【摘要】：BDH股份有限公司是我國農(nóng)業(yè)龍頭企業(yè)的代表。公司有著強大的母公司——黑龍江省農(nóng)墾集團作支撐，近些年其產(chǎn)品在市場上占有率很高，并得到了消費者的好評。隨著公司產(chǎn)品的熱銷、地位的不斷提升，公司經(jīng)營中的問題也日益凸顯出來。2012、2013年公司經(jīng)歷了嚴重的虧損，作為上市公司，公司的治理和財務(wù)狀況飽受股民的置評。除了公司內(nèi)部監(jiān)管不嚴，公司的財務(wù)狀況堪憂。公司融資結(jié)構(gòu)不平衡，籌集的資金中存在大量借款并且90%以上都是短期借款，這為企業(yè)的經(jīng)營帶來了極大的風(fēng)險。隨著行業(yè)競爭的加劇，本身農(nóng)業(yè)行業(yè)利潤率低，加之其受天氣、國家和金融機構(gòu)的影響，使得公司要盡量完善經(jīng)營治理，優(yōu)化融資結(jié)構(gòu)，，降低風(fēng)險。BDH股份有限公司作為中國農(nóng)業(yè)上市公司的“第一藍籌股”，其地位是顯而易見的。多少中小農(nóng)業(yè)企業(yè)都在以它作為標桿，但是近兩年來公司的問題頗多，在資本運作上的問題使得企業(yè)陷入了風(fēng)險并已經(jīng)導(dǎo)致嚴重虧損，必須要盡快解決問題。 基于BDH股份有限公司融資結(jié)構(gòu)上存在的的問題，本文首先闡述了課題的研究背景、研究目的及意義，結(jié)合國內(nèi)外研究現(xiàn)狀，將理論與實際相結(jié)合，提出本文的研究方法、研究內(nèi)容。接下來，分析BDH公司的概況、融資結(jié)構(gòu)的現(xiàn)狀、存在的問題及成因，使讀者對BDH股份有限公司的融資有一個初步的了解。然后分析公司宏觀和微觀的融資環(huán)境。宏觀環(huán)境包括整個行業(yè)的情況、政府對公司融資的影響和金融機構(gòu)的影響。宏觀環(huán)境是決定公司能否順利融資的基礎(chǔ)，在整個經(jīng)濟形勢不樂觀的情況下企業(yè)的融資活動進行起來也十分困難。融資的微觀環(huán)境則包括對企業(yè)經(jīng)營狀況、財務(wù)狀況及信息披露和信用狀況的分析。接下來利用灰色線性規(guī)劃模型，收集公司關(guān)于融資成本、渠道金額等數(shù)據(jù)，并進行數(shù)據(jù)處理，為企業(yè)設(shè)計出資本成本最低的融資結(jié)構(gòu)，并對設(shè)計結(jié)構(gòu)進行評析，估測其可行性。最后對企業(yè)的經(jīng)營治理提出一定的建議，尤其是在融資及資本運作方面，推動公司融資改革，嚴格把關(guān)公司內(nèi)部經(jīng)營管理，使公司更健康的發(fā)展。
[Abstract]:BDH Co., Ltd. is the representative of the leading agricultural enterprises in China. The company has a strong parent company, Heilongjiang Provincial Agricultural Reclamation Group as support, in recent years, its products in the market share is very high, and has been well received by consumers. As the company's products are selling well and its status continues to rise, the problems in the company's operations are becoming increasingly prominent. In 2012 and 2013, the company experienced serious losses, and as a listed company, the company's governance and financial position have been commented by shareholders. In addition to the company's internal supervision is not strict, the company's financial situation is worrying. The financing structure of the company is unbalanced, there are a lot of loans in the funds raised and more than 90% of them are short-term loans, which brings great risks to the operation of the enterprise. With the aggravation of industry competition, the low profit margin of agricultural industry, coupled with the influence of weather, state and financial institutions, makes companies try their best to improve management, optimize financing structure and reduce risk. BDH Co., Ltd., as the "first blue chip" of listed agricultural companies in China, its position is obvious. How many small and medium-sized agricultural enterprises are using it as the benchmark, but in the past two years, there are many problems in the company. The problems in capital operation make enterprises fall into risks and have led to serious losses, so we must solve the problem as soon as possible. Based on the problems existing in the financing structure of BDH Co., Ltd., this paper first expounds the research background, purpose and significance of the subject, combined with the research status at home and abroad, combines theory with practice, and puts forward the research methods and contents of this paper. Next, it analyzes the general situation of BDH Company, the present situation of financing structure, the existing problems and its causes, so that readers can have a preliminary understanding of the financing of BDH Co., Ltd. Then analyze the macro and micro financing environment of the company. The macro environment includes the industry as a whole, the impact of the government on corporate financing and the impact of financial institutions. Macro environment is the basis of determining whether the company can finance smoothly, and it is very difficult to carry out the financing activities of the enterprise under the condition that the whole economic situation is not optimistic. The micro environment of financing includes the analysis of business situation, financial situation, information disclosure and credit status. Then the grey linear programming model is used to collect the data of financing cost and channel amount of the company, and the data processing is carried out to design the financing structure with the lowest capital cost for the enterprise, and to evaluate the design structure and estimate its feasibility. Finally, some suggestions are put forward for the management of the enterprise, especially in the aspects of financing and capital operation, promoting the financing reform of the company, strictly checking the internal management of the company, so as to make the company develop more healthily.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F324;F302.6

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