论文总字数：15889字

摘 要

本文基于宏图高科2011-2014年年度财务报告的报表数据，建立“债务结构-公司绩效-投资行为-财务风险”的理论框架，运用规范分析法与个案研究法，分析债务结构相关理论对高新技术企业的适用性，从债务比例、债务期限和债务来源这三个维度分析债务结构对企业绩效、投资行为和财务风险的影响。研究结果表明：宏图高科债务结构不合理，债务融资对企业经营决策的监督制约效力弱化，其中短期债务较多，对企业持续发展有积极作用，银行借款对企业持续发展有负面影响。对此提出建议：适度提高宏图高科总体债务水平；适当延长宏图高科的债务期限；完善宏图高科债务来源内部结构。

关键词：债务结构 公司绩效 投资行为 财务风险

Abstract

Based on the report data from Hongtugaoke 2011-2014 Annual Financial Report,this article establishes a theoretical framework which is called “debt structure - corporate performance - investment behavior - financial risk”.The innovation of this paper is from three aspects.Firstly,the article analyzes the applicability of the theories of the debt structure in the high-tech enterprises.In addition, this article tests the impact of the debt structure on corporate governance , investment behavior and financial risks from three dimensions which are debt ratios, debt maturities and debt sources by normative analysis, case studies and empirical analysis methods.Finally,the paper achieves the conclusion through some researches.The results show that: Hongtugaoke’s debt structure is unreasonable,we can clearly see that short-term debt is too more and has a positive effect on sustainable development of enterprise while bank loans have a negative impact on sustainable development of enterprise.so this article provides some reliable recommendations for the unreasonable situation.On one hand,the management of Hongtugaoke ought to moderately increase the overall debt levels .On the other hand,the management should legitimately extend debt maturities of Hongtugaoke.Last but not least,the management must reasonably improve sources of the internal structure of the debt of Hongtugaoke.Only by taking these measures can Hongtugaoke improve sustainable development capacity and avoid financial risks.

Key words: debt structure; corporate performance; investment behavior; financial risk

目录

摘要………………………………………………………………………………………………I

ABSTRACT……………………………………………………………………………………II

第一章 绪论……………………………………………………………………………………1

1.1研究背景与研究意义……………………………………………………………………1

1.1.1研究背景…………………………………………………………………………1

1.1.2选题意义…………………………………………………………………………1

1.2研究内容和方法…………………………………………………………………………2

1.2.1主要内容…………………………………………………………………………2

1.2.2研究方法…………………………………………………………………………3

1.3文献综述…………………………………………………………………………………4

1.3.1债务结构与公司治理……………………………………………………………4

1.3.2债务结构与投资行为……………………………………………………………4

1.3.3债务结构与自由现金流量………………………………………………………5

1.3.4债务结构研究的不足……………………………………………………………5

第二章 公司债务结构的财务影响分析…………………………………………………5

2.1债务结构与公司绩效……………………………………………………………………5

2.1.1债务比例与公司绩效……………………………………………………………5

2.1.2债务期限与公司绩效……………………………………………………………6

2.1.3债务来源与公司绩效……………………………………………………………6

2.2债务结构与投资行为……………………………………………………………………6

2.2.1债务来源与投资行为……………………………………………………………6

2.2.2债务期限与投资行为……………………………………………………………7

2.3债务结构与财务风险……………………………………………………………………7

2.3.1债务来源与财务风险……………………………………………………………7

2.3.2债务期限与财务风险……………………………………………………………8

第三章 公司债务结构的财务影响案例分析…………………………………………8

3.1宏图高科简况…………………………………………………………………………8

3.2宏图高科近三年债务结构变化………………………………………………………9

3.3宏图高科债务结构的财务影响分析…………………………………………………10

3.3.1宏图高科债务结构与公司绩效………………………………………………10

3.3.2宏图高科债务结构与投资行为………………………………………………13

3.3.3宏图高科债务结构与财务风险………………………………………………15

3.4案例分析总结…………………………………………………………………………16

第四章 研究总结……………………………………………………………………………17

4.1研究结论………………………………………………………………………………17

4.2对策建议………………………………………………………………………………18

参考文献………………………………………………………………………………………19

第一章 绪论

请支付后下载全文，论文总字数：15889字