摘 要
达成公司是国家重点高新技术企业和电力系统自动化及继电保护行业的龙头企
业，随着国家发展战略性新兴产业规划以及国家电网公司建设坚强智能电网规划的
实施，公司各业务领域面临着良好的发展机遇。
本文首先阐述了再融资理论各个发展阶段的研究成果及达成公司的基本情况，
系统地分析了达成公司拥有的资源与具备的能力、所处行业的发展现状，然后概述
了达成公司自上市以来十多年的资本市场发展历程，揭示了公司要紧紧抓住当前的
形势、结合自身实际情况进行资本市场再融资的必要性，以达到快速提高企业的竞
争能力，促进企业持续健康发展的目的。
最后，本文以再融资理论为依据，针对达成公司所处的行业竞争状况、资本市
场现状以及公司管理特点，从企业内部资源与能力、财务状况、再融资工具的选择
等方面进行全方位分析，提出与公司匹配的再融资方案，并对再融资方案进行优化，
进一步提出应对策略。
关键词：资本市场 再融资 优化

Abstract
Dacheng Company is a national key high-tech enterprise and large leading enterprise
in power system automation and relay protection industry. The company’s various
business areas have good opportunities for development with the country vigorously
developing strategic emerging industries，and the State Grid Corporation building a strong
and smart grid planning implementation.
This article begins with a brief overview of the financing theories in various stages of
development research and Dacheng Company status quo, and then, analyzes
systematically the resource and abilities about the company, the industry development
present situation. later, the paper describes the development course of Dacheng Company
in the capital market Since the company had been listed about more than 10 years. The
paper discovers the necessity that the corporation should firmly seize current favorable
situation. Combined with the actual situation, Dacheng Company selects reasonable
financing method in the capital market, which can quickly improve the competitive ability
of the enterprise. It can also promote the sustained and healthy development of the
enterprise.
Later on, the paper analyzes the macroeconomic environment，industry environment,
financial position of the enterprise, the choice of refinancing tool based on the theory of
refinancing etc.. Finally, the paper proposes a refinancing proposal for the company
combined with the industry competition situation of Dacheng Company, and the paper
also takes into account the company management status and proposes optimization
solution，further puts forward to answer strategy.
Keywords: Capital market Refinancing Optimization