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论文编号：	15183
作者编号：	2320200473
上传时间：	2024/12/11 18:05:04
中文题目：	基于熵值法的R公司资本结构优化研究
英文题目：	Research on Capital Structure Optimization of R Company Based on Entropy Method
指导老师：	黄福广
中文关键字：	熵值法；资本结构；企业价值
英文关键字：	Entropy Method; Capital Structure; Enterprise Value
中文摘要：	上市公司的生存发展离不开资金的支持，公司的融资决策活动最终反映为企业的资本结构。资本结构是企业进行财务决策的关键，涉及到平衡企业中负债与权益的比例关系。本文以R公司为研究对象，以企业价值最大化为资本结构优化的最终目标，分析研究R公司的财务状况和资本结构现状，结合公司情况对公司资本结构中存在的问题提出优化路径，具有较强的现实意义。 本文首先梳理了国内外相关文献，了解目前关于资本结构优化的研究进展，介绍了资本结构的相关概念和理论，以及研究过程中使用到的优化方法；其次，介绍了R公司的基本情况和经营状况，从盈利能力、偿债能力、营运能力、发展能力四个角度分析了公司的财务状况，然后从债务资本结构、股权结构、融资结构三个方面对公司的资本结构进行纵向对比分析，并与同行业市值排名前十的优秀企业的平均值进行横向对比分析，发现R公司资本结构存在债务成本不断上升、股权结构相对集中、债务融资依赖性较高的问题；再次，对R公司的资本结构进行优化设计，先分析R公司内外部因素对资本结构的影响方向，通过动态优化模型建立影响因素的指标体系，运用熵值法对各指标进行综合评价，判断各个影响因素的熵值权重，再结合静态优化模型计算得到的最优资产负债率，综合分析判断，得到R公司的最佳资本结构区间；最后，根据发现的R公司资本结构问题，结合熵值法判断的影响因素指标的重要性，针对性的提出适合R公司的资本结构优化路径，按照融资结构、负债结构、股权结构的顺序进行资本结构优化，从而促进公司的稳定可持续发展，帮助R公司实现企业价值最大化，同时也为行业中其他公司提供参考。
英文摘要：	The survival and development of listed companies cannot be separated from the support of capital, and the company's financing decision-making activities are ultimately reflected in the capital structure of the enterprise. Capital structure is the key to financial decision-making, which involves balancing the ratio of liabilities and equity in an enterprise. This paper takes Company R as the research object, takes the maximization of enterprise value as the ultimate goal of capital structure optimization, analyzes and researches Company R's financial situation and capital structure status quo, and puts forward the optimization path of the existing problems in the company's capital structure in the light of the company's situation, which is of strong practical significance. This paper firstly combed the relevant literature at home and abroad to understand the current research progress on capital structure optimization, introduced the relevant concepts and theories of capital structure and the optimization methods used in the research process; secondly, it introduced the basic situation and operating conditions of Company R, analyzed the company's financial situation from four perspectives of profitability, solvency, operating capacity, and development capacity, and then analyzed the company's financial situation from the perspective of debt capital structure, equity structure, financing structure, three aspects of the company's capital structure of the vertical comparative analysis, and with the same industry market capitalization of the average value of the top ten outstanding enterprises in the horizontal comparative analysis, found that the capital structure of R company there is a rising cost of debt, the equity structure of the relatively centralized, the dependence on debt financing is higher; again, the optimization of the design of the capital structure of the company R, firstly, to analyze the R company internal and external The direction of the influence of internal and external factors on the capital structure of Company R is analyzed first, the index system of the influencing factors is established through the dynamic optimization model, the entropy value method is applied to the comprehensive evaluation of the indicators, the entropy weight of each influencing factor is judged, and the optimal asset-liability ratio obtained by combining with the static optimization model is analyzed comprehensively to obtain the optimal capital structure interval of Company R. Finally, according to the found capital structure problems of Company R, the importance of the indicators of the influencing factors judged by the entropy method is combined with the entropy method. Finally, based on the found capital structure problems of Company R, combined with the importance of the influential factor indicators judged by the entropy value method, the capital structure optimization path suitable for Company R is proposed in a targeted way, and the optimization of capital structure is carried out according to the order of the financing structure, the debt structure, and the equity structure, so as to promote the company's stable and sustainable development, help Company R to realize the maximization of the enterprise value, and at the same time, provide references for other companies in the industry.
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