【作者】 王冰；

【导师】 张晓明；

【作者基本信息】 西北大学 ， 高级工商管理（专业学位）， 2015， 硕士

【摘要】 KB公司作为西安市钛合金加工的重点企业,通过主营业务的扩张提升公司市场占有率是公司既定战略目标,而新建项目的融资问题成为KB公司提升市场占有率的关键问题,如何为钛合金项目选择合适的融资模式成为公司新项目建设迫切需要解决的问题。在进行融资方案的设计时,综合考虑融资成本、融资风险、融资收益三个方面的问题,企业融资投向的项目要能够在回报上覆盖资金的融资费用、利息及风险成本在内的融资成本。本文结合融资优序理论,首先从资本结构优化的角度出发,对KB公司融资问题进行剖析,分析KB公司钛合金项目资金供需状况,对项目采用的不同融资方式的成本与产生的绩效进行测算,通过绩效回归模型判断适用的融资模式；其次,本文结合企业生命周期,合理确定融资规模,进一步通过钛合金项目融资方案比较及筛选,通过更好的量化融资组合设计钛合金项目融资方案。本文的研究有助于KB公司制定明确的融资规划,为KB公司的健康发展提供所需的资金保障。同时,本文提出的融资成本与绩效的测算与选择,融资能力提升的保障等内容也对其它科技企业的融资管理具有一定的借鉴价值。更多还原

【Abstract】 Titanium alloys are widely used in aerospace and other fields, by means of KB is main business expansion to promote the company’s market share of aviation science and technology company established strategic target, the new project financing problem becomes the key issue in the KB company increase market share, how to choose the right financing mode for titanium alloy project become the company’s new project construction is an urgent need to solve the problem.When making the choice of the financing, to comprehensively consider the risk and cost of financing, financing income from three aspects of problems: financing cost and risk cost, the cost of financing.Financing refers is the enterprise will melt with the proceeds of money into the project will cover include money on the return of interest costs. Therefore, only under the condition of the financing income is higher than the cost of financing, corporate financing is necessary to consider. Combined with the optimal sequence financing theory, this article from the perspective of capital structure optimization, using the theory of capital structure at home and abroad analysis as the foundation, the KB of the company’s capital structure, analyzes the current situation and financing problems, and analysis of KB company project fund supply and demand status and main problems of titanium alloy. Targeted comprehensive questionnaire design, grounded theory and expert scoring method, adopt the project predict the effect of different financing ways.Through performance regression model to judge the suitable financing model, combined with the enterprise life cycle, reasonable financing scale, and further through project financing scheme comparison and screening of titanium alloy to design of titanium alloy project financing mode at last.In this paper, the research results will help to establish clear KB company financing planning, provide the funds needed for the support for the healthy development of the company. At the same time, the evaluation of the proposed financing, financing guarantee the content such as improve the capacity of other financing of small and medium-sized private enterprises management has certain reference value.更多还原