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论文编号：	14559
作者编号：	2120223729
上传时间：	2024/6/2 10:50:17
中文题目：	HY国有企业集团融资管理问题及对策研究
英文题目：	Research on Financing Management of HY State-Owned Enterprises Groups
指导老师：	张晓农
中文关键字：	国有企业；市政建设企业；融资管理；融资结构
英文关键字：	State-Owned Enterprises；Municipal Construction Companies； Financing Management；Financing Structure
中文摘要：	近年来，在中国经济转型升级的背景下，中国经济发展正处于结构性改革的阵痛期，又由于新冠肺炎疫情、地缘政治等多种不可控因素的影响，不仅各地方政府债务压力较大，作为中国社会主义经济建设重要支柱的国有企业，因受到市场经济下行与政府职能压力的双重影响，也整体呈现经营性现金流入不足的情况。而在现如今“现金为王”的市场经济趋势下，资金充足对企业可持续发展至关重要。 特别是国有市政企业，一方面由于其行业特点，呈现项目周期长、资金需求量大、经营风险高等特点；另一方面，国有市政建筑企业为贯彻国家决策部署的行政职能，大量承接土地整理项目，但是项目收益需经项目建设完工以及招标、拍卖、挂牌等出让流程后才能取得，资金沉淀期长；同时，承接的政府代建项目，收益低、资金回收期长，均导致国有市政企业面临着巨大的资金压力。企业为维持生存，不得不采取各类融资手段获取资金支持。因此，融资管理是保证资金系统健康运转的重中之重。然而，现阶段国有市政公司在融资管理过程中却面临诸多问题。本文选择了一家大型国有市政公司—HY集团公司（以下简称“HY集团”）作为研究主体，针对其融资管理问题及对策展开研究。 本文首先通过对融资管理相关概念及理论进行概述，了解国内外专家学者对融资管理方向的研究现状；其次，本文以HY集团为实际案例，选择理论结合实践的方式，通过了解HY集团的历史沿革、组织架构、业务板块、经营现状，进一步了解其融资决策背景，再通过分析HY集团的融资结构、融资渠道、融资效率以及偿债能力了解HY集团的融资管理现状；再次，通过上述背景分析，发现HY集团存在融资结构不合理、融资渠道单一、融资效率低、融资风险防控能力不足等一系列问题，并进一步探究其问题产生的根本原因；最终，针对以上问题及原因分析，为企业提供一系列的融资管理改进策略，从而完善公司融资管理体系，优化融资结构，防控融资风险，提升融资资金使用绩效，推动企业高质量、可持续发展。
英文摘要：	In recent years, against the backdrop of China's economic transformation and upgrading, the country's economic development is undergoing the throes of structural reform. Influenced by uncontrollable factors such as the COVID-19 pandemic and geopolitical tensions, various local governments have accumulated high levels of debt. Meanwhile, state-owned enterprises, as an important pillar of China's socialist economic construction, are facing a situation where their overall operational cash flow is insufficient due to the dual impact of a weak market economy and government function pressures. In today's market economy trend of "cash is king," sufficient funds are crucial for the sustainable development of enterprises. Especially for state-owned municipal construction enterprises, on the one hand, they belong to industries that are capital-intensive and labor-intensive, exhibiting characteristics such as long project cycles, significant capital requirements, and high operational risks. On the other hand, state-owned municipal construction enterprises, as part of fulfilling the administrative functions of implementing national decisions, undertake numerous land construction projects. its land transfer fee income of its land consolidation project needs to be obtained through processes such as "bidding, auction, and hanging", and the capital settlement period is long. At the same time, they also need to under government projects, these projects often yield low returns and have extended capital recovery periods, contributing to significant financial pressures on state-owned municipal enterprises. In order to maintain their survival, these enterprises have to resort to various financing methods to secure financial support. Therefore, financing management becomes a critical aspect in ensuring the healthy operation of the financial system. However, state-owned municipal companies currently face numerous challenges in the process of financing. This study focuses on a large state-owned municipal company—HY Group Co., Ltd. (The following will be referred to as "HY Group")—as the research subject, delving into the issues and strategies related to its financing management. This article starts by providing an overview of the concepts and theories related to financing management, exploring the current research status of domestic and foreign experts and scholars in the direction of bond financing management. Subsequently, using HY Group as a practical case, the article combines theory with practice by understanding the historical development, organizational structure, business sectors, and operational status of HY Group. This provides a deeper understanding of the background of their financing decisions. Through the analysis of HY Group's financing structure, financing channels, financing efficiency, and debt repayment capabilities, the current state of their financing management is further explored. Furthermore, based on the background analysis, the article identifies a series of issues within HY Group, such as an unreasonable financing structure, a single financing channel, low financing efficiency, and insufficient risk prevention and control capabilities. The article then further explores the fundamental reasons behind these problems. In conclusion, taking into account the identified issues and root causes, a series of improvement strategies for financing management are provided for the enterprise. These strategies aim to improve the company's financing management system, optimize financing structure, control financing risks, enhance the efficiency of financing fund utilization, and promote high-quality and sustainable development of the enterprise.
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