摘 要

现代企业的发展离不开资本，资本的存在维持着企业持续发展。若一家企业拥有合理的资本结构，这样不仅可以降低成本，还可以提高企业运转效率，为企业长期发展创造财富。然而大多数理论数据研究都偏向于关注大型公司，针对中小企业的研究缺乏，此项目从江浙地区某一家中小企业的资本结构和融资偏好，从实证角度探讨中小企业资本结构影响因素。

本文以江苏富腾纺织有限公司为例，首先通过对企业2012、2013、2014年的资产负债表和损益表的分析，分别阐述了江苏富腾最近三年的货币资金及应收账款等流动负债、存货资产、固定资产及无形资产、流动负债、长期负债、所有者权益及企业损益等资本机构的现状及变化趋势。然后对所陈述的江苏富腾的资本结构现状进行剖析，找出其影响因素，其中包括股权比例失当、企业管理控制缺陷以及外界影响因素。具体的问题及影响因素分别为：总负债率较高、负债结构不合理、股权结构过于集中、企业人才流失严重、棉纱等存货积压严重、技术设备落后陈旧；企业融资风险大、企业管理制度不健全、企业过于依赖外贸出口、金融机构对中小企业支持不够、政府对中小企业扶持不够。最后，结合研究后所提出的问题和影响因素提出相应的对策，分别是：降低企业总负债率、确定合理的负债规模、设定持股比例上限、挽留企业人才、降低售价薄利多销、引进部分技术先进的设备；降低企业融资风险、建立健全企业管理制度、转变销售方向、设立专为中小企业服务的金融机构、政府加大对中小企业的扶持。

关键词：江苏富腾；中小企业；资本结构；影响因素

Research on the factors of capital structure and the influence of small and medium sized enterprises

——Jiangsu Futeng Textile Co., Ltd as an example

ABSTRACT

The existence of modern enterprise's development cannot leave the capital, capital to maintain the enterprise sustainable development. If a company has a reasonable capital structure, this can not only reduce cost, also can improve the efficiency of enterprise operation, to create wealth for the enterprise long-term development. However, most theoretical data studies tend to focus on large companies, study of small and medium-sized enterprises lack, this project one from jiangsu and zhejiang area small and medium-sized enterprise capital structure and financing preference, from the perspective of the empirical study of small and medium-sized enterprise capital structure influencing factors.

Based on the company in jiangsu textile co., LTD., for example, first through to the enterprise 2012, 2013, 2012, analysis of the balance sheet and income statement respectively expounds the company in jiangsu province in recent three years of monetary fund assets and current liabilities such as accounts receivable, inventory, fixed assets and intangible assets, current liabilities, long-term liabilities and owners' equity and corporate profits and losses of the current situation of the capital structure and the change trend. Then stated the current situation of the capital structure of jiangsu futeng analysis, find out the influencing factors, including stake misconduct, enterprise management control defects and external influencing factors. Specific problems and influencing factors are: total debt ratio is higher, the unreasonable debt structure, ownership structure concentration, enterprise brain drain seriously, such as cotton yarn inventory backlog of serious, backward technology and equipment is old; Enterprise financing risk, enterprise management system is not sound, enterprise too dependent on foreign trade, financial institutions for small and medium-sized enterprises not enough support, government support to small and medium enterprises. Finally, combining with the research proposed the problems and influencing factors of put forward the corresponding countermeasure, respectively is: reduce the total debt ratio, determine reasonable debt scale, set ownership limits, retain talent, reducing the price is a meager profit but high turnover, introduces some technical advanced equipment; , reduce the risk of corporate finance, establish and perfect the system of enterprise management, change direction, set up specifically for small and medium-sized enterprise service of financial institutions and governments to increase support for small and medium-sized enterprises.

Key words: Jiangsu Futeng; Small and medium sized enterprises; The capital structure;  Influence factors

目 录

1 前言 1

1.1研究背景及意义 1

1.2本文的研究方法 1

2 文献综述 2

2.1我国对中小企业的界定 2

2.2我国中小企业资本结构存在问题及优化策略分析 3

2.3我国国有、民营中小企业资本结构影响因素分析 5

2.4中小企业资本结构与公司绩效关系的研究 6

2.5关于中小企业资本结构问题及优化的案例研究 7

2.6国外对中小企业资本结构影响因素研究 8

2.7相关研究小结与评述 8

3 江苏富腾纺织有限公司资本结构分析 10

3.1江苏富腾纺织有限公司简介 10

3.2江苏富腾资本结构现状 10

3.2.1货币资金及应收账款等流动资产 10

3.2.2存货资产 11

3.2.3固定资产及无形资产 12

3.2.4流动负债 13

3.2.5长期负债 13

3.2.6所有者权益 14

3.2.7企业损益 15

3.3本章小结 17

4 江苏富腾纺织有限公司资本结构存在问题及影响因素研究 18

4.1江苏富腾资本结构存在问题 18

4.1.1总负债率较高 18

4.1.2负债结构不合理 20

4.1.3股权结构过于集中 23

4.1.4企业人才流失严重 23

4.1.5棉纱等存货积压严重 24

4.1.6技术设备落后陈旧 25

4.2江苏富腾资本结构影响因素 26

4.2.1企业融资风险大 26

4.2.2企业管理制度不健全 27

4.2.3企业过于依赖外贸出口 28

4.2.4金融机构对中小企业支持不够 28

4.2.5政府对中小企业扶持不够 29

4.3本章小结 29

5 改善江苏富腾资本结构的对策分析 30

5.1针对资本结构存在问题的对策 30

5.1.1降低企业总负债率 30

5.1.2确定合理的负债规模 30