华谊兄弟公司融资方式分析

本科生毕业论文（设计）题目：华谊兄弟融资方式分析姓名：吴凡分院、系：会计系专业：财务管理年级：2011学号：FNM11079指导教师：史继坤职称：副教授2014年12月12日原创性声明兹呈交的学位论文（设计），是本人在导师指导下独立完成的研究成果。除文中已经明确标明引用或参考的内容外，本论文（设计）不包含任何其他个人或集体已经发表或撰写过的研究成果。本人依法享有和承担由此论文而产生的权利和责任。声明人（签名）：日期：年月日I华谊兄弟融资方式分析[摘要]在当代社会，文化传媒产业已经成为社会发展的重要组成部分。文化传媒业的快速发展，不仅表现在作品数量上，质量上也得到了提升，逐渐形成了强大的市场规模。根据我国国情和政策导向，文化传媒业是推动文化产业发展的重要力量，文化传媒产业融资问题则直接关系到企业能否发展壮大并且实现可持续发展。然而因为我国文化传媒业开展的时间不长，还未能很好地打开市场，也尚未形成成熟的产业链，从而造成了我国在文化创意方面以及资金运作方面和欧美发达国家的差异。因此，建立起能够促进我国文化传媒产业良性发展的融资模式至关重要。本论文首先简要介绍与融资相关理论；其次，以我国文化传媒企业的代表公司之一——华谊兄弟股份有限公司为例，对其主要融资方式和财务状况进行介绍和分析，讨论其现有的融资模式；最后分析华谊兄弟在融资过程中存在的问题并提出相关的建议。希望对其他文化传媒企业有借鉴意义。[关键词]融资方式文化传媒企业融资风险IIAnalysisofHuayiBrothersFinancingWay[Abstract]Incontemporarysociety,theculturalmediaindustryhasbecomeanimportantpartofeconomyincreasing.Culturemediaindustry'srapiddevelopment,notonlyonthenumberofworks,butalsoontheimprovedofquality,graduallyformedapowerfulmarket.AccordingtoChina'snationalconditionsandpolicyguidance,theculturalmediaindustryistheimportantforcetopromotethedevelopmentofculturalindustry,culturalmediaindustryfinancingproblemisdirectlyrelatedtoenterprise’sachievementanddevelopment.However,becauseofChina'sculturalmediaindustrytocarryoutthetimeisnotlong,alsofailedtoopenthemarketwell,alsohasnotyetformedamatureindustrychain,thuscausedtheourcountryintheaspectofculturalcreativityandcapitaloperationandtheEuropeanandAmericandevelopedcountriesdifferences.Therefore,establishedtopromotethehealthydevelopmentofculturalmediaindustryinChinafinancingmodelisveryimportant.Firstly,thisarticleintroducestheoryrelatedtofinancing.Secondly,illustratedbytheexampleofChina'sculturalmediacompany-HuayiBrothers,analysisitsmainfinancingwaysandfinancialsituation,discussitsexistingfinancingway.Finally,accordingtotheanalysisoftheproblemsexistinginthefinancingprocess,giverelatedsuggestions.Hopetobeusefultotheotherculturemediacompanies.[Keywords]Thefinancingway,Culturemediaenterprises,FinancingriskIII目录引言··························································································1一、与融资相关理论概述······························································1（一）融资定义·····································································1（二）融资方式理论·······························································2（三）MM定理·······································································2二、华谊兄弟融资方式分析···························································3（一）公司简介·····································································3（二）融资环境·····································································3（三）主要融资方式·······························································4三、华谊兄弟财务能力分析···························································7（一）盈利能力分析·······························································7（二）偿债能力·····································································8（三）营运能力分析·····························································10（四）现金流量表分析··························································10四、华谊兄弟融资方式存在的问题················································11（一）银行信贷受限·····························································12（二）内源融资能力不足·······················································13（三）股权质押存在风险·······················································14五、华谊兄弟融资方式相关建议···················································15（一）积极拓展其他融资渠道·················································15（二）提高公司的内源融资能力··············································16（三）强化融资风险防范·······················································16结论························································································17致谢语·····················································································18参考文献··················································································19华谊兄弟融资方式分析1引言在当前的经济发展下，文化传媒已成为经济社会的主要发展来源及社会发展的重要部分，在国际市场竟争激烈的今天，亦已成为国际竞争的重要环节。近年来我国文化传媒产业发展迅猛，成为经济增长新的拉动点。由于我国文化传媒产业起步较晚，相对于国外较为成熟的市场融资环境还未真正形成，文化传媒企业在融资过程中面临着一些困难。本文通过中国文化传媒龙头企业——华谊兄弟股份有限公司为案例，研究分析当前该企业的融资战略，提出完善其融资模式的对策建议。一、与融资相关理论概述当今社会的发展，所有的经济主体都是通过资金运转来实现盈利及发展的，融资已成为当今企业运营、周转以及盈利的有力保障。（一）融资定义融资有狭义的融资和广义的融资两种概念。1、狭义的融资狭义的融资，指的是企业资金筹措的过程，也就是公司按照其经营状况、资金状况和未来的发展需求，借助科学预测及决策，通过各种方式获得资金，从而推动企业正常运营及管理的经济活动。适合从微观层面研究企业融资问题。2、广义的融资广义的融资其实就是一种金融行为，也就是资金于持有者之中流通，实现用盈余补充不足的行为，包括资金的筹措和发放。通过当前的经济运行情况来看，从公司的角度出发，应当做到比以往任何时刻都更为注重对金融知识、金融市场和金融机构的了解与理解，这是由于公司的发展、壮大都不能脱离金融的帮助，公司必须要和它打交道。本文主要以狭义的融资概念来探讨华谊兄弟的融资方式。华谊兄弟融资方式分析2（二）融资方式理论融资方式指的是筹措资金的方式或通道。企业资金来源可通过内源融资或者外源融资来实现。前者指的是企业自有资金或者在经营过程中获得盈利的积累。后者指的是借助企业外部资金，其实现方式可分为直接融资和间接融资。直接融资指的是有着暂时闲置资金的企业进行的第一次公开募股（IPO）、配股和增发的股权融资，也可称为股权融资。间接融资指的是企业借助银行或者非银行金融机构贷款获得资金，也就是债权融资。在企业日益更新的技术水平以及越来越扩大的生产规模之下，内部资金已不能充分满足企业发展过程中的资金需求。因此，不少企业都尝试通过外部融资来拓展企业的资金渠道。企业常用的融资方式主要有银行贷款、股权融资、债券融资、民间借贷等。这些融资方式各有特点，在融资规模、融资成本以及融资风险等方面各有利弊。（三）MM定理有关财务管理学理论的研究时间比较久，相关的融资理论有着众多的种类。其中西方主流企业融资理论将重点放在最佳资本结构的形成中。相关理论发展经过了最早的资本结构理论，后期发展为现代资本融资理论，而到了现阶段，已经发展到了新资本理论阶段了。MM定理是全球最有代表的融资方式理论，最早于1958年由美国莫迪格亚尼和米勒教授提出的。他们的观点是，当结构不同时，公司的资本结构与公司的市场价值并不相关。换句话说，当公司的债务比率由0升到100%的过程中，总成本和价值均不变，也就是说，公司的价值和债务之间无