【正文】 ervice quality and their choice for intrcity bus services[C]. The TransportationResarch Board 84th Annual Meeting, Washingon, DC, 2021. 南昌理工學(xué)院畢業(yè)生論文 19 致謝 對(duì)于本次 畢業(yè)設(shè)計(jì)，在論文選題時(shí)我就選擇了華天科技集團(tuán)股份有限公司資本結(jié)構(gòu)優(yōu)化研究。這里我向 周啟紅 老師致以最真誠(chéng)的感謝。 disdain for this taxation without representation (socalled because the colonies had no voice in the establishment of the taxes) gave rise to revolts such as the Boston Tea Party. However, even after the Revolutionary War and the adoption of the . Constitution, the main source of revenue for the newly created states was money received from customs and excise taxes on items such as carriages, sugar, whiskey, and snuff. Ine tax first appeared in the United States in 1862, during the Civil War. At that time only about one percent of the population was required to pay the tax. A flatrate ine tax was imposed in 1867. The ine tax was repealed in its entirety in 1872. Ine tax was a rallying point for the Populist party in 1892, and had enough support two years later that Congress passed the Ine Tax Act of 1894. The tax at that time was two percent on individual ines in excess of $4,000, which meant that it reached only the wealthiest members of the population. The Supreme Court struck down the tax, holding that it violated the constitutional requirement that direct taxes be apportioned among the states by population (pollock v. farmers39。s new deal, imposed a five percent excise tax on dividend receipts, imposed a capital stock tax and an excess profits tax, and suspended all deductions for losses (June 16, 1933, ch. 90, 48 Stat. 195). The repeal in 1933 of the eighteenth amendment, which had prohibited the manufacture and sale of alcohol, brought in an estimated $90 million in new liquor taxes in 1934. The social security act of 1935 provided for a wage tax, half to be paid by the employee and half by the employer, to establish a federal retirement fund (Old Age Pension Act, Aug. 14, 1935, ch. 531, 49 Stat. 620). The Wealth Tax Act, also known as the Revenue Act of 1935, increased the maximum tax rate to 79 percent, the Revenue Acts of 1940 and 1941 increased it to 81 percent, the Revenue Act of 1942 raised it to 88 percent, and the Individual Ine Tax Act of 1944 raised the individual maximum rate to 94 percent. The postWorld War II Revenue Act of 1945 reduced the individual maximum tax from 94 percent to 91 percent. The Revenue Act of 1950, during the korean war, reduced it to percent, but it was raised the next year to 92 percent (Revenue Act of 1950, Sept. 23, 1950, ch. 994, Stat. 906). It remained at this level until 1964, when it was reduced to 70 percent. The Revenue Act of 1954 revised the Internal Revenue Code of 1939, making major changes that were beneficial to the taxpayer, including providing for child care deductions (later changed to credits), an increase in the charitable contribution limit, a tax credit against taxable retirement ine, employee deductions for business expenses, and liberalized depreciation deductions. From 1954 to 1962, the Internal Revenue Code was amended by 183 separate acts. In 1974 the employee retirement ine security act (ERISA) created protections for employees whose employers promised specified pensions or other retirement contributions (Pub. L. No. 93406, Sept. 2, 1974, 88 Stat. 829). ERISA required that to be tax deductible, the employer39。 