I 摘要 融资结构也称资本结构，对于保障企业的生存及发展具有重要影响。融资结构 优化的目的在于保持企业资产负债的匹配，即实现资本结构的合理性，防止企业出 现流动性风险。从近年来国内货币政策及企业生存环境变化情况看，虽然社会融资 总量逐年增大且国家出台了对实体经济的诸多政策支持，但并非大水漫灌式的无条 件支持，与此同时，对资本规模要求相对较高的化工企业也面临着内供给侧改革调 整、行业竞争不断加剧、经济下行压力不断加大的问题。这就要求企业以科学的理 论为支撑，审视现有资本结构中存在的问题，确定最优资本结构区间，这一过程既 是对融资结构优化相关理论的运用，也是对同类企业资本结构优化的一次探索。 本文以HLHG公司为研究对象，以资本结构相关理论及国内外研究成果为基础， 通过静态及动态最优资本结构模型的定量数据分析，对照标杆企业，确定最优资本 结构区间，进而提出一定的资本结构优化建议。首先，通过对HLHG的发展历程及现 状进行了回顾梳理，同时，对其融资内外部环境进行分析，为后文揭示其融资结构 存在问题的成因奠定基础。其次，以生命周期理论锚定HLHG资本结构优化的标杆企 业，通过纵向及横向对比，确定HLHG融资结构存在的问题。然后，通过最优资本结 构定量分析模型测算了HLHG的静态最优资本结构，在此基础上进行了HLHG动态资 本结构的优化分析，期间通过定性分析得出外部环境因素对HLHG资本结构的影响。 最后，利用熵权法对公司内部因素对HLHG资本结构的量化影响进行了定量分析，静 态优化及动态优化测算所得最佳资本结构结果形成了HLHG目标最佳资本结构区间。 针对分析中得到的结论，再对HLHG的资本结构优化提出了有针对性的建议。 研究发现：HLHG公司融资结构存在的问题主要包括融资渠道过度集中、短期用 信占比过高、融资主体与资金需求主体错配、缺乏对金融机构议价能力等。盈利能力、 营运能力、成长性、股权结构、短期偿债能力五项指标为影响HLHG资本结构的主要 因素。对资本结构的定量分析发现，HLHG静态最优资本结构为35.31%，且外部环境 因素对HLHG继续增加负债起抑制作用。在此基础上，以标杆企业为参照进行动态调 整，静态最佳资本结构与调整后的最佳资本结构组成HLHG最佳资本结构区间 [35.31%,48.99%]。在以上研究的基础上，围绕对HLHG资本结构影响最为重要的5项 因素，进行资本结构优化路径设计，为HLHG资本结构优化提供借鉴。 关键词：融资结构优化；最优资本结构；融资环境 山东理工大学硕士学位论文ABSTRACT II Abstract Financingstructure,alsocalledcapitalstructure,Asthekeycontentoffinancing decisions,capitalstructurehasanimportantinfluenceonthesurvivalanddevelopmentof enterprises.Thepurposeoffinancingstructureoptimizationistokeepthematchingof assetsandliabilitiesofenterprises,thatis,torealizetherationalityofcapitalstructureand topreventtheliquidityriskofenterprises.Judgingfromthechangesindomesticmonetary policyandthelivingenvironmentofenterprisesinrecentyears,i.e.,thetotalamountof socialfinancinghasincreasedyearbyyearandmanysupportivepolicieshasbeen introducedbyStateforrealeconomydevelopment.However,thesesupportivepoliciesare notindiscriminateandunconditional.Atthesametime,relativelylargechemical companiesarealsofacinginternalsupply-sidereformsandadjustments,increasing industrialcompetition,andmountingdownwardeconomicpressure.Thisrequires enterprisestoreviewtheproblemsexistinginthecapitalstructure,anddeterminethe optimalcapitalstructureintervalbasedonscientifictheories.Thisprocessconcernsthe applicationofrelatedfinancingstructureoptimizationtheories,andisalsoanexploration ofoptimalcapitalstructureforenterprisesofthesametype. Inthispaper,theHLHGcompanywillbetakenasresearchtarget.Theauthorofthis paperdeterminestheoptimalcapitalstructureintervalbyapplyingtheoptimalcapital structuremodelandcomparingwithbenchmarkenterprisesbasedonrelevantcapital structuretheoriesanddomesticandforeignresearchresults,andthenproposessome capitalstructureoptimizationsuggestions.Firstly,thedevelopmenthistoryandstatusquo ofHLHGwerereviewed,andtheinternalandexternalfinancingenvironmentwere analyzedtoprovideevidenceforitsproblematicfinancingstructureinthenextchapter. Secondly,thebenchmarkenterpriseforHLHG'scapitalstructureoptimizationwas anchoredbasedonthelifecycletheory,andtheproblemsexistinginHLHG'sfinancing structureweredeterminedviaverticalandhorizontalcomparison.Then,thestaticoptimal capitalstructureofHLHGwascalculatedbyadoptingtheoptimalcapitalstructure quantitativeanalysismodel,basedonwhichthedynamicoptimalcapitalstructurewas performed.Duringthisprocess,theimpactofexternalfactorsonHLHG'scapitalstructure wasobtainedthroughqualitativeanalysis.Finally,anquantitativeanalysisonthe quantitativeimpactofinternalfactorsontheHLHGcapitalstructurewasconductedwith entropyweightmethod,andHLHG'soptimalcapitalstructureintervalwasdetermined 