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论文编号：	10555
作者编号：	2120163229
上传时间：	2018/12/6 22:17:41
中文题目：	天津市自来水集团有限公司资本结构调整问题研究
英文题目：	Capital Structure Adjustment Research on Tianjin Water Group Company
指导老师：	陈国欣
中文关键字：	水务行业;资本结构;融资困境;盈利能力
英文关键字：	water sector;capital structure;financing difficulties;profitability
中文摘要：	天津市自来水集团有限公司，在天津地区居于水务行业的垄断地位，是一种典型的公共事业性质的企业，它具备地域局限、自然垄断、价格受国资委管控的特点，是一类比较特殊的企业。笔者在为天津市自来水集团有限公司办理银行授信业务的过程中发现，该企业自2014年起集团整体持续亏损，平均年利润在负4亿元左右，而对外负债规模过高，从2014年开始资产负债率已经突破75%。在这种情况下，企业存在着越融资亏损越快的问题。企业资金紧张，需要外部融资投入，但外部融资投入得越多，净资产报酬率反而下跌得越快。净资产报酬率越是下跌，企业越是难以通过日常经营积累资金来弥补自身的资金缺口，企业越是需要外部融资。 本文以天津市自来水集团为研究对象，通过理论结合实际的方法对其进行研究。通过收集天津市自来水集团的相关财务数据，对其财务业绩表现进行分析，并剖析当前内外部环境变化为其带来的资金压力。通过这些分析，发现企业存在严重的资本结构不合理问题，财务杠杆过高，财务风险过大。要解决其融资越多亏损越快的问题，需要调整它的资本结构，降低财务杠杆。同时，为了保证吸引投资人向其投资，企业还需要提高自身盈利能力，通过压降人工费用、制造成本和财务费用，盘活资产，实现盈利能力的提升。这还将促使企业的自身“造血”能力提升，有助于进一步降低财务杠杆，实现资本结构向更合理的方向调整。本文希望通过对天津市自来水集团的资本结构问题研究，能实现为其降低财务杠杆、走出多次融资仍然亏损的困境的目的。此外，供水行业属于一种典型的公用事业行业，通过对天津市自来水集团有限公司融资困境的实质性问题研究的思路，希望能对同样为公用事业行业的电力、燃气、公用交通等行业的融资困境解决和资本结构合理化提供一定的参考。
英文摘要：	Tianjin Water Group Company, a typical public utility enterprise, occupies a monopoly position in the water industry in Tianjin area. It has the characteristics of "regional limitation, natural monopoly" and "price controlled by sasac", and is a special kind of enterprise. The author found in the process of handling bank credit business for the Tianjin Water Group Company that since 2014, the Company had been losing money, with an average annual profit of about minus 400 million yuan, at the same time the external debt scale is too high, and the asset-liability ratio has exceeded 75% since 2014. In this case, the enterprise problem is the more financing, the faster the losss. The enterprise is short of capital and needs external financing input. However, the more external financing input, the faster the return rate of net assets declines. The more the return rate of net assets declines, the more difficult it is for an enterprise to make up its capital gap by accumulating funds through daily operations, and the more the enterprise needs external financing. This paper takes the Tianjin Water Group Company as the research object and studies it through theory and practical methods. Through the collection of relevant financial data of the Tianjin Water Group Company, it analyzes its financial performance and analyzes the pressure brought by the current internal and external environmental changes. Through these analyses, it is found that the enterprise has serious problem of unsuited capital structure, excessive financial leverage and excessive financial risk. To solve the problem that the more its financing, the faster its loss, it needs to adjust its capital structure and reduce its financial leverage. At the same time, in order to attract investors to invest in it, enterprises also need to improve its profitability by reducing labor costs, manufacturing costs and financial expenses and reactivating assets to improve profitability. This will also promote the improvement of enterprises' own "hematopoietic" ability, which will help further reduce financial leverage and achieve the capital structure like a more suited direction adjustment. This paper hopes that by studying the capital structure of tianjin water group, it can realize the goal of reducing financial leverage and getting out of the predicament that the repeated financing remains a loss.In addition, the water supply industry is a typical utility industry. Through to the financing dilemma of the substantive issues of research ideas on the Tianjin Water Group Company, It is hoped to provide certain reference for solving financing difficulties and rationalizing capital structure of power, gas, public transportation and other industries in the utility industry.
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