太极集团资本结构优化研究

2017届本科毕业设计（论文）太极集团资本结构优化研究ResearchontheoptimizationofcapitalstructureofTaijiGroup学院：商学院专业班级：财务管理1308班姓名：关永恒学号：130104040806指导教师：王吕蓉讲师完成时间：2017年3月1日二〇一七年三月论文题目：太极集团资本结构优化专业：财务管理学生：关永恒签名：指导教师：王吕蓉签名：摘要企业的资本结构一直是财务成本管理研究的热点领域。不同的资本结构构成具有着不同的风险和成本。债务资本的比重越大，财务风险就越大，但是企业的筹资成本就越小，权益资本则刚好相反。企业的资本结构合理与否关系着企业的发展，合理的资本结构有利于企业降低财务杠杆风险，降低筹资成本，提升企业价值。而在我国的上市公司中普遍存在着股权融资倾向，债务比率较低等现象。大多数企业在经营过程中，资本结构的管理理念不高，对资本结构不能进行很好的规划，没有充分利用财务杠杆的作用，从而影响到企业的经营业绩和价值。本篇论文以太极集团为例，研究公司资本结构优化，首先搜集并整理了大量的国内外的相关研究文献，然后梳理了关于制药行业、上市公司以及资本结构的相关理论，接着是对制药行业上市公司资本结构的特征以及资本结构存在的问题的细致分析，最后在针对太极集团问题提出了优化建议，希望能够改善制药行业上市公司的资本结构，促进制药行业上市公司的长久健康的发展。关键词：制药行业；融资结构；资本结构Title:TaijiGroupCapitalStructureOptimizationMajor:financialmanagementName:GuanYonghengSignature:Supervisor:WangLvrongSignature:ABSTRACTThecapitalstructureofenterpriseshasbeenahottopicinthefieldoffinancialcostmanagement.Differentcapitalstructurehasdifferentrisksandcosts.Thegreatertheproportionofdebtcapital,thegreaterthefinancialrisk,butthesmallerthecostoffinancing,equitycapitalisjusttheopposite.Whetherthecapitalstructureoftheenterpriseisreasonableornotisrelatedtothedevelopmentoftheenterprise,andthereasonablecapitalstructureisbeneficialfortheenterprisetoreducetheriskofthefinancialleverage,toreducethecostoffinancingandtoimprovetheenterprisevalue.InChina'slistedcompanies,thereisatendencyofequityfinancingandlowdebtratio.Mostoftheenterprisesinthebusinessprocess,theconceptofcapitalstructuremanagementisnothigh,goodplanningofcapitalstructurecannotmakefulluseoftheroleoffinancialleverage,whichaffectsthebusinessandindustryvalue.ThispaperisbasedontheTaiChiGroupasanexample,theoptimizationofcapitalstructureofthecompany,thefirsttocollectandorganizealargenumberofdomesticandforeignliteratures,andthenreviewstherelatedtheoryaboutthepharmaceuticalindustry,listedcompaniesandcapitalstructure,thenthereisadetailedanalysisofthecharacteristicsofcapitalstructureofListedCompaniesinthepharmaceuticalindustry,theissueofcapitalstructurefinally,aimingattheproblemsintheTaiChigroupputforwardtheoptimizationsuggestions,hopingtoimprovethecapitalstructureofListedCompaniesinthepharmaceuticalindustry,thepharmaceuticalindustrytopromotethelong-termhealthydevelopmentoflistedcompanies.Keywords:Pharmaceuticalindustry,Financingstructure,Capitalstructure目录前言.................................................................................................................................11相关理论概述...............................................................................................................11.1资本结构理论的界定.........................................................................................11.1.1资本结构..........................................................................................................11.1.2融资结构..........................................................................................................11.2资本结构的理论观点..........................................................................................21.2.1权衡理论观点..................................................................................................21.2.2生命周期理论..................................................................................................22太极集团资本结构现状................................................................................................32.1制药行业资本结构.............................................................................................32.1.1融资结构..........................................................................................................32.1.2债务融资结构..................................................................................................42.1.3股权融资结构...................................................................................................53太极集团资本结构存在问题........................................................................................63.1短期负债所占比例大.........................................................................................63.2融资结构有待完善.............................................................................................63.3股权结构不合理..................................................................................................73.4资本成本偏高....................................................................................................74太极集团资本结构存在问题的原因.............................................................................84.1长短期负债比例不均导致负债结构不均衡.........................................................84.2资金来源单一导致融资结构不合理....................................................................84.3激励约束机制不健全导致股权集中度高............................................................94.4资本成本不合理经营能力弱...............................................................................95优化太极集团资本结构的政策建议...........................................................................95.1优化企业长期负债率.........................................................................................95.2科学制定融资方案.............................................................................................95.3优化股权结构..........