Dissertation Submitted to
Hebei GEO University
for
The Master Degree of
Here Is The Subject You Engage in
Research On Capital Structure Optimization of SF Holding
by
Name of Author
Lu Jingmin
Supervisor: Prof. Name
Zhang Jugang
Month Year
December.2021

河北地质大学硕士学位论文
摘要
资本结构优化是企业动态的永恒的课题，是企业主动适应环境变化，追求自身稳
健发展的客观需要。在我国快递物流行业规模巨大，前景广阔，是我国国民经济和社
会发展中重要的一环。顺丰控股凭借自身在综合物流和智能物流中的竞争优势，成为
快递物流行业的领头羊。因此选择顺丰控股的资本结构优化研究具有重大的现实意
义。
本文首先总结和回顾了资本结构优化的相关理论；然后分析了顺丰控股的内外部
环境，在此基础上通过对顺丰控股资本结构进行横向纵向分析，发现其资本结构存在
负债规模较大、负债结构不合理、股权结构集中、内源融资不足等问题；然后利用多
目标线性规划进行静态优化，利用熵权法进行动态优化，最后得出最优资本结构区间，
并提出相应的优化措施，包括：保持资本结构弹性、合理配置债务结构、增加内源资
本规模、优化股权结构、推动金融创新五项措施。
关键词：顺丰控股；资本结构优化；问题及对策
I

顺丰控股资本结构优化研究
ABSTRACT
The optimization of capital structure is an eternal subject of enterprise dynamics. It is
the objective need for enterprises to actively adapt to environmental changes and pursue
their own steady development. In China, the express logistics industry has a huge scale and
broad prospects. It is an important link in China's national economic and social
development. With its competitive advantages in integrated logistics and intelligent
logistics, SF Holdings has become a leader in the express logistics industry. Therefore, the
research on the optimization of capital structure of SF holdings is of great practical
significance.
Firstly, this paper summarizes and reviews the relevant theories of capital structure
optimization; Then it analyzes the internal and external environment of SF holdings. On
this basis, through the horizontal and vertical analysis of SF Holdings' capital structure, it is
found that its capital structure has some problems, such as large debt scale, unreasonable
debt structure, centralized ownership structure, insufficient internal financing and so on;
Then, multi-objective linear programming is used for static optimization, and entropy
weight method is used for dynamic optimization. Finally, the optimal capital structure
interval is obtained, and the corresponding optimization measures are put forward,
including five measures: optimizing the overall capital structure, reasonably allocating debt
structure, increasing the scale of endogenous capital, optimizing ownership structure and
promoting financial innovation.
KEYWORDS:SF holdings
Capital structure optimization
Problems and
Countermeasures
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