唐山陶瓷股权融资偏好分析

唐山陶瓷股权融资偏好分析 本科生#毕业# 题 目:唐山陶瓷的股权融资偏好分析 姓 名:黄雷 系 别:会计系 专 业:会计 年 级:2006级 学 号:ACC06184 指导教师: 职称: 2009年12月04日 i of optical fiber intranet, extranet 24 data points, and set aside reserve. Logarithmic copper cable used for voice communications, vertical Trunk copper cable should meet 1 voice at least 1 set of twisted and must be reserved. 1, and 2# floor and the injury rehabilitation floor of cable from integrated medical floor, by rehabilitation center weak tube respectively introduction to monomer of first layer weak between, the monomer first layer weak between respectively as this monomer of equipment room, network switch do level joint Hou respectively wiring to buildings of Office regional, wiring along the layer shaft points line box Hou along slot laying in the layer ceiling, to end socket line wear plating zinc tube dark enough Yu wall Board within. 4) main distribution frame between devices (BD) located in the medical building information network center machine room, complete internal LAN connection and external broadband network connections, providing a variety of information services to the hospital. The device as a whole hospital network and external network core switch. 5) management on work areas, equipment, into the line between the wiring devices, cable and information outlet module identifies and records according to a certain pattern, such as, to facilitate communication complete the connection lines, line management of localization and translocation. 6) cable laying the vertical trunk cables along a cable tray in weak current shaft installation, horizontal trunk cable laying in the hallway ceiling along a cable tray, horizontal cables into the room, in the ceiling and put along the wall galvanized pipe underground to information outlets. Arrangement of information requirements are as follows: regional nursing unit: 1 unit: each bed 唐山陶瓷的股权融资偏好分析 原创性声明 兹呈交的学位论文，是本人在导师指导下独立完成的研究成果。除文中已经明确标明引用或参考的外，本论文不包含任何其他个人或集体已经发表或撰写过的研究成果。本人依法享有和承担由此论文而产生的权利和责任。 声明人(签名):黄雷 日期:2009年12月04日 follows: regional nursing unit: 1 unit: each bedng and put along the wall galvanized pipe underground to information outlets. Arrangement of information requirements are as ceili nstallation, horizontal trunk cable laying in the hallway ceiling along a cable tray, horizontal cables into the room, in thement of localization and translocation. 6) cable laying the vertical trunk cables along a cable tray in weak current shaft imanagentifies and records according to a certain pattern, such as, to facilitate communication complete the connection lines, line . 5) management on work areas, equipment, into the line between the wiring devices, cable and information outlet module ideswitchoviding a variety of information services to the hospital. The device as a whole hospital network and external network core ding information network center machine room, complete internal LAN connection and external broadband network connections, prl builear plating zinc tube dark enough Yu wall Board within. 4) main distribution frame between devices (BD) located in the medicaffice regional, wiring along the layer shaft points line box Hou along slot laying in the layer ceiling, to end socket line ws of Oeak between respectively as this monomer of equipment room, network switch do level joint Hou respectively wiring to buildingy rehabilitation center weak tube respectively introduction to monomer of first layer weak between, the monomer first layer wor, bet of twisted and must be reserved. 1, and 2# floor and the injury rehabilitation floor of cable from integrated medical floreserve. Logarithmic copper cable used for voice communications, vertical Trunk copper cable should meet 1 voice at least 1 s i of optical fiber intranet, extranet 24 data points, and set asidei 唐山陶瓷的股权融资偏好分析 [摘要] 论文通过对上市公司股权融资偏好行为的分析，引申出唐山陶瓷的融资现状。分析唐山陶瓷的融资状况，得出唐山陶瓷具有股权融资偏好这一结论。再通过结论，结合公司内部因素以及外部环境的分析，阐述公司具有股权融资的原因。 文章根据唐山陶瓷具有股权融资偏好提出公司存在的有关经营管理上的问题，依据公司状况，对问题提出解决意见。 [关键词] 内源融资 股权融资 债权融资 ne maidentifies and records according to a certain pattern, such as, to facilitate communication complete the connection lines, li itch. 5) management on work areas, equipment, into the line between the wiring devices, cable and information outlet moduleore sw, providing a variety of information services to the hospital. The device as a whole hospital network and external network cbuilding information network center machine room, complete internal LAN connection and external broadband network connectionsdical ne wear plating zinc tube dark enough Yu wall Board within. 4) main distribution frame between devices (BD) located in the meof Office regional, wiring along the layer shaft points line box Hou along slot laying in the layer ceiling, to end socket lidings er weak between respectively as this monomer of equipment room, network switch do level joint Hou respectively wiring to builr, by rehabilitation center weak tube respectively introduction to monomer of first layer weak between, the monomer first layl floot 1 set of twisted and must be reserved. 1, and 2# floor and the injury rehabilitation floor of cable from integrated medicaside reserve. Logarithmic copper cable used for voice communications, vertical Trunk copper cable should meet 1 voice at leasi of optical fiber intranet, extranet 24 data points, and set aas follows: regional nursing unit: 1 unit: each bed eiling and put along the wall galvanized pipe underground to information outlets. Arrangement of information requirements arethe c ft installation, horizontal trunk cable laying in the hallway ceiling along a cable tray, horizontal cables into the room, innagement of localization and translocation. 6) cable laying the vertical trunk cables along a cable tray in weak current shaii 唐山陶瓷的股权融资偏好分析 Tangshan Ceramic equity financing preference analysis [Abstract] Papers by listed companies, the analysis of equity financing preference behavior gives rise to the status quo Tangshan Ceramic financing. Analysis of Tangshan Ceramic financing conditions, Tangshan Ceramic come to this conclusion with a preference for equity financing. Re-adoption of the conclusions, combined with internal factors and external environment analysis to explain the reasons for the company with equity financing. The article under the Tangshan Ceramic Corporation with equity financing preference existence of the proposed operation and management problems, according to the company status, comments on the issues resolved. [Keywords] Endogenous financing Equity financing Debt Financing switchoviding a variety of information services to the hospital. The device as a whole hospital network and external network core ding information network center machine room, complete internal LAN connection and external broadband network connections, prl builear plating zinc tube dark enough Yu wall Board within. 4) main distribution frame between devices (BD) located in the medicaffice regional, wiring along the layer shaft points line box Hou along slot laying in the layer ceiling, to end socket line ws of Oeak between respectively as this monomer of equipment room, network switch do level joint Hou respectively wiring to buildingy rehabilitation center weak tube respectively introduction to monomer of first layer weak between, the monomer first layer wor, bet of twisted and must be reserved. 1, and 2# floor and the injury rehabilitation floor of cable from integrated medical floreserve. Logarithmic copper cable used for voice communications, vertical Trunk copper cable should meet 1 voice at least 1 s i of optical fiber intranet, extranet 24 data points, and set asidefollows: regional nursing unit: 1 unit: each bedng and put along the wall galvanized pipe underground to information outlets. Arrangement of information requirements are as ceili nstallation, horizontal trunk cable laying in the hallway ceiling along a cable tray, horizontal cables into the room, in thement of localization and translocation. 