【摘要】：黨的十八屆三中全會(huì)《決定》提出健全多層次資本市場(chǎng)體系，指出健全多層次資本市場(chǎng)是完善現(xiàn)代市場(chǎng)體系的重要內(nèi)容，也是促進(jìn)我國(guó)經(jīng)濟(jì)轉(zhuǎn)型升級(jí)的一項(xiàng)戰(zhàn)略任務(wù)。在現(xiàn)代社會(huì)主義市場(chǎng)經(jīng)濟(jì)不斷發(fā)展的情況下，企業(yè)在發(fā)展中遇到越來(lái)越多的難題，其中，資金缺乏是影響企業(yè)發(fā)展的一個(gè)致命問(wèn)題，而企業(yè)往往因?yàn)檎也坏胶线m的融資渠道，而造成融資困難，融資成本居高不下。 吉林化纖股份有限公司系經(jīng)吉林省經(jīng)濟(jì)體制改革委員會(huì)批準(zhǔn)，由吉林化學(xué)纖維廠為獨(dú)家發(fā)起人，采取定向募集方式設(shè)立的股份制企業(yè)。1996年7月在深交所掛牌上市。吉林化纖是吉林省上市較早且發(fā)展較好的企業(yè)，但吉林化纖仍以銀行貸款等間接融資方式為主，10年來(lái)僅通過(guò)資本市場(chǎng)等直接融資工具融資一次。如何提高上市公司的可持續(xù)發(fā)展能力，尤其是保護(hù)一些處于轉(zhuǎn)型發(fā)展期的優(yōu)質(zhì)企業(yè)及其品牌，解決其在公司發(fā)展轉(zhuǎn)型過(guò)程中存在的融資問(wèn)題，一直值得我們思考和研究。 由于目前我國(guó)資本市場(chǎng)不夠完善，銀行體系高度集中，我國(guó)現(xiàn)有大部分上市公司在融資渠道選擇方面都存在著問(wèn)題，公司除首發(fā)上市時(shí)在資本市場(chǎng)募集資金，公司日常經(jīng)營(yíng)中仍以銀行貸款等間接融資為主，，沒(méi)有充分對(duì)現(xiàn)有融資制度進(jìn)行有效管理，采取切實(shí)有效的融資方式，發(fā)揮股權(quán)、債權(quán)融資等資本市場(chǎng)直接融資工具的作用。 本文以吉林化纖股份公司為研究對(duì)象，利用文獻(xiàn)分析法和實(shí)證研究分析法，對(duì)吉林化纖存在的融資渠道現(xiàn)狀及存在的融資渠道單一、對(duì)銀行貸款依賴性大，銀行信貸中以短期貸款為主、長(zhǎng)期貸款規(guī)模小，銀行貸款以母公司為主、子公司貸款能力弱等問(wèn)題進(jìn)行描述的情況下，總結(jié)分析出融資品種利用不充分、融資區(qū)域存在局限、資本結(jié)構(gòu)控制不合理等因素導(dǎo)致企業(yè)的融資渠道存在問(wèn)題，從而結(jié)合國(guó)內(nèi)外對(duì)上市公司融資問(wèn)題和融資渠道選擇的先進(jìn)成果，有針對(duì)性的找出了充分利用直接融資、擺脫融資區(qū)域局限、完善公司治理結(jié)構(gòu)、強(qiáng)化融資風(fēng)險(xiǎn)防范等應(yīng)對(duì)措施及實(shí)施保障。 從本文的研究分析看，吉林化纖作為上市公司具有較寬闊的融資渠道可以選擇，公司只要充分的利用資本市場(chǎng)的直接融資渠道，擺脫出現(xiàn)有的融資區(qū)域局限，通過(guò)完善公司直接結(jié)構(gòu)，科學(xué)合理的選擇適合公司發(fā)展的融資渠道，通過(guò)不斷的開(kāi)拓探索，在科學(xué)的風(fēng)險(xiǎn)評(píng)估標(biāo)準(zhǔn)的依照參考下，為公司找尋出一條更加適合自己的多層次的融資渠道組合，推動(dòng)公司更好的轉(zhuǎn)型升級(jí)和持續(xù)發(fā)展。
[Abstract]:The third Plenary session of the 18th CPC Central Committee proposed to perfect the multi-level capital market system, pointing out that perfecting the multi-level capital market is an important content of perfecting the modern market system, and it is also a strategic task to promote the economic transformation and upgrading of our country. With the continuous development of the modern socialist market economy, enterprises are encountering more and more difficulties in their development. Among them, the lack of funds is a fatal problem affecting the development of enterprises, and enterprises often find suitable financing channels because they cannot find suitable financing channels. But causes the financing difficulty, the financing cost is high. Jilin Chemical Fiber Co., Ltd. is a joint-stock enterprise, which was approved by Jilin Province Economic system Reform Commission and established by Jilin Chemical Fiber Factory as the sole sponsor. It was listed on Shenzhen Stock Exchange in July 1996. Jilin chemical fiber is an early listed and well-developed enterprise in Jilin Province, but Jilin chemical fiber is still mainly indirect financing methods such as bank loans. In the past 10 years, only one direct financing instrument such as capital market has been used to finance Jilin chemical fiber. How to improve the ability of sustainable development of listed companies, especially to protect some high-quality enterprises and their brands in the period of transformation and development, and to solve the financing problems existing in the process of development and transformation of the company, is always worth our consideration and study. Because the capital market in our country is not perfect and the banking system is highly concentrated at present, most of the listed companies in our country have problems in the choice of financing channels. In addition, the companies raise funds in the capital market when they are listed in the first listing. In the daily operation of the company, indirect financing, such as bank loans, is still the main factor, and the existing financing system is not adequately managed, and effective financing methods are adopted to play the role of direct financing tools in the capital market, such as equity, creditor's rights financing and so on. This paper takes Jilin Chemical Fiber Co., Ltd. as the research object, using the literature analysis method and the empirical research analysis method, to the Jilin chemical fiber existence financing channel present situation and the existence financing channel single, to the bank loan dependence, the article takes Jilin chemical fiber stock company as the research object, The bank credit is mainly short term loan, the long term loan scale is small, the bank loan is mainly the parent company, the subsidiary company's loan ability is weak and so on. Some factors such as unreasonable control of capital structure lead to the problems in financing channels of enterprises, so as to combine the advanced achievement of financing problems and financing channel selection of listed companies at home and abroad to find out how to make full use of direct financing. To get rid of the regional limitation of financing, to perfect the corporate governance structure, to strengthen the financing risk prevention and other countermeasures and implementation protection. From the research and analysis of this paper, Jilin chemical fiber as a listed company has a wide range of financing channels to choose, as long as the company makes full use of the direct financing channels of the capital market to get rid of the financing region limitations. By perfecting the direct structure of the company, scientifically and reasonably selecting the financing channels suitable for the development of the company, through continuous exploration, under the scientific risk assessment standard, according to the reference, For the company to find a more suitable for their own multi-level portfolio of financing channels to promote better transformation and sustainable development of the company.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F406.7;F426.72

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