山东理工大学硕士学位论文ABSTRACT III accordingtoboththecalculatedstaticanddynamicoptimalcapitalstructureresults.Asper theconclusionsobtainedintheanalysis,theauthormadespecificsuggestionsforHLHG's capitalstructureoptimization. TheresearchfoundthattheproblemsexistinginHLHG'sfinancingstructuremainly include:excessiveconcentrationoffinancingchannels,highproportionofshort-term credit,mismatchbetweenfinancingentitiesandcapitaldemandentities,lackofnegotiation abilitywithfinancialinstitutions，etc.Profitability,operatingcapability,growth,equity structure,andshort-termsolvencyabilityarethefivemainfactorsaffectingHLHG's capitalstructure.Throughquantitativeanalysisofthecapitalstructure,itisconcludedthat HLHG‘sstaticoptimalcapitalstructureis35.31%,andexternalfactorscaninhibit HLHG'scontinuedincreaseinliabilities.Bymakingdynamicadjustmentswithreference tobenchmarkingenterprisesbasedonthisstaticdata,HLHG'soptimalcapitalstructure intervalis[35.31%,48.99%]。Onthebasisoftheaboveresearch,theoptimalpathdesign ofcapitalstructureiscarriedoutaroundthefivefactorsmostimportanttotheHLHG capitalstructureoptimization,whichprovidesreferencefortheHLHGcapitalstructure optimization. Keywords:FinancingStructureOptimization;OptimalCapitalStructure;Financing Environment 山东理工大学硕士学位论文目录 目录 摘要......................................................................................................................................I ABSTRACT..............................................................................................................................II 目录......................................................................................................................................IV 第一章引言......................................................................................................................1 1.1研究背景和意义.........................................................................................................1 1.1.1论文研究背景...................................................................................................1 1.1.2论文研究意义...................................................................................................2 1.2文献综述.....................................................................................................................2 1.2.1国外融资结构理论发展历程.............................................................................3 1.2.2国内融资结构研究现状.....................................................................................6 1.2.3文献评述.............................................................................................................7 1.3论文基本框架与方法.................................................................................................8 1.3.1论文研究框架结构...........................................................................................8 1.3.2论文研究采用方法..............................................................................................9 第二章HLHG公司简介及融资现状分析........................................................................11 2.1HLHG股份有限公司简介........................................................................................11 2.2HLHG融资结构分析................................................................................................11 2.2.1HLHG融资结构发展历程................................................................................11 2.2.3HLHG融资结构现状分析................................................................................14 2.3HLHG融资环境分析.