创业板影视公司融资偏好分析-以华谊兄弟为例

创业板影视公司融资偏好分析-以华谊兄弟为例(论文13000字)
内 容 摘 要
改革开放以来，中国经济持续以较快的速度增长，体制也愈趋完善，融资渠道也逐步拓宽，企业也可以更加自由灵活的选择适合其发展的融资方式，而选择以何种方式融资也是企业自身发展的关键。上市公司资金的来源具有多元化的特点，按照资金来源大体分为内源融资和外源融资。如何在众多的资金来源中选出最优的资本结构，成为所有企业经营者要解决的首要问题。论文运用案例分析的方法，对华谊兄弟融资偏好进行研究。根据西方财务理论，企业融资的最优顺序应遵从先内部融资、再债务融资、最后选择股权融资的顺序来进行。然而，在研究后发现我国上市公司融资顺序与优序融资理论的顺序却是相反的，即表现出偏好外部融资中股权融资的特点。本文对形成这一融资特征的原因进行了分析，笔者采用案例分析的方法，通过财务指标针对不同的两种融资方式对企业造成的影响进行评价。得出结论：认为债券融资成本虽然高于股权融资，但是对企业来讲，债券融资更能带来后续有利影响。对此，本文提出了一些建议：在合理范围内，提倡华谊进行债券融资，以期提供可行融资方案，从而使华谊和其他影视公司在今后的发展中受益。

关键词：融资   上市公司   资本成本   资本结构

Analysis on Financing Preference of Gem Film and Television Companies -- A Case Study of Huayi Brothers
Abstract
Since the reform and opening up, China's economy has been growing at a rapid pace, the system has been increasingly improved, and financing channels have been gradually expanded. Enterprises can also choose financing methods suitable for their development more freely and flexibly, and the choice of financing methods is also the key to their own development. The sources of funds of listed companies are diversified, which can be divided into endogenous financing and exogenous financing. How to choose the optimal capital structure among the numerous capital sources has become the primary problem for all business operators to solve. This paper USES the method of case analysis to study the financing preference of huayi brothers. According to western financial theory, the optimal order of enterprise financing should follow the order of internal financing, debt financing and equity financing. However, after the research, it is found that the financing order of China's listed companies is opposite to that of the pecking order financing theory, that is, showing preference for equity financing in external financing. This paper analyzes the reasons for the formation of this financing feature. The author USES the method of case analysis to evaluate the impact of different financing methods on enterprises through financial indicators. Conclusion: bond financing cost is higher than equity financing, but for enterprises, bond financing can bring more favorable impact. To this end, this paper puts forward some Suggestions: within a reasonable range, huayi brothers should be encouraged to conduct bond financing, so as to provide feasible financing schemes, so that huayi brothers and other film and television companies can benefit from the future development.

Key words: Financing, Listed companies, Cost of capital, Capital structure

目    录
一、引言    1
（一） 研究背景及意义    1
（二） 文献综述    2
二、融资相关理论    4
（一） 融资概念简述    4
（二） 融资优序理论    5
（三） 权衡理论    5
三、 创业板影视公司融资现状及分析    6
（一） 创业板影视公司主要融资方式    6
（二） 创业板影视公司融资方式动因分析    7
四、 华谊兄弟融资案例分析    8
（一） 华谊兄弟简介    8
（二） 华谊兄弟融资来源分析    9
（三） 存在问题    9
五、创业板影视公司融资建议及对策    12
（一） 建立健全多层次的资本市场体系，完善资金导入系统    12
（二） 拓宽权益融资渠道，改善权益融资的可得性    12
（三） 充分发挥商业信用的短期融资功能    13
（四） 采取稳键与保守的负债政策    13
结论    14
参考文献    15
致谢    16