6) cable laying the vertical trunk cables along a cable tray in weak current shaft imanagentifies and records according to a certain pattern, such as, to facilitate communication complete the connection lines, line . 5) management on work areas, equipment, into the line between the wiring devices, cable and information outlet module ideiii 目录 引言…………………………………………………………………………………………………1 一、上市公司的融资行为…………………………………………………………………………1 (一)内源融资…………………………………………………………………………………1 (二)债权融资………………………………………………………………………………2 (三)股权融资………………………………………………………………………………3 (四)我国上市公司的融资现状……………………………………………………………4 (五)我国上市公司股权融资偏好的原因…………………………………………………4 二、唐山陶瓷的融资行为…………………………………………………………………………5 (一)唐山陶瓷简介、现状及前景…………………………………………………………5 (二)唐山陶瓷近期留存盈余融资的状况…………………………………………………6 (三)唐山陶瓷债权融资状况………………………………………………………………7 1.唐山陶瓷发行债权部分…………………………………………………………………7 2.唐山陶瓷债权融资结构趋势……………………………………………………………8 (四)唐山陶瓷股权融资的状况……………………………………………………………9 (五)分析唐山陶瓷融资行为………………………………………………………………10 三、分析唐山陶瓷具有股权融资偏好的原因……………………………………………………11 (一)内部因素对股权融资的影响…………………………………………………………11 1.股权高度集中影响融资决策…………………………………………………………11 2.控股权影响公司的决策………………………………………………………………12 (二)外部因素对融资偏好的影响……………………………………………………………13 四、唐山陶瓷的一些建议…………………………………………………………………………14 (一)债权融资产生的债务…………………………………………………………………14 1.偏向银行获取资金……………………………………………………………………14 2.增加短期负债…………………………………………………………………………14 (二)股东的发言权…………………………………………………………………………15 (三)分析资本结构…………………………………………………………………………15 (四)利用企业外部环境的有利因素………………………………………………………15 as follows: regional nursing unit: 1 unit: each bed eiling and put along the wall galvanized pipe underground to information outlets. Arrangement of information requirements arethe c ft installation, horizontal trunk cable laying in the hallway ceiling along a cable tray, horizontal cables into the room, innagement of localization and translocation. 6) cable laying the vertical trunk cables along a cable tray in weak current shane maidentifies and records according to a certain pattern, such as, to facilitate communication complete the connection lines, li itch. 5) management on work areas, equipment, into the line between the wiring devices, cable and information outlet moduleore sw, providing a variety of information services to the hospital. The device as a whole hospital network and external network cbuilding information network center machine room, complete internal LAN connection and external broadband network connectionsdical ne wear plating zinc tube dark enough Yu wall Board within. 4) main distribution frame between devices (BD) located in the meof Office regional, wiring along the layer shaft points line box Hou along slot laying in the layer ceiling, to end socket lidings er weak between respectively as this monomer of equipment room, network switch do level joint Hou respectively wiring to builr, by rehabilitation center weak tube respectively introduction to monomer of first layer weak between, the monomer first layl floot 1 set of twisted and must be reserved. 1, and 2# floor and the injury rehabilitation floor of cable from integrated medicaside reserve. Logarithmic copper cable used for voice communications, vertical Trunk copper cable should meet 1 voice at leasi of optical fiber intranet, extranet 24 data points, and set aiv 唐山陶瓷的股权融资偏好分析 结 论………………………………………………………………………………………………16 致谢语………………………………………………………………………………………………错 误～未定义书签。 参考文献……………………………………………………………………………………………17附录…………………………………………………………………………………………………18 nstallation, horizontal trunk cable laying in the hallway ceiling along a cable tray, horizontal cables into the room, in thement of localization and translocation. 6) cable laying the vertical trunk cables along a cable tray in weak current shaft imanagentifies and records according to a certain pattern, such as, to facilitate communication complete the connection lines, line . 