trust, 158 . 601, 15 S. Ct. 912, 39 L. Ed. 1108 [1895]). After many years of debate and promise, the sixteenth amendment to the Constitution was ratified in 1913, providing Congress with the power to lay and collect taxes on ine without apportionment among the states. The objectives of the ine tax were the equitable distribution of the tax burden and the raising of revenue. Since 1913 the . ine tax system has bee very plex. In 1913 the ine tax laws were contained in eighteen pages of legislation。此次畢業(yè)論文才會(huì)順利完成。 周啟紅 老師平日里工作繁忙，卻總是在百忙之中督促我完成畢業(yè)設(shè)計(jì)，還給我們上課。 研究華天集團(tuán)的資本結(jié)構(gòu)優(yōu)化問題，對(duì)于完善上市公司資本結(jié)構(gòu)，從而提高公司經(jīng)營(yíng)水平和治理水平，具有很強(qiáng)的現(xiàn)實(shí)意義。 c)負(fù)債結(jié)構(gòu)中，流動(dòng)負(fù)債和長(zhǎng)期負(fù)債應(yīng)控制在一定的比例。 企業(yè)想要成長(zhǎng)，想要有富裕的資金，想要逐漸的擴(kuò)大生產(chǎn)經(jīng)營(yíng)規(guī)模，就一定要從加強(qiáng)公司內(nèi)部治理開始：第一，明確“責(zé)權(quán)利”，促進(jìn)經(jīng)營(yíng)者和員工努力工作；第二，加強(qiáng)公司內(nèi)部團(tuán)隊(duì)精神，這是公司盈利并走向龐大的基礎(chǔ)；第三，講求信用，樹立良好的公司形象，進(jìn)步公司信用等級(jí)；第四，進(jìn)步員工的素質(zhì)，由于沒有一只能夠熟練運(yùn)用和操縱資本的資本經(jīng)營(yíng)隊(duì)伍，企業(yè)的宏偉規(guī)劃將是 一紙空談。 綜 合 資 本成本最低的 結(jié) 構(gòu)通常稱 為最 優(yōu)資 本 結(jié) 構(gòu)。 南昌理工學(xué)院畢業(yè)生論文 15 股權(quán)結(jié)構(gòu)的優(yōu)化 股權(quán)結(jié)構(gòu)在規(guī)范企業(yè)各利益主體之間關(guān)系時(shí)起著重要的作用，因?yàn)樗P(guān)系到投資對(duì)公司的控制關(guān)系，也決定了投資者的利益保障。服裝行業(yè)現(xiàn)已進(jìn)行一個(gè)后金融危機(jī)時(shí)代，應(yīng)將企業(yè)的負(fù)債率有效控制在一個(gè)合理范圍應(yīng)作為財(cái)務(wù)管理的重點(diǎn)。 南昌理工學(xué)院畢業(yè)生論文 14 第 5章 優(yōu)化公司資本結(jié)構(gòu)的措施 穩(wěn)定資產(chǎn)負(fù)債率，有效發(fā)揮財(cái)務(wù)杠桿效應(yīng) 資產(chǎn)負(fù)債率也可以稱作債權(quán)人安全系數(shù)，當(dāng)企業(yè)選擇負(fù)債融資進(jìn)行資金籌措時(shí)，債權(quán)人會(huì)關(guān)注企業(yè)能否償還到期債務(wù)，而股東則會(huì)更多的關(guān)注在項(xiàng)目的投資報(bào) 酬率是否大于要報(bào)酬率，如果項(xiàng)目的投資報(bào)酬率高于負(fù)債成本，那么債務(wù)融資不僅會(huì)為股東帶來收益，而且因?yàn)樨?fù)債比率的提高致使企業(yè)值趨于優(yōu)化，負(fù)債融資起到了財(cái)務(wù)杠桿正效應(yīng)的作用。 南昌理工學(xué)院畢業(yè)生論文 13 企業(yè)自我發(fā)展意識(shí)薄弱。這樣導(dǎo)致的直接結(jié)果是法人治理結(jié)構(gòu)不嚴(yán)密 ,缺乏有效的監(jiān)督機(jī)制。 這主要指企業(yè)內(nèi)控機(jī)制不健全 ,管理粗放。 南昌理工學(xué)院畢業(yè)生論文 12 融資渠道狹窄，融資工具單一 目前，華天集團(tuán)處于快速成長(zhǎng)擴(kuò)張階段，從其債務(wù)資本構(gòu)成情況來看，銀行借款（尤其是短期借款）是其債務(wù)性籌資的主要資金來源，短期負(fù)債融資這種籌資方式是市場(chǎng)經(jīng)濟(jì)條件企業(yè)籌集資金的必經(jīng)之路。已有研究表明，過高的股權(quán)集中度與過低的股權(quán)集中度，均會(huì)對(duì)公司產(chǎn)生不利影響。從企業(yè)內(nèi)部來看，經(jīng)理人仍然存在著代理人的控制利益最大化的傾向，偏好內(nèi)源融資和股權(quán)融資，不愿意提高企業(yè)的負(fù)債水平。上述四家公司流 動(dòng)負(fù)債 比例有兩家都超 過 了 74%， 華天集團(tuán)的比例是 %。 負(fù)債比例結(jié)構(gòu)不合理 華天集團(tuán) 的流 動(dòng)負(fù)債 比例 為 %， 喜好短期 負(fù)債 的公司一般會(huì) 厭惡長(zhǎng) 期 債務(wù) 的借入 ，南昌理工學(xué)院畢業(yè)生論文 11 華天集團(tuán) 這 一特點(diǎn)表 現(xiàn) 得比 較 明 顯 ， 長(zhǎng) 期 負(fù)債 占 總資產(chǎn) 的比例 為 %， 公司 長(zhǎng) 期借款 較少。 比例 流動(dòng)股占總股本 % 非流動(dòng)股占總股本 % 120 100 80 60 40 20 0 2021 年 2021 年 2021 年 2021 年 流動(dòng)股占總股本 % 南昌理工學(xué)院畢業(yè)生論文 10 第 4 章 公司資本結(jié)構(gòu)存在問題 華天集團(tuán)資本結(jié)構(gòu)與相關(guān)企業(yè)比較 參與比較的醫(yī)藥上市公司對(duì)比表 華天集團(tuán) 遼寧成大 云南白藥 貴州百靈 資產(chǎn)負(fù)債率 %（負(fù)債 /總資產(chǎn)） 產(chǎn)權(quán)比率 %（負(fù)債 /凈資產(chǎn)） 負(fù)債結(jié)構(gòu) %（流動(dòng)負(fù)債 /總負(fù)債） 長(zhǎng)期負(fù)債總資產(chǎn)比率 %（長(zhǎng)期負(fù)債 /總資產(chǎn)） 每股盈利（元）（利潤(rùn) /總股數(shù)） 凈資產(chǎn)收益率 %（凈利潤(rùn) /平均股東權(quán)益） 數(shù)據(jù)來源：各公司公布的 2021 年報(bào)數(shù)據(jù) 通 過 將 華天集團(tuán) 的 資 本 結(jié) 構(gòu)與國(guó)內(nèi)同行 對(duì) 比分析之后 ， 我 們 可以很清楚地 發(fā)現(xiàn) 其 資 本 結(jié)構(gòu)中存在的一些 問題 ， 現(xiàn)歸納總結(jié) 如下 : 負(fù)債規(guī)模過