基于财务工程视角的中小民营企业财务困境研究

湖北工业大学硕士学位论文基于财务工程视角的中小民营企业财务困境研究姓名：陈瑜申请学位级别：硕士专业：企业管理指导教师：王德发20100501IIIAbstractWiththerapiddevelopmentofChina’smarketeconomy,whichdevelopwithhighspeedinthreedecadesPrivate-ownedsmall-andmediumenterpriseshavebecomethemainforceofmarket.Thoughtheprivate-ownedsmall-andmediumenterpriseshasnumerousnumber,but,theproblemsoftheenterprisewhichisscalelessgenerallylackscompetitionability,lacksfinancialmanagementcapacityhasnotbeeneffectivelyresolved,Financialdistressofprivate-ownedsmall-andmediumenterprisesisexacerbatingwithTheinternationalfinancialcrisis,nationalindustrialstructureadjustmentandotherfactors.TraditionalresearchmethodsandfinancialinstrumentshavebeenunabletomeettheincreasinglycomplexfinancialenvironmentThedevelopmentoffinancialengineeringofferanewideaandmethodwhichsolvefinancialdistressofprivate-ownedsmall-andmediumenterprisesThisdissertationsystematicallyreviewedfinancialengineeringapplyindomesticandforeignofnowadaysandthetheoreticalbasisoffinancialengineeringThefinancialproblemsofprivate-ownedsmall–andmediumenterprisesarebasisoffinancialengineering.Theseproblemsaremainlyreflectedthatthesourceofsourcingfinancialmeanslesssouringfinancialcostishigher,Enterprisefunddemandforecastingandcashflowmismanagement;PortfoliounreasonableInformationtransmissionisnotsmooth;financial-benefitanalysisislackofefficiency.SolutionsofthethesisbasedontheprinciplesoffinancialengineeringPrivate-ownedsmallandmediumEnterprisesareissuingshort-termfinancingbondswhichsolvetheproblemswhicharethesourceofsourcingfinancialmeanslessandsouringfinancialcostishigher,Thehedgeratios(OHRS)useoftoreducecorporatetaxesThispaperselectedatypicalPrivate-ownedsmallandmediumEnterprises:analysisofthatsituationasexampleofJRFenterprise.TheexampleuseoffinancialengineeringtheorywithJRFenterprisefinancialdistressthatgiventherelevantcountermeasures.Thisfirstpartofthefinancialengineeringtheory,thispartsystematicallyreviewedfinancialengineeringapplyindomesticandforeignofnowadaysandthetheoreticalbasisoffinancialengineeringThesecondpartofthedissertationanalysisFinancialdistressofPrivate-ownedsmallandmediumEnterpriseswhichuseoffinancialmanagementtheory.Thispartanalysistheproblemsofprivate-ownedsmallandmediumenterprisesofcurrentinfinancing,capitalcontrols,capitaluse,capitalefficiencyfourareas.Thethirdpartisempiricalpart.Keywords:Private-ownedsmallandmediumEnterprisesFinancialdistressFinancialEngineeringsourcingFinancingRiskManagement111.1.1.1.111%6%1223421.1.280%1321.1.3(1)(2)(3)1.21.2.1Macnillan19314StigliaWeiss3(Stapleon2050·(HarryMarkowitz),,2050JamesTobin·(JohnFinnerty)19884420502050702080·(DarrellDuffie)5MarekCapinskiTomaszZastawniakMathematicsforFinance:AnIntroductiontoFinancialEngineeringGhysels,EricFrontiersoffinancialeconometricsandfinancialengineeringPaulGlassermanMonteCarlo4ChernykhM.5Kharitonova2006AnnaTina200741.2.26789020006=20002192004200851011[12]1.371.1.8X1.192208090,·(JohnFinnerty,1988)42.1()41991IAFE,(),413102.22.2.1112.2.22.2.3122.2.4131433.13.1.115161717121820083.1.2119—98.4100.498.6101.299.797.598.798.295.797.1102.9100.399.7106.7101.4108.9102.8105.1114.2104.7108.3103.5103.1101.7102.4102.1102.6101.9104.3102.9103.6102.7103.0106.1101.420219333747997501110510834844611024123331237394981199413815139691055813358157381592011710151031813618200138081701020272208561519019366243832472117613223432858722233.23.2.13.2.2243.2.3253.820097878%911%16263.2.43.327—3.3.128‰‰‰‰‰3.3.2293.3.230÷÷÷÷×÷×÷×÷×31==3.3.432XYBA3334354JRF4.1JRF4.2JRF364.2.1JRF374.2.2JRFYPQ38394.3JRFJRF4.3.1JRF404.3.2JRF41424355.15.1.15.1.25.1.3445.1.4454647484950