5) management on work areas, equipment, into the line between the wiring devices, cable and information outlet module ideswitchoviding a variety of information services to the hospital. The device as a whole hospital network and external network core ding information network center machine room, complete internal LAN connection and external broadband network connections, prl builear plating zinc tube dark enough Yu wall Board within. 4) main distribution frame between devices (BD) located in the medicaffice regional, wiring along the layer shaft points line box Hou along slot laying in the layer ceiling, to end socket line ws of Oeak between respectively as this monomer of equipment room, network switch do level joint Hou respectively wiring to buildingy rehabilitation center weak tube respectively introduction to monomer of first layer weak between, the monomer first layer wor, bet of twisted and must be reserved. 1, and 2# floor and the injury rehabilitation floor of cable from integrated medical floreserve. Logarithmic copper cable used for voice communications, vertical Trunk copper cable should meet 1 voice at least 1 s i of optical fiber intranet, extranet 24 data points, and set asidefollows: regional nursing unit: 1 unit: each bedng and put along the wall galvanized pipe underground to information outlets. Arrangement of information requirements are as ceili v 唐山陶瓷的股权融资偏好分析 引言 根据我国上市公司的融资现状，通过分析唐山陶瓷的最近四年的融资情况,判断唐山陶瓷是否具有股权融资偏好,以及产生该种偏好的原因。采用年报以及相关权威证券网站信息，实证分析唐山陶瓷融资行为特征，得出论文的最终结论。选择这个论题主要是关注最近几年的金融情况，希望通过融资行为的分析了解了我国上市公司的大体运营情况，战略方针以及面对危机所作出的决策。而通过证券报以及相关的论坛中查找，发现唐山陶瓷的融资状况符合论文的要求，从而通过分析唐山陶瓷来得出论文的结论。 一、上市公司的融资行为 (一)内源融资 经济学者在考察市场经济企业融资行为的过程中，得出企业融资顺序是:先内部融资，然后发行债权，最后才是发行股票。内源融资是外源融资的保证，外源融资的规模和风险必 [1]须以内源融资的能力来衡量。没有内源融资，就无法进行外源融资。下边分析的是唐山陶瓷的内源融资。内源融资包括留存盈余融资、应收账款融资、票据贴现融资、资产典当融资和商业信用融资，唐山陶瓷股份有限公司主要体现在留存盈余融资和应收账款融资两个方面上。 1.留存盈余融资 留存盈余是企业扣除所得税后，所属权属于股东。留存盈余融资是企业内部融资的重要方式。收益分配包括向投资者发放股利和企业保留部分盈余两方面，企业利用盈余融资，对 [2]税后利润分配，确定企业留用的资金，为长远增值目标服务。长远看，研究留存融资，就是 1 研究企业如何进行分配的股利政策。股利政策包括是否发放股利、何时发放股利、发放何种形势的股利、股利发放数量的多少等问题。 2.应收账款融资 应收账款是应收别人的欠款。指企业对外销售商品产品、提供劳务等所形成的尚未收回的被购货单位、接受劳务单位所占用的本企业资金，是企业流动资产的一个重要项目。 应收账款融资分两种形式: a、应收账款抵押。借款企业与经办这项业务的银行或者公司订立合同，企业以应收账款作为担保，在规定期限内企业向银行借款融资。b、应收账款让 [2]售。顾名思义就是出售应收账款给专门的公司获取资金。 (二)债权融资 债权融资的资金提供者是以债权的形式进入企业或者个人。债权人在某种程度上不分享企业的利润，只是获取固定利息收益。 债权融资,短期借款，长期借款，应付债券 ? 银行借款到期还本付息，企业的利润高和回报率高低与银行无关。 1.短期借款 短期借款，指贷款期限在一年以内(含一年)的贷款。短期借款一般期限不长，通常在取得借款日，按取得的金额入账。短期借款利息支出，是企业理账活动中为筹集资金而发生的耗费，应作为一项财务费用计入当期损益。由于利息支付的方式不同，其会计核算也不完全一样。若短期借款的利息按月计收，或还本付息一次进行，但利息数额不大时，利息费用可直接计入当期损益;若短期借款的利息按季(或半年)计收，或还本付息一次进行，但利息数额较大时，则可采有预提的方式按月预提、确认和费用。 2.长期借款 长期借款，指企业向银行或其他金融机构借入的期限在一年以上(不含一年)的各项借款。按照付息方式与本金的偿还方式，可将长期借款分为分期付息到期还本长期借款、到期一次还本付息长期借款笔分期偿还本息长期借款;按所借币种，可分为人民币长期借款和外币长期借款。借款利息可以分期支付，也可在借款到期还本时一起偿付， ft installation, horizontal trunk cable laying in the hallway ceiling along a cable tray, horizontal cables into the room, innagement of localization and translocation. 6) cable laying the vertical trunk cables along a cable tray in weak current shane maidentifies and records according to a certain pattern, such as, to facilitate communication complete the connection lines, li itch. 5) management on work areas, equipment, into the line between the wiring devices, cable and information outlet moduleore sw, providing a variety of information services to the hospital. The device as a whole hospital network and external network cbuilding information network center machine room, complete internal LAN connection and external broadband network connectionsdical ne wear plating zinc tube dark enough Yu wall Board within. 4) main distribution frame between devices (BD) located in the meof Office regional, wiring along the layer shaft points line box Hou along slot laying in the layer ceiling, to end socket lidings er weak between respectively as this monomer of equipment room, network switch do level joint Hou respectively wiring to builr, by rehabilitation center weak tube respectively introduction to monomer of first layer weak between, the monomer first layl floot 1 set of twisted and must be reserved. 