L集团公司融资策略研究
摘
要
中小企业是我国国民经济的支柱产业，是促进社会主义市场经济健康发展的根本，
是中国经济发展中极其重要的微观主体。其每年上缴的税收占我国的税收总收入的 50%
以上，占国内生产总值的 60%以上，占技术创新成果的 70%以上，解决了 80%以上的劳
动就业力，作为中国经济的基本面，其放贷金额只占信贷总额的 8%。如何改变这种不
公平的资源分配，使具有一定抵御风险的中小企业摆脱经营困难、缓解经营资本不足、
拓宽其融资渠道，是目前我国经济体制急需解决的问题。
本论文以 L集团公司作为个案，探讨研究其融资策略。在整理国内外相关文献之后，
提出本文的理论依据。通过对企业经营状况、财务状况和融资状况的分析，找出问题所
在，并利用财务指标对企业进行战略规划，并为集团提供融资支持。
本文从资本构成与公司的生命周期角度出发，结合 L集团公司发展各个时期的特点，
对 L集团融资策略进行优化与完善，提出合理、适配的融资策略组合建议。建议 L集团
将融资策略与企业战略相结合，通过多种方式开展融资行为，实现资本结构的优化、筹
资费用的合理化，并健全其融资风险管理制度，实现科学的融资策略，从而推动公司健
康可持续发展。
本文主要研究的内容如下：（1）L集团涉及的产业广，其中高科技健康产业和乡
村综合体建设项目的初始投资金额较大，且资金回笼时间长，投入产出比率较低，这将
成为制约公司发展的主要原因。进一步将其与公司的生命周期阶段相联系，发现 L集团
发展过程中各个时期的融资策略的选取和问题。着重对融资的及时性、规模适度性、方
式合理性和风险可控性进行了研究。（ 2）L集团公司之所以能快速成长，主要是因为
资本发挥了关键作用。充分发挥自身优势，拓宽融资渠道，为公司的战略性发展打下良
好的根基。从传统的融资策略转变为积极的融资策略，虽然可以保证公司的现金流量，
但是资本的高投入会对公司的盈利造成较大的影响，需要从过度依赖债权性融资转为扩
大权益性融资、提高企业的盈利能力，减轻财务负担。（ 3）L集团融资策略对于其他
多元化企业值得借鉴。其主要意义在于：公司的融资规模与公司的发展战略目标相一致，
其融资结构要和公司的各个生命周期相互契合，融资方法和公司的竞争能力相辅相成。
关键词：融资方式；融资策略；企业生命周期理论；L集团
I
Abstract
Abstract
Small and medium-sized enterprises (smes) are the pillar industries of China's national
economy, the foundation to promote the sound development of socialist market economy, and
the extremely important micro-subjects in China's economic development. Its annual tax
revenue accounts for more than 50 percent of China's total tax revenue, 60 percent of GDP, 70
percent of technological innovation achievements, and more than 80 percent of labor force.
As the fundamentals of China's economy, its loan amount only accounts for 8 percent of the
total credit. How to change the unfair distribution of resources, make small and medium-sized
enterprises with certain risk to get rid of management difficulty, alleviate the capital shortage
and widen their financing channel is an urgent problem for our economic system.
This thesis takes L Group Company as a case to discuss its financing strategy. After
sorting out the relevant literature at home and abroad, the theoretical basis of this thesis is put
forward. Through the analysis of the enterprise's operating conditions, financial conditions
and financing status, find out the problems, and use financial indicators to make strategic
planning for the enterprise, and provide financing support for the group.
This thesis, from the perspective of capital composition and the life cycle of the company,
combined with the characteristics of L Group's development in each period, optimized and
improved the financing strategy of L Group, and put forward reasonable and suitable
financing strategy combination suggestions. It is suggested that L Group combine financing
strategy with corporate strategy, carry out financing behavior through various ways, optimize
the capital structure, rationalize the financing cost, improve its financial risk management
system, and realize scientific financing strategy, so as to promote the healthy and sustainable
development of the company.
The main contents of this thesis are as follows: (1) L Group involves a wide range of
industries, among which the initial investment amount of high-tech health industry and rural
complex construction projects is large, the capital return time is long, and the input-output
ratio is low, which will become the main reasons restricting the development of the company.
By further associating it with the life cycle stage of the company, the selection and problems
of financing strategies in various periods during the development of L Group are found. The
thesisfocuseson thetimeliness,scaleappropriateness,mode rationalityandrisk
controllability of financing. (2) L Group Company can grow rapidly because its capital plays
II
L集团公司融资策略研究
a key role. Give full play to its own advantages, broaden financing channels, and lay a good
foundation for the company's strategic development. The change from traditional financing
strategy to active financing strategy can guarantee the company's cash flow, but the high
capital input will have a great impact on the company's earnings. Therefore, it is necessary to
change the excessive reliance on creditor financing to expand equity financing, improve the
company's profitability and reduce the financial burden. (3) L Group's financing strategy is
worthy of reference for other diversified enterprises. Its main significance is that the
company's financing scale is consistent with the company's development strategic goals, its
financing structure should be in line with the company's various life cycles, and the financing
method and the company's competitiveness are complementary.
Key Words:Financing mode;Financing strategy;Enterprise lifecycle theory;
Enterprise group L
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