随着我国科技的不断进步，我国的国际化分工地位不断提升，在新的发展 阶段，我国的人力资本、科技创新、发展模式、基础设施、资金供给等能力在 持续增加，在资本技术乃至知识密集型产品、产业、产业链环节的比较优势正 在形成并不断强化，要素禀赋和比较优势向产业链中高端升级。受此影响，我 国由被动承接国际产业转移、被动接受国际产业分工，转向主动进行国际分工。 另外，我国已成为全球最大的生产制造基地，是制造业产能最大并且增长最快 的国家。我国大部分产能过剩的产业位于产业链的中低端部分，进入门槛不高， 在需求扩大的情况下，能在短时间内迅速形成较大规模的新产能，但当需求变 化时，就会形成过剩产能。我国的国际产能合作主要涉及钢铁、建材、有色、 水泥、石化、轨道交通、电力等行业，这些行业的产能转移需要大量的资金。 但是这些产业都或多或少面临着融资的困难。而且，传统的融资模式已经很难 满足企业在“走出去”过程中多样化的融资需求。 基于此，本文以企业境外融资的方式选择为出发点，梳理了在境外发达资 本市场和欠发达资本市场融资的方式及优缺点，并以EI公司为例进行分析，介 绍公司的基本情况、财务状况、投资情况以及融资的情况，通过模糊层次分析 法、专家评价法等方法对六种影响EI企业境外融资的因素和七种适合EI的融 资方案进行定量分析，评价了其各种融资模式，得出适合EI公司的各种方案的 优次顺序。即优先选择的融资方案为内源融资，其次是内保外贷等债权融资模 式，最后为股权融资。这一方面验证了融资优序理论依然适用于我国参与国际 产能合作的境外项目，另一方面也为EI公司选择融资顺序提供了理论依据，最 后，从企业层面和金融机构层面分别提出了相应建议。 关键词：国际产能合作；境外融资；融资模式；模糊层次分析法 昆明理工大学专业学位硕士学位论文国际产能合作背景下企业境外融资模式选择研究 III Abstract WiththecontinuousprogressofChina'sscienceandtechnology,China's internationaldivisionoflaborstatushasbeencontinuouslyimproved.Inthenew developmentstage,China'scapabilitiesinhumancapital,technologicalinnovation, developmentmodel,,infrastructure,capitalsupply,etc.continuetoincrease.The comparativeadvantagesoftechnologyandevenknowledge-intensiveproducts, industries,andindustrialchainlinksarebeingformedandconstantlystrengthened, andfactorendowmentsandcomparativeadvantagesarebeingupgradedtothe mid-to-highendoftheindustrialchain.Affectedbythis,Chinahasshiftedfrom passivelyacceptinginternationalindustrialtransfersandpassivelyaccepting internationalindustrialdivisionoflabortoturningtoactiveinternationaldivisionof labor.Inaddition,Chinahasbecometheworld'slargestmanufacturingbaseandthe countrywiththefastestandlargestmanufacturingcapacitygrowth.Mostindustries withovercapacityinChinaarelocatedinthemiddleandlowendoftheindustrial chain,andtheentrybarrierisnothigh.Inthecaseofexpandingdemand,large-scale newproductioncapacitycanbequicklyformedinashorttime,butwhenthedemand changes,itwillFormexcesscapacity.China'sinternationalcapacitycooperation mainlyinvolvesindustriessuchassteel,buildingmaterials,nonferrousmetals, cement,petrochemicals,railtransportation,andelectricity.Thetransferofcapacity intheseindustriesrequiresalargeamountofcapital.Buttheseindustriesaremoreor lessfacedwithfinancingdifficulties.Moreover,thetraditionalfinancingmodelhas beendifficulttomeetthediversifiedfinancingneedsofenterprisesinthe"going out"process. Basedonthis,thisthesisstartsfromthechoiceofenterprises'overseas financingmode,combstheadvantagesanddisadvantagesoffinancingmodein overseasdevelopedcapitalmarketandunderdevelopedcapitalmarket,andtakesEI companyasanexampletoanalyze,introducesthebasicsituation,financialsituation, investmentsituationandfinancingsituationofthecompany,andmakesananalysis onsixaspectsthroughfuzzyanalytichierarchyprocessandexpertevaluation methodBasedonthequantitativeanalysisofsevenkindsoffactorsthataffectthe 昆明理工大学专业学位硕士学位论文国际产能合作背景下企业境外融资模式选择研究 IV overseasfinancingofEIenterprisesandsevenkindsoffinancingschemesthatare suitableforEI,thispaperevaluatesvariousfinancingmodesandobtainsthepriority orderofvariousschemes.Thatistosay,thepreferredfinancingschemeis endogenousfinancing,followedbydebtfinancingmodesuchasinternalguarantee andexternalloan,andfinallyequityfinancing.Ontheonehand,itverifiesthatthe theoryoffinancingpriorityisstillapplicabletooverseasprojectsinwhichChina participatesininternationalproductioncapacitycooperation,ontheotherhand,it providestheoreticalbasisforEIcompaniestochoosefinancingorder.Finally,itputs forwardcorrespondingsuggestionsfromtheenterpriselevelandfinancialinstitution levelrespectively. Keywords:internationalcapacitycooperation；overseasfinancing； financingmode；FAHP 昆明理工大学专业学位硕士学位论文国际产能合作背景下企业境外融资模式选择研究 目录 摘要..................................................................................................................................................I Abstract...............................................................................................................................................III 第一章绪论.......................................................................................................................................1 1.1研究的背景及意义..............................................................................................................1 1.1.1研究的背景...............................................................................................................1 1.1.2研究的意义...............................................................................................................2 1.2文献综述..............................................................................................................................2 1.2.1国外文献综述...........................................................................................................2 1.2.2国内文献综述...........................................................................................................4 1.2.3文献述评...................................................................................................................6 1.3研究内容、思路及方法......................................................................................................6 1.3.1研究内容...................................................................................................................6 1.3.2研究思路...................................................................................................................7 1.3.3研究方法...................................................................................................................8 1.4研究的创新与不足..............................................................................................................9 1.4.1论文的创新...............................................................................................................9 1.4.2论文不足之处与展望...............................................................................................9 第二章相关概念与理论基础.........................................................................................................11 2.1国际产能............................................................................................................................11 2.1.1国际产能的概念.....................................................................................................11 2.1.2我国国际产能合作的条件.....................................................................................12 2.1.3国际产能合作方式.................................................................................................13 2.2融资相关理论....................................................................................................................14 2.2.1MM理论..................................................................................................................14 2.2.2代理成本理论.........................................................................................................14 2.2.3优序融资理论.........................................................................................................14 2.2.4比较优势投资理论...................................................................