山东钢铁有限公司偿债能力问题研究

山东钢铁有限公司偿债能力问题研究(论文17000字)
摘 要
现如今，钢铁公司资产负债率普遍偏高，有息负债比例高，对债务性资金依赖大，债务负担重；资本金到位率较低，政府扶持力度不够，主要收入来源依旧偏少，无法满足日常投资经营的资金需求，公司整体经营效率不高。在这样的背景下，探讨提高山东钢铁公司偿债能力的方法对促进山东钢铁公司的可持续发展具有理论和现实意义。
本文首先分析了山东钢铁公司偿债能力现状、问题，化及导致山东钢铁公司偿债能力不足的原因，并运用公共产品理论、债务期限理论、优序融资理论等理论和思想，阐释了钢铁产业建设在资金量的供给和需求、债务结构等方面的特点。然后通过实地调査和案例分析，系统地分析了山东钢铁公司短期偿债能力、长期偿债能力现状，认为公司的负债结构不太合理，资本成本较高；资金供需不平衡，存在较大资金缺口，使企业偿债压力进一步増大；进入还款高峰期，短期借款与中长期借款集中到期，偿债压力叠加，对资金需求量较大，增加了偿债风险；资产质量不高弱化短期偿债能力。针对上述问题，建议建立偿债基金，加强企业对于偿债资金的管理；构建现金流管理机制，对其进行规范化的管理；完善投融资管理化体制，开拓多元化、市场化的融资渠道，创新融资方式：通过优化债务期限和结构，构建与投资回报期相匹配的债务期限结构，稳定资金流；开展多样化经营，调整业务结构，创新经营方式，提高公司整体盈利水平。

[资料来源：http://think58.com]

关键字：公司；责任能力；资本

Abstract
Today, steel companies have a high debt-to-debt ratio, high debt-to-income ratios, large debt obligations and heavy debt burdens. Capital must be low, the government support is insufficient, the main source of income is still less, can meet the capital needs, daily investment management company's overall operating efficiency is not high. In this context, the discussion on improving the solvency of shandong steel company is of theoretical and practical significance for promoting sustainable development of shandong steel company.
This paper first analyzes the current situation, problems, shandong iron and steel company solvency and the cause of shandong iron and steel company debt paying ability is insufficient, and using the theory of public product theory, debt maturity, and the theory of optimal sequence financing theory and thought, illustrates the construction of steel industry in the money supply and demand, the characteristics of the debt structure. And then through the on-the-spot investigation and case analysis, systematically analyzes the shandong iron and steel company's short-term solvency, long-term solvency status quo, don't know about the company's debt structure is reasonable, the cost of capital is business; The imbalance in the supply and demand of funds has a large funding gap, which makes it more likely that companies will pay their debts further. In the period of the repayment period, the short-term borrowing and the maturity of the medium and long term borrowing concentration, the debt repayment pressure stack, the higher demand for the capital, increased the risk of debt repayment; Asset quality, though not high, weakens short-term solvency. To address these issues, it is recommended to establish a debt service fund to strengthen the management of the debt repayment fund. Building a cash flow management mechanism to standardize its management; Perfect the investment and financing management system, develop diversified and market-oriented financing channels, financing innovation way: by optimizing the structure and debt maturity, build match the payback period of debt maturity structure, stable cash flow. We will carry out diversified operations, adjust the business structure, innovate the way of operation and improve the overall profitability of the company. [资料来源：http://think58.com]

Keywords: companies; Responsibility ability; capital

目  录
摘   要    I
Abstract    II
一、公司简介    7
二、山东钢铁有限公司偿债能力的现状分析    7
（一）公司短期偿债能力分析    7
1.营运资本分析    7
2.流动比率分析    8
3.速动比率分析    9
4.现金比率分析    9
（二）公司长期偿债能力分析    9
1.资产负债率分析    9
2.利息保障倍数分析    10
三、山东钢铁有限公司偿债能力出现的问题    10
（一）资产质量不高    10
1.资产的利用效率不高    10
2.资产变现能力差    10
3.资金来源单一    10
（二）盈利能力不高    11
1.经营收入较单一    11
2.经营效率不高    11 [资料来源：www.THINK58.com]
（三）融资渠道窄    12
1.融资方式受制约    12
2.对银行借款资金依赖过高    12
3.债券融资发展滞后    12
（四）还款高峰期将增大偿债压力    13
1.长短期借款集中到期    13
2.间接融资环境恶化    13
3.负债率偏高    14
四、山东钢铁有限公司偿债能力出现问题的改进措施    14
（一）构建现金流管理机制    14
1.进行合理的现金流预测分析    14
2.做好现金的收入管理    15
3.合理调配资金以减少资金占用    15
4.建立现金流集中管理模式    15
（二）通过多元化经营提高盈利能力    15
1.加快推进企业化运作    15
2.明确企业战略定位    16
3.进行业务结构调整    16
4.构建公司核心竞争力    16
（三）完善融资管理机制    16

[资料来源：http://think58.com]

1.建立健康的投融资模式    16
2.完善投融资模式的配套制度    17
3.融资渠道多元化    17
（四）优化债务期限和结构    18
1.加快应收账款和存货的周转    18
2.优化资产结构    18
3.制定合理的偿债计划    19
4.选择合适的举债方式    19
结论    20
参考文献    20
致  谢    23

[资料来源：http://think58.com]