1, and 2# floor and the injury rehabilitation floor of cable from integrated medicaside reserve. Logarithmic copper cable used for voice communications, vertical Trunk copper cable should meet 1 voice at leasi of optical fiber intranet, extranet 24 data points, and set aas follows: regional nursing unit: 1 unit: each bed eiling and put along the wall galvanized pipe underground to information outlets. Arrangement of information requirements arethe c 2 唐山陶瓷的股权融资偏好分析 具体应视贷款合同的规定。会计上，对应计入购建固定资产成本的借款利息，一般在年末和资产交付使用并办理竣工决算时计提入账;如果年内分期支付利息，也可按付息期进行账务处理。除此之外的借款利息，应按月预提，计入当期损益。 (三)股权融资 股权融资=股本，资本公积 ? 股权融资是指公司发行股票获取流动资金。股份有限公司发行股票所筹集的资本属于自有资本，通过发行债券所筹集的资本属于借入资本。增资扩股，吸收直接不仅可以筹集现金，而且能够直接获取其所需要的现金设备和技术，这与筹集现金的融资相比，能更快的形成生产经营能力。上市公司增资扩股包括向原股东配售股票和向全社会公众发售股票。股权虽然在一定意义上分散了公司的控制权，但是能获取更多的流动资金，加快公司的经营生产。 1.增发股票 已成立的股份公司发行新股票，称为增资。上市公司为业务需求经常会办理增资(有偿配股)或资本公积新增资(无偿配股)。企业增加注册资本的具体程序应是:企业向审批机关提交董事会决议和董事长签署的申请书等文件;审批机关在接到上述有关文件后，以书面形式作出是否同意的答复;经审批机关审查同意后，企业按照变更登记的有关规定，向工商行政管理机关申请办理变更登记。 2.配股 配股是上市公司向原公司股东发行新股、筹集资金的行为。配股的一大特点，就是新股的价格是按照发行公告发布时的股票市价作一定的折价处理来确定的。所折价格是为了鼓励股东出价认购。当市场环境不稳定的时候，确定配股价是非常困难的。在正常情况下，新股发行的价格按发行配股公告时股票市场价格折价10,到25,。理论上的除权价格是增股发行公告前股票与新股的加权平均价格，它应该是新股配售后的股票价格。而且配股是不分红的。 3 (四)我国上市公司的融资现状 我国上市公司内源融资普遍遍地，外源融资占据主要的比重。我国上市公司企业普遍存在包装上市及盈余管理现象，这都是从股权融资偏好中衍生出来的。大多数国内学者的研究表明，我国的融资现状与先内源融资、再债务融资、最后股权融资的优序融资理论相异，表 [3]现出强烈的股权融资偏好。如表3,1所示: 1表3,1 我国上市公司对股权融资和债权融资的偏好 数 百分比(,) A:股权融资偏好 289 73.91 B:债权融资偏好 102 26.09 根据的调差发现，136家上市公司中，约95,的企业所发行的债券融资额只占外源融资总额的10,一下，说明在我国股权融资具有强烈的偏好。 (五)我国上市公司股权融资偏好的原因 1.政府方面的原因 上市公司的股权融资偏好收到企业制度和政府政策的影响。因为国有资产在资本市场中的地位十分重要，国有资产的经营主题对融资的需求强烈，这种需求渗透到市场的定位上。 [3]如果市场的首要目标是提供融资的机会，公司治理就必须服从这个目标。 2.公司股东的原因 公司非流通大股东以及大股东更倾向于使用股权融资获取资本溢价或代理收益。同时，监管部门股权融资政策上不断反复，导致上市公司呈现重股权融资轻债权融资的现象。 3.融资成本的原因 1资料来源:陆正飞、高强《中国上市公司融资选择情况调差问卷分析》，北京，北京大学出版社，2005。 as follows: regional nursing unit: 1 unit: each bed eiling and put along the wall galvanized pipe underground to information outlets. Arrangement of information requirements arethe c ft installation, horizontal trunk cable laying in the hallway ceiling along a cable tray, horizontal cables into the room, innagement of localization and translocation. 6) cable laying the vertical trunk cables along a cable tray in weak current shane maidentifies and records according to a certain pattern, such as, to facilitate communication complete the connection lines, li itch. 5) management on work areas, equipment, into the line between the wiring devices, cable and information outlet moduleore sw, providing a variety of information services to the hospital. The device as a whole hospital network and external network cbuilding information network center machine room, complete internal LAN connection and external broadband network connectionsdical ne wear plating zinc tube dark enough Yu wall Board within. 4) main distribution frame between devices (BD) located in the meof Office regional, wiring along the layer shaft points line box Hou along slot laying in the layer ceiling, to end socket lidings er weak between respectively as this monomer of equipment room, network switch do level joint Hou respectively wiring to builr, by rehabilitation center weak tube respectively introduction to monomer of first layer weak between, the monomer first layl floot 1 set of twisted and must be reserved. 1, and 2# floor and the injury rehabilitation floor of cable from integrated medicaside reserve. Logarithmic copper cable used for voice communications, vertical Trunk copper cable should meet 1 voice at leasi of optical fiber intranet, extranet 24 data points, and set a4 唐山陶瓷的股权融资偏好分析 不分学者认为，上市公司股权融资成本偏低，在获取同样的流动资金上，股权融资比其 [4][5]余融资结构更优化。从而上市公司会选择成本较低的股权融资，而轻成本高的债券融资。 4.公司决策层原因 公司的融资决策在取决融资成本、破产风险、负债能力约束、代理成本等因素之外，还和公司决策层有直接关系。高层管理人员自利对资本结构具有影响，主要表现在:持股市价 [5]较高管理人员具有较强的调节资本结构的欲望和能力。 二、唐山陶瓷的融资行为 (一)唐山陶瓷简介、现状及前景 唐山陶瓷股份有限公司成立于 1998年，并于当年在深圳证券交易所上市发行了唐山陶瓷股份有限公司股票。 唐山陶瓷是目前国内陶瓷生产和出口的骨干企业，主营业务为生产销售日用陶瓷、卫生陶瓷和墙地转及其相关产品。日用陶瓷出口美国及欧洲等地，出口量及出口创汇额在国内同行业名列前茅;卫生陶瓷和墙地转主要销往国内市场。 唐山陶瓷股份有限公司，集科工贸和产供销于一体，是我国陶瓷产品重点生产和出口企业，有控股子公司 5个、分公司5个和1个研究院。