大连大学
DALIAN UNIVERSITY
2014届毕业论文（设计）
题目名称： 上市公司负债结构优化问题的研究
所在学院： 经济管理学院 专业（班级）： 会计101 学生姓名： 蔡慧 指导教师： 崔锦荣 评阅人： 徐海峰 院 长 ： 金南顺
上市公司负债结构优化问题的研究
总计：毕业论文 24 页 表 格 3 表 插 图 0 幅
指导教师：崔锦荣 评阅人： 徐海峰 完成日期：2014-5-20
摘要
随着我国市场经济改革体制改革的不断推进下，上市公司的负债经营理念不断地推进，负债经营手段要求每个上市公司必须具备的良好的管理负债结构能力。因此，如何优化上市公司负债结构的问题，对现代上市公司具有非常重要的现时意义。合理利用负债筹资有利于促进上市公司的发展。不合理的负债经营便有可能阻碍了企业的发展前途。换句话说，不合理的负债压力增加上市公司营运效率，也提升了上市公司的破产概率。企业的资金主要来源于营业利润、资产重组、发行股票和各方面融资等。负债结构指标便成为上市公司财务、战略、发展的重要指标。研究上市公司如何通过建立科学、合理、有序的平衡系统，选择最优的债务结构对现代上市公司迫切需要解决其管理问题具有非常深远的意义。近些年中外学者、财务理论界对上市公司资本结构理论研究已经非常的完善，但是对上市公司的负债结构研究现状相对不是很乐观，我国的学术研究只是对基础理论的了解，没有达到一定的学术高度。
本文重点研究的是上市公司的负债结构优化问题，阐述了上市公司负债结构相关的基础理论，也通过对基础理论加以分析进而对上市公司的经营现状作出一定的分析各个影响因素对上市公司负债结构的影响，通过科学合理的数据分析，如通过传统抽样调查，选择了地产行业相关上市公司的情况。对一个行业内，相对弱势的上市公司和相对强势的上市公司之间的银行贷款占总体负债比率的比较；在上市公司中随机抽取证券代码，对该上市公司的融资结构，即长期负债和应付债券数据进行对比分析；选择不同行业，对其资产负债率数据的比较分析。最后，根据数据提出上市公司负债结构优化的几点优化思路方法。 关键词：企业负债结构 负债经营 上市公司 优化思路方法
ABSTRACT
As China's market economy reforms under the reform progresses, listed companies continue to promote the concept of debt management, debt management tool requires that each listed company must have a good ability to manage debt structure. Thus, the problem of how to optimize debt structure of listed companies, listed companies on the modern is currently a very important significance. Rational use of debt financing and promoting the development of listed companies. Unreasonable debt management there might hinder the future development of enterprises. In other words, unreasonable liability pressure increases operational efficiency of listed companies, but also enhance the probability of bankruptcy of listed companies. Enterprise funds mainly from operating profit, asset restructuring, and the various aspects of the issue of equity financing. Debt structure index of listed companies has become an important indicator of financial, strategic and development. Listed companies how to establish a scientific, rational and orderly balance system, selecting the optimal debt structure has far-reaching significance for the modern listed company urgent need to address its management problems. Chinese and foreign scholars in recent years, financial theorists theory of capital structure of listed companies has been very perfect, but relatively not very optimistic about the research status and liability structure of listed companies, academic research only our understanding of the basic theory, did not meet certain academic height.
This study is focused on the listed company 's debt structure optimization problem, the basic theory expounded liability structure of listed companies related , but also through an analysis of the basic theory and then on the operating status of listed companies to make some analysis of various factors on the liability structure of listed companies impact , through scientific and rational data analysis, such as through traditional sampling survey , select the listed companies in the real estate industry related situation . Within an industry, bank loans relatively weak relative strength of listed companies and listed companies accounted for comparison between the overall debt ratio ; listed companies randomly selected securities code, the financing structure of listed companies , namely long-term liabilities and payables bond data were analyzed ; choose different industries, comparative analysis of their asset-liability ratio of the data. Finally , according to data presented to optimize the debt structure of listed companies a few ideas to optimize methods.
Key words：Corporate debt structure，Debt management，Listed Companies，Optimization methods ideas.
目录
绪论................................................................1 一、上市公司负债结构的基本理论......................................1 （一）负债结构的相关概念定义........................................1 （二）影响企业负债结构的因素........................................2 二、上市公司负债结构现阶段的主要问题................................4 （一）上市公司负债结构的概况........................................4 （二）选取上市公司整体的负债结构数据对比分析........................4 （三）上市公司的现存问题............................................6 三、对上市公司负债结构优化问题的几点建议............................7 （一）重视营业现金流量的作用........................................7 （二）控制融资风险..................................................8 （三）扩大资金来源，丰富资金结构....................................8 （四）建立假设、函数，降低资金成本..................................8 （五）强化公司内部管理体制改革......................................9 （六）依据公司状况，确立优化方向...................................10 结论...............................................................10 参考文献...........................................................12 附录1 .............................................................13 附录2 .............................................................18