： 120402030553 學(xué)校代碼： 12795 密 級(jí)： 2021 屆本科生畢業(yè)論文 華天科技集團(tuán) 資本結(jié)構(gòu)優(yōu)化 研究 院 系： 經(jīng)濟(jì)管理學(xué)院 專 業(yè)： 工商管理（會(huì)計(jì)學(xué)方向） 姓 名： 指導(dǎo)教師： 答辯日期： 二〇一五年 月 摘 要 資本結(jié)構(gòu)是企業(yè)理財(cái)?shù)年P(guān)鍵環(huán)節(jié)，也是公司治理的關(guān)鍵。資本結(jié)構(gòu)是否公道將會(huì)直接影響到企業(yè)目前和將來(lái)的發(fā)展?fàn)顩r，甚至?xí)绊懙狡髽I(yè)的生死存亡。 最優(yōu)資本結(jié)構(gòu) 使資本成本最低、企業(yè)價(jià)值最大化 。 隨著我國(guó)社會(huì)主義市場(chǎng)經(jīng)濟(jì)的發(fā)展和現(xiàn)代企業(yè)制度的建立，企業(yè)的籌資渠道和籌資方式日趨多元化，合理地利用負(fù)債籌資，科學(xué)地安排其比例，對(duì)企業(yè)降低綜合資本成本率、合理利用財(cái)務(wù)杠桿獲得一定利益和增加企業(yè)的市場(chǎng)價(jià)值等方面有著重要的意義。 當(dāng)前， 華天科技集團(tuán) 的資本結(jié)構(gòu)不容樂(lè)觀，在產(chǎn)權(quán)比率上，資本來(lái)源結(jié)構(gòu)不合理，負(fù)債 比例過(guò)高，在負(fù)債方面，流動(dòng)負(fù)債比重較大，負(fù)債籌資結(jié)構(gòu)不合理。如何使企業(yè)的資本結(jié)構(gòu)進(jìn)一步優(yōu)化，是亟需思考和探尋的問(wèn)題 。 縱觀 華天科技集團(tuán) 公司的資本結(jié)構(gòu)和融資策略，卻發(fā)現(xiàn)它存在著很大的弊端，故 本文從資本結(jié)構(gòu)優(yōu)化的重要意義及其影響因素出發(fā)，針對(duì) 華天科技集團(tuán) 資本結(jié)構(gòu)的現(xiàn)狀分析了其資本結(jié)構(gòu)存在問(wèn)題的原因，并從改善企業(yè)外部環(huán)境和企業(yè)自身努力兩個(gè)方面對(duì)優(yōu)化企業(yè)資本結(jié)構(gòu)提出了建議。 【關(guān)鍵詞】 結(jié)構(gòu)現(xiàn)狀 存在問(wèn)題 結(jié)構(gòu)優(yōu)化 華天科技集團(tuán) 南昌理工學(xué)院畢業(yè)生論文 Abstract Capital structure is the key to corporate finance, as well as key corporate governance. Whether reasonable capital structure will directly affect the present and future state of development, and even affect the survival of the enterprise. Optimal capital structure so that the lowest cost of capital, the maximization of corporate value. With the establishment of China39。s socialist market economy and modern enterprise system, corporate financing channels and financing have bee more diversified and rational use of debt financing, scientifically arranged the proportion of enterprises reduce overall cost of capital, the rational use of financial Leverage obtain certain benefits and increase the market value of the business and other aspects of great significance. Currently, Huatian Technology Group39。s capital structure is not optimistic on the equity ratio, the source of unreasonable capital structure, debt ratio is too high, in terms of liabilities, liquidity larger proportion of debt, debt financing structure is irrational. How to make capital structure was further optimized, the need to think and explore issues. Throughout the capital structure and financing strategy Huatian Technology Group Company, but found it there are significant drawbacks, this paper analyzes the importance of optimizing the capital structure and its influencing factors, the status quo Huatian Technology Group39。s capital structure analysis of its The reason there is a problem of capital structure, and the two aspects of optimizing capital structure improvement suggestions from the external environment and their own efforts. 【 Keywords】 Situation Structure； Optimization ； Problems； Huatian Technology Group 南昌理工學(xué)院畢業(yè)生論文 目 錄 第 1 章 緒論 ........................................................................................................................1 研究背景 ................................................................................................................1 研究的 目的與意義 ................................................................................................1 研究 內(nèi)容與方法 ....................................................................................................2 第 2 章 資本結(jié)構(gòu) 相關(guān) 理論 概述 ........................................................................................4 資本結(jié)構(gòu) 定義 ......................................................................................................4 資本結(jié)構(gòu)的基本理論 ..........................................................................................4 資本結(jié)構(gòu)優(yōu)化的主要方法 ...................................................................................5 資本結(jié)構(gòu)優(yōu)化的重要性與意義 ...........................................................................5 第 3 章 公司資本結(jié)構(gòu)的現(xiàn)狀分析 ....................................................................................6 公司簡(jiǎn)介 ...............................................................................................................6 公司資本結(jié)構(gòu)的現(xiàn)狀 ...........................................................................................7 資本構(gòu)成情況 ..............................................................................................7 債務(wù)情況 ......................................................................................................8 股本結(jié)構(gòu) ......................................................................................................9 第 4 章 公司資本結(jié)構(gòu)存在問(wèn)題 .......................................................................................10 負(fù)債規(guī)模過(guò)低 ......................................................................................................10 負(fù)債比例結(jié)構(gòu)不合理 ..........................................................................................10 股權(quán)結(jié)構(gòu)不合理 ..................................................................................................11 融資渠道狹窄，融資工具單一 ..........................................................................12 企業(yè)自身缺陷 ......................................................................................................12 第 5 章 優(yōu)化公司資本結(jié)構(gòu)的措施 ....................................................................................14 穩(wěn)定資產(chǎn)負(fù)債率，有效發(fā)揮財(cái)務(wù)杠桿效應(yīng) ......................................................14 降低流動(dòng)負(fù)債比例，選擇多元化融資工具 ......................................................14 股權(quán)結(jié)構(gòu)的優(yōu)化 ................................................................................................15 融資結(jié)構(gòu) 的優(yōu)化 ..................................................................................................15 加強(qiáng)公司自身經(jīng)營(yíng)能力 ......................................................................................15 南昌理工學(xué)院畢業(yè)生論文 總結(jié) ......................................................................................................................................16 參考文獻(xiàn) .........................................................................................