总资产11亿人民币，主导产品为日用瓷, 年生产能力日用瓷1.6亿件卫生瓷;特种陶瓷,年生产能力1000万件;卫生洁具，年生产能力200万件;陶瓷墙地砖，年生产能力300万平米;耐火材料，年生产能力90000吨，及各类工艺美术陶瓷。现已发展成为我国重要的陶瓷生产和研发基地，有专营对外业务的进出口公司。 公司近两年来，进行了多项生产线技术改造，其中"高档洁具科技示范线工程"项目被列为市科委重点项目、省科技厅标志性项目;公司还依托强大的研发实力开展新材料的研究，其中环保工程用微孔陶瓷已被国家计委列入高新技术产业化项目;在新产品的开发上，针对 5 不同瓷种进行研制开发，适应不同市场的需求。今年2月，公司获准实施高档日用陶瓷技术改造，该项目为国家国债专项资金重点技术改造项目，总投资12354万元，已获得中国工商银行8000万元的贷款支持，预计该项目建成后将年增销售收入29203万元，年增利润4193万元。 随着公司各项技术改造项目的完成,公司将会生产更多高质量、低成本的产品，公司的效益将进一步改善，目前流动资金不足的矛盾也必然会得到缓解。同时，加入WTO后，公司 2产品的出口前景将进一步看好。 (二)唐山陶瓷近期留存盈余融资的状况 按照税后利润10,计提盈余公积金，税后利润7,提取公益金。提取任意公积金。分发 1，4,2显示，唐山陶瓷最近几年的留存收益。 股利后剩余的部分增加企业投资。如表4, 表4,1 唐山陶瓷近四年的留存收益 2005年 2006年 2007年 2008年 净利润 64995965.83 67758459.95 145782861.9 177740344.11 ,法定盈余公积 6438985.919 6775845.995 14578286.19 17774034.411 ,法定公益金 4507290.14 4743092.19 10204800.333 12441824.088 ,储备基金 303053.32 303053.32 0 0 ,支付股利 13533526.73 13533526.73 13533526.73 13533526.73 留存盈余 44720399.861 33897395.235 107466248.647 133990958.881 2评论来源:摘自www.STOCKSTAR.com.证券之星网络专家评论区 the c ft installation, horizontal trunk cable laying in the hallway ceiling along a cable tray, horizontal cables into the room, innagement of localization and translocation. 6) cable laying the vertical trunk cables along a cable tray in weak current shane maidentifies and records according to a certain pattern, such as, to facilitate communication complete the connection lines, li itch. 5) management on work areas, equipment, into the line between the wiring devices, cable and information outlet moduleore sw, providing a variety of information services to the hospital. The device as a whole hospital network and external network cbuilding information network center machine room, complete internal LAN connection and external broadband network connectionsdical ne wear plating zinc tube dark enough Yu wall Board within. 4) main distribution frame between devices (BD) located in the meof Office regional, wiring along the layer shaft points line box Hou along slot laying in the layer ceiling, to end socket lidings er weak between respectively as this monomer of equipment room, network switch do level joint Hou respectively wiring to builr, by rehabilitation center weak tube respectively introduction to monomer of first layer weak between, the monomer first layl floot 1 set of twisted and must be reserved. 1, and 2# floor and the injury rehabilitation floor of cable from integrated medicaside reserve. Logarithmic copper cable used for voice communications, vertical Trunk copper cable should meet 1 voice at leasi of optical fiber intranet, extranet 24 data points, and set aas follows: regional nursing unit: 1 unit: each bed eiling and put along the wall galvanized pipe underground to information outlets. Arrangement of information requirements are6 唐山陶瓷的股权融资偏好分析 图4,2 唐山陶瓷的留存盈余融资的趋势 元 160000000 140000000 120000000 100000000 80000000 元 60000000 40000000 20000000 0 2005200620072008 《中国证券报》的财务披露中，最近几年唐山陶瓷的内源融资主要体现在留存收益的管 理上，通过表格可以看出，内源融资是及其少量的。 (三)唐山陶瓷债权融资状况 1.唐山陶瓷发行债权部分 长期借款部分:2001年，2月28日。唐山陶瓷中国工商银行唐山市西缸支行签定 5000万元贷款合同，贷款期限为4年，年利率6 .534%。 发行债券部分: 统计的债权融资数额如表4,3 7 3表4,3 唐山陶瓷债权融资数额 年度 债权融资金额(元) 2005 29000000 2006 32000000 2007 36000000 2008 86000000 2.唐山陶瓷债权融资结构趋势 分析公司的融资趋势，主要计算公司的总资产负债率，长期有息负债率，短期有息负债率。 总资产负债率,总负债/总资产 ? (反映企业全部资产通过负债而来的比率多大，包括由于非融资行为而来的负债。) 长期有息负债率,长期有息负债/总资产 ? (其中长期有息为长期借款和应付债券之和。) 短期有息负债率,短期有息负债/总资产 ? (其中短期有息包括短期借款和一年内到期的长期负债。) 计算唐山陶瓷05年度到08年度的总资产负债率，长期有息负债率，短期有息负债率，全部资本化率。得出下表数据，如表4,4和4,5的趋势图: 表4,4 唐山陶瓷资本结构指标 年度 总资产负债率? 长期有息负债率? 短期有息负债率? 2005 50.12, 13.58% 37.42% 2006 54.61% 14.63% 39.67% 2007 50.31% 13.72% 37.98% 2008 48.59% 10.65% 35.38% 3数据来源:www.STOCKSTAR.com.证券之星网络专家评论区统计。 ft installation, horizontal trunk cable laying in the hallway ceiling along a cable tray, horizontal cables into the room, innagement of localization and translocation. 