【正文】 1998）曾對(duì)上市公的融資結(jié)構(gòu)與負(fù)債率進(jìn)行了實(shí)證研究，結(jié)果表明，短期財(cái)務(wù)杠桿與上市公司的權(quán)益平均成本、加權(quán)平均成本并 沒有顯著影響，而長(zhǎng)期財(cái)務(wù)杠桿與上市公司的權(quán)益平均成本、加權(quán)平均成本之間存在明顯的負(fù)相關(guān)關(guān)系，也就是說，增加長(zhǎng)期負(fù)債可以降低上市公司的加權(quán)平均成本，提高企業(yè)的價(jià)值。目前，所經(jīng)營(yíng)的品華天集團(tuán)牌在一線二線城市已具有良好的口碑，其年報(bào)資料數(shù)據(jù)顯示應(yīng)收帳款占較大比重，此時(shí)可與銀行協(xié)商，充分利用應(yīng)收帳款進(jìn)行質(zhì)押、 保理等形式來解決資金鏈問題。為此，要使公司的股權(quán)結(jié)趨于優(yōu)化，我們可以從以下兩個(gè)方面著手：第一， 在投 資 人 選擇 上 ， 應(yīng) 重 視 吸收價(jià) 值驅(qū)動(dòng) 型 戰(zhàn) 略投 資 者， 讓企業(yè)經(jīng)營(yíng)管理者加入進(jìn)來，使其擁有適當(dāng)比例的股份，經(jīng)營(yíng)權(quán)與所有權(quán)相結(jié)合起來，有效發(fā)揮股權(quán)的的激勵(lì)作用。 融資結(jié)構(gòu)的優(yōu)化 資 本 結(jié) 構(gòu)通常反映了 負(fù)債 和所有者 權(quán) 益的比例關(guān)系。華天集 團(tuán) 的 資 本 結(jié) 構(gòu)是采用各種籌 資 方式籌 資 而形成的各種籌 資 方式的不同 組 合 類 型決定著其 資 本 結(jié) 構(gòu)及其 變 化。 加強(qiáng)公司自身經(jīng)營(yíng)能力 除了改善 負(fù)債 狀況外 ， 生 產(chǎn)經(jīng)營(yíng) 機(jī)制的改革和完善 應(yīng) 成 為華天 集 團(tuán)優(yōu) 化 資 本 結(jié) 構(gòu)的內(nèi)在 動(dòng)力 ， 也是決定最佳 資 本 結(jié) 構(gòu)能否 發(fā)揮 最大增 值 效 應(yīng) 的決定性因素。綜上所述，公司一定要適當(dāng)?shù)钠赣萌瞬牛⒓訌?qiáng)對(duì)內(nèi)部職員及公司經(jīng)營(yíng)的治理，進(jìn)而來適應(yīng)自主經(jīng)營(yíng)、自我約束、自我發(fā)展的大環(huán)境。 b)通過對(duì)華天集團(tuán)的財(cái)務(wù)狀況分析可以看出，經(jīng)營(yíng)前景較為樂觀，同時(shí)公司的盈利能力也較強(qiáng)，流動(dòng) 比率處于正常水平，資產(chǎn)負(fù)債率也處于正常水平，資本結(jié)構(gòu)不是很合理。通過對(duì)哈藥集團(tuán)的資本結(jié)構(gòu)分析，可以看出其流動(dòng)負(fù)債比例較高，這會(huì)導(dǎo)致公司短期償債能力變差，財(cái)務(wù)風(fēng)險(xiǎn)增大，進(jìn)而會(huì)影響到公司的盈利能力和經(jīng)營(yíng)狀況。 e)使用最佳資本結(jié)構(gòu)方程科學(xué)計(jì)算出的最佳資本結(jié)構(gòu)只是一個(gè)決策基礎(chǔ)，現(xiàn)實(shí)生活中，必須在定量分析的基礎(chǔ)上 結(jié)合華天集團(tuán)的實(shí)際情況，考慮變化中的各環(huán)境、現(xiàn)實(shí)因素對(duì)資本結(jié)構(gòu)的影響，綜合統(tǒng)籌考慮分析，以得出華天集團(tuán)的最佳資本結(jié)構(gòu)。 南昌理工學(xué)院畢業(yè)生論文 17 參考文獻(xiàn) [1] 田垚 .關(guān)于現(xiàn)代物流配送路徑問題的思考 [J].黑龍江交通科技 ,2021（ 10） :2325. [2] Raynd Ling amp。在 周啟紅 老師的幫助下，讓我更加學(xué)會(huì)如何去完成論文。在做論文的時(shí)候， 周啟紅 老師還不厭其煩的教導(dǎo)我們，并每次通知我們論文流程時(shí)間。 同時(shí)還要感謝所有的同學(xué)們，正是因?yàn)橛辛四銈兊闹С趾凸膭?lì)。 最后感謝南昌理工學(xué)院對(duì)我的培養(yǎng)，感謝“陪育之恩”，讓我養(yǎng)成了良好的習(xí)慣，讓我更好的學(xué)習(xí)，成長(zhǎng)，變得更強(qiáng)大，去幫助那 些幫助過我的人 ! 南昌理工學(xué)院畢業(yè)生論文 20 請(qǐng)刪除以下內(nèi)容， O(∩ _∩ )O 謝謝！??！ The origin of taxation in the United States can be traced to the time when the colonists were heavily taxed by Great Britain on everything from tea to legal and business documents that were required by the Stamp Tax. The colonists39。 loan amp。 the explanation of the tax reform act of 1986 was more than thirteen hundred pages long (Pub. L. 99514, Oct. 22, 1986, 100 Stat. 2085). Commerce Clearing House, a publisher of tax information, released a version of the Internal Revenue Code in the early 1990s that was four times thicker than its version in 1953. Changes to the tax laws often reflect the times. The flat tax of 1913 was later replaced with a graduated tax. After the United States entered world war i, the War Revenue Act of 1917 imposed a maximum tax rate for individuals of 67 percent, pared with a rate of 13 percent in 1916. In 1924 Secretary of the Treasury Andrew W. Mellon, speaking to Congress about the high level of taxation, stated, The present system is a failure. It was an emergency measure, adopted under the pressure of war necessity and not to be counted upon as a permanent part of our revenue structure…. The high rates put pressure on taxpayers to