天颐科技融资风险问题研究.docxVIP

摘要 随着我国市场经济的建立与资本市场的发展，金业的投融资体制也发生了极大 的变化。通过资本市场向社会公众筹资、获取国家财政支持、向商业银行争取贷款 等融资渠道都为企业提供了发展的血液。然而，由于受到宏观经济环境、法律法规、 信息、风险及成本等因素的制约，高科技农产品加工企业仍然无法获取足额的发展 资金。因此，高科技农产品加工企业必须通过加强融资风险的防范来获得融资的竞 争优势。 天颐科技股份有限公司是湖北最大的高科技农产品加工上市企业。本文从融资 理财的角度出发，采用理论分析与实践分析和结合、全面分析与重点分析和结合以 及定量分析与定性分析相结合的方法，简耍回顾了当前国内外理论界对融资风险的 研究现状，从天颐科技融资的实际状况出发，以现代融资理论为基础结合自己的视 角对天颐科技的融资风险现状进行了分析，考察了天颐科技的资本结构、资本成本、 股利政策、财务风险和公司治理结构等影响融资风险的诸多凶素，分析了天颐科技 融资存在的风险及其产生的原因。在此基础上，文章最后落脚于降低和防范天颐科 技融资风险的设想，从天颐科技融资管理上存在的问题出发，借鉴国际上成功的经 验，提出通过提高融资效率、优化资木结构、建立融资风险预警系统和完善公司治 理结构等措施来降低和防范公司的融资风险。 关键字：资木结构融资风险财务杠杆 Abstract Along with the foundation of marketing economics and improvement of capital market, the investing and financing system of enterprises has changed? Financing from the public in capital market, obtaining government subsidies and getting bank loans have contributed much to the rapid development of a large number of enterprises. However, because of constraints from macro-economy, laws, information asymmetry, risk and costs etc., it is much harder for high-tech agricultural products processing firms to obtain enough funds for further development. It is important to keep away financing risk to get competence superior for high-tech agricultural products processing firms. Tianyi Science Technology is the largest listed high-tech agricultural products processing firms in Hubei province? Based on the financing, with the combination of theory analysis and practice analysis, quantitative analysis and qualitative analysis, the consideration and the absorption of some existing studying fruits inside and outside China, based on the actual financing situation, combined the financing theory to research the capital structure, capital cost, dividend policy and financing risk to analyze the financing risk and its reason in the financing process of Tianyi Science Technology. On the basic of those theories and analysis above, the paper makes the last word on the outline for the reducing and keeping away financing risk. On the