6) cable laying the vertical trunk cables along a cable tray in weak current shane maidentifies and records according to a certain pattern, such as, to facilitate communication complete the connection lines, li itch. 5) management on work areas, equipment, into the line between the wiring devices, cable and information outlet moduleore sw, providing a variety of information services to the hospital. The device as a whole hospital network and external network cbuilding information network center machine room, complete internal LAN connection and external broadband network connectionsdical ne wear plating zinc tube dark enough Yu wall Board within. 4) main distribution frame between devices (BD) located in the meof Office regional, wiring along the layer shaft points line box Hou along slot laying in the layer ceiling, to end socket lidings er weak between respectively as this monomer of equipment room, network switch do level joint Hou respectively wiring to builr, by rehabilitation center weak tube respectively introduction to monomer of first layer weak between, the monomer first layl floot 1 set of twisted and must be reserved. 1, and 2# floor and the injury rehabilitation floor of cable from integrated medicaside reserve. Logarithmic copper cable used for voice communications, vertical Trunk copper cable should meet 1 voice at leasi of optical fiber intranet, extranet 24 data points, and set aas follows: regional nursing unit: 1 unit: each bed eiling and put along the wall galvanized pipe underground to information outlets. Arrangement of information requirements arethe c 8 唐山陶瓷的股权融资偏好分析 图4,5 唐山陶瓷融资趋势图表 160 140 120 100 全部资本化率80 短期有息负债率 60(,)长期有息负债率 40总资产负债率 20 0 2005200620072008 年度 通过分析上市公司的各种负债率，能够知道，公司在经济环境的影响下，融资的趋势。通过分析各种数据，能够分析出非资产负债融资程度和负债融资程度，推测出上市公司哪种融资方式占据主要地位。 从趋势图里边可以看出，唐山陶瓷的总资产负债率并不大，一般在50%左右变动，四年的指标在前两年成上升后两年下降的趋势，以06年为转折点，可能收到一部分的市场萎靡情况的影响。通过表格分析，唐山陶瓷的融资结构偏向股权融资为主，拥有强烈的股权融资偏好。 (四)唐山陶瓷股权融资的状况 2005年报会计报表附注除特别事项说明外，以16000万元为基数按10股配售3股比例向全体股东实施配股，配股4800万元。本年度没有再增发股份。 2006年报会计报表附注除特别事项说明外，以20800万元为基数按10股配售3股比例向全体股东实施配股，配股6240万元。本年度没有再增发股份。 2007年报会计报表附注除特别事项说明外本附注金额单位均为人民币元实施股权登记日 9 登记在册流通股股东转增股本流通股股东每10股获得8股转增股份每股面值1元新增注册资本5200万元转增后公司注册资本22700万元。本年度没有再配售股份。 2008年年报报表披露，以22700万元为基数按10股配售4股比例向全体股东实施配股，配股10080万元。本年度没有再增发股份。股权融资数额如图4,4 4图4,6 唐山陶瓷股权融资数额 年度 股权融资金额(元) 2005 48000000 2006 62400000 2007 52000000 2008 108000000 (五)分析唐山陶瓷融资行为 通过前面的融资数据，由于内源融资属于少量的融资额，我们主要进行外源融资的比较，整理可以得到如下表格，如表4,7和4,8的趋势图 债权融资比率,债权融资额/总融资额 ? 股权融资比率,股权融资额/总融资额 ? 表4,7 唐山陶瓷融资结构 年度 债权融资比率? 股权融资比率? 2005 37.66% 62.34% 2006 33.90% 66.10% 2007 40.91% 59.09% 2008 46.04% 53.96% 4数据资料来源:《中国证券报》 nagement of localization and translocation. 6) cable laying the vertical trunk cables along a cable tray in weak current shane maidentifies and records according to a certain pattern, such as, to facilitate communication complete the connection lines, li itch. 5) management on work areas, equipment, into the line between the wiring devices, cable and information outlet moduleore sw, providing a variety of information services to the hospital. The device as a whole hospital network and external network cbuilding information network center machine room, complete internal LAN connection and external broadband network connectionsdical ne wear plating zinc tube dark enough Yu wall Board within. 4) main distribution frame between devices (BD) located in the meof Office regional, wiring along the layer shaft points line box Hou along slot laying in the layer ceiling, to end socket lidings er weak between respectively as this monomer of equipment room, network switch do level joint Hou respectively wiring to builr, by rehabilitation center weak tube respectively introduction to monomer of first layer weak between, the monomer first layl floot 1 set of twisted and must be reserved. 1, and 2# floor and the injury rehabilitation floor of cable from integrated medicaside reserve. Logarithmic copper cable used for voice communications, vertical Trunk copper cable should meet 1 voice at leasi of optical fiber intranet, extranet 24 data points, and set aas follows: regional nursing unit: 1 unit: each bed eiling and put along the wall galvanized pipe underground to information outlets. Arrangement of information requirements arethe c ft installation, horizontal trunk cable laying in the hallway ceiling along a cable tray, horizontal cables into the room, in10 唐山陶瓷的股权融资偏好分析 图4,8 融资结构的柱状表示 70.00% 60.00% 50.00% 200540.00%2006 30.00%2007 200820.00% 10.00% 0.00%债权融资比率股权融资比率 根据图表可以看出:a、唐山陶瓷的股权融资不分基本都是大于50,，而债权融资本分较少。b、 2005年到2008年，债权融资本分以06年为转折点在逐年递增，说明公司的债权融资本分有所加强。c、唐山陶瓷的融资重心在股权融资不分，具有强烈的股权融资偏好。 三、分析唐山陶瓷具有股权融资偏好的原因 (一)内部因素对股权融资的影响 1.股权高度集中影响融资决策 唐山陶瓷的股东实力分布不均，第一大股东拥有绝对的控股比例，其他股东难以与第一股东比较，股东的制衡微乎其微。如表5,1 11 5表5,1 唐山陶瓷的股份分布 持股数\国家 国家 国有企业 国有法人 民众持股 其他持股 (,) 20.73 20.09 5.49 31.74 21.95 从图中发现，唐山陶瓷的股权集中度很高，国有持股最高达到46.31,，超过其他任何股东的股权。而从上市公司的融资特性分析，国有资产在资本市场中的地位十分重要，国有资产的经营主题对融资的需求强烈，这种需求渗透到市场的定位上。所以决定了唐山陶瓷的股权融资偏好。 2.控股权影响公司的决策 唐山陶瓷的大股东几本垄断了董事会人选的决定权，在公司的所有权和控制权上分布如表5,2所示: 6,2 公司所有权和控制权 表5 股东类型 所有权(,) 控制权(,)(董事会席位) 国家股 20.73 23 国有企业股 20.09 56 国有法人股 5.49 5 民众持股 31.74 0 其他持股 21.95 3 总计 100 87 通过表可以知道，国家企业股东控制权占据84,远大于民众持股和其他持股占据的控制权，从而对公司具有绝对的影响力。而民众持股的控制权可以忽略不计。而公司非流通大股东以及大股东更倾向于使用股权融资获取资本溢价或代理收益。所以唐山陶瓷具有股权融资的偏好。 5数据来源:2008年唐山陶瓷财务报表。 6资料来源:www.stock.sohu.com关于唐山陶瓷评论区;《中国证券期货统计年鉴(2008)》。 ft installation, horizontal trunk cable laying in the hallway ceiling along a cable tray, horizontal cables into the room, innagement of localization and translocation. 6) cable laying the vertical trunk cables along a cable tray in weak current shane maidentifies and records according to a certain pattern, such as, to facilitate communication complete the connection lines, li itch. 5) management on work areas, equipment, into the line between the wiring devices, cable and information outlet moduleore sw, providing a variety of information services to the hospital. The device as a whole hospital network and external network cbuilding information network center machine room, complete internal LAN connection and external broadband network connectionsdical ne wear plating zinc tube dark enough Yu wall Board within. 4) main distribution frame between devices (BD) located in the meof Office regional, wiring along the layer shaft points line box Hou along slot laying in the layer ceiling, to end socket lidings er weak between respectively as this monomer of equipment room, network switch do level joint Hou respectively wiring to builr, by rehabilitation center weak tube respectively introduction to monomer of first layer weak between, the monomer first layl floot 1 set of twisted and must be reserved. 1, and 2# floor and the injury rehabilitation floor of cable from integrated medicaside reserve. Logarithmic copper cable used for voice communications, vertical Trunk copper cable should meet 1 voice at leasi of optical fiber intranet, extranet 24 data points, and set aas follows: regional nursing unit: 1 unit: each bed eiling and put along the wall galvanized pipe underground to information outlets. Arrangement of information requirements arethe c 12 唐山陶瓷的股权融资偏好分析 (二)外部因素对融资偏好的影响 1. 中国股市的近几年的繁荣使得股权融资能获得较大收益 2001年7月，被认为市场标尺的上证综合指数2242.42创下新的历史记录。2006年12月15日16:47分，上证指数周四收涨1.2,至2249.19，超越了2001年记录成为了历史新高。随着2005年到2008年股市的黄金增长期，中国股市终于展现出了与这个世界第四大经济体经济全面腾飞局面相称的繁荣风貌，同时它也真正开始为经济的迅速增长 7发挥切实作用了。 06年5月，政府出台了新政策，要求国有大股东将部分股票以一定方式交予中小股东， [6]以此为条件实现股票全流通。截至目前，已有90%的上市公司完成了股权分置改革。改革见了成效，股市一片大好，股民蜂涌进入股市。至06年底，新开账户达到330万个。正因为如此，上市公司能发行股票的公司都会在这经济腾飞的年代发行股票，不能发行股票的公司也会想方设法的让自己上市。随着上市的条件放松，股票融资带来的融资额也剧增。上市公司通过发行股票所筹集到的资金占据了总筹资额的20,，获取了大额的收益。 2. 公司债券市场的不发达使得少有企业能通过发行债券进行外部融资 20世纪90年代以来，我国金融市场中的直接融资有了较快的发展，但是，作为直接融资重要组成部分的企业债券融资数额却明显偏小，我国企业债券市场的发展受到了国家金融 [7]政策，金融制度，企业产权制度改革滞后，社会信用体系不完善等方面的制约。从而直接导致了我国企业债券市场发展严重滞后，与国内股票市场和国际债券市场相比有较大的差距。目前存在的主要问题是与股票市场发展相比而呈现的严重的非均衡，多头管理，债券结构不 [8]合理、流动性差、利率低。 因此，公司想通过债券市场发行债券来进行外部融资就存了很多不变和诸多的问题有待解决，而真正能进行债券融资的企业就显得捉衿见肘了，往往只有一少部分国有企业，或者得到支持的有前景企业。所以，这也是导致股权融资优于债券融资的一个原因。 7 资料来源:www.sunbudd.bokee.com.中国股市举步与经济起飞 13 四、唐山陶瓷的一些建议 (一)债权融资产生的债务 1.偏向银行获取资金 质量低的公司喜欢公司债券，质量高的公司趋向银行贷款。公司的价值与获取银行的贷 8款存在正相关关系。 唐山陶瓷只在刚成立不久的2001年2月28日。唐山陶瓷中国工商银行唐山市西缸支行签定5000万元