reduce their taxable ine, tend to destroy individual initiative and enterprise, and seriously impede the development of productive business…. Ways will always be found to avoid taxes so destructive in their nature, and the only way to save the situation is to put the taxes on a reasonable basis that will permit business to go on and industry to develop. Consequently, the Revenue Act of 1924 reduced the maximum individual tax rate to 43 percent (Revenue Acts, June 2, 1924, ch. 234, 43 Stat. 253). In 1926 the rate was further 南昌理工學(xué)院畢業(yè)生論文 21 reduced to 25 percent. The Revenue Act of 1932 was the first tax law passed during the Great Depression (Revenue Acts, June 6, 1932, ch. 209, 47 Stat. 169). It increased the individual maximum rate from 25 to 63 percent, and reduced personal exemptions from $1,500 to $1,000 for single persons, and from $3,500 to $2,500 for married couples. The national industrial recovery act of 1933 (NIRA), part of President franklin d. roosevelt39。s plan contribution must meet certain minimum standards as to employee participation and vesting and employer funding. ERISA also approved the use of individual retirement accounts (IRAs) to encourage taxdeferred retirement savings by individuals. The Economic Recovery Tax Act of 1981 (ERTA) provided the largest tax cut up to that time, reducing the maximum individual rate from 70 percent to 50 percent (Pub. L. No. 9734, Aug. 13, 1981, 95 Stat. 172). The most sweeping tax changes since world war ii were enacted in the Tax Reform Act of 1986. This bill was signed into law by President ronald reagan and was designed to equalize the tax treatment of various assets, eliminate tax shelters, and lower marginal rates. Conservatives wanted the act to provide a single, low tax rate that could be applied to everyone. Although this single, flat rate was not included in the final bill, tax rates were reduced to 15 percent on the first $17,850 of ine for singles and $29,750 for married couples, and set at 28 to 33 percent on remaining ine. Many deductions were repealed, such as a deduction available to twoine married couples that had been used to avoid the marriage penalty (a greater tax liability incurred when two persons filed their ine tax return as a married couple rather than as individuals). Although the personal exemption exclusion was increased, an exemption for elderly and blind persons who itemize deductions was repealed. In addition, a special capital gains rate was repealed, as was an investment tax credit that had been introduced in 1962 by President john f. kennedy. The Omnibus Budget Reconciliation Act of 1993, the first budget and tax act enacted during the Clinton administration, was vigorously debated, and passed with only 南昌理工學(xué)院畢業(yè)生論文 22 the minimum number of necessary votes. This law provided for ine tax rates of 15, 28, 31, 36, and percent on varying levels of ine and for the taxation of social security ine if the taxpayer receives other ine over a certain level. In 2021 Congress enacted a major ine tax cut at the urging of President gee w. bush. Over the course of 11 years the law reduces marginal ine tax rates across all levels of ine. The 36 percent rate will be lowered to 33 percent, the 31 percent rate to 28 percent, the 28 percent rate to 25 percent. In addition, a new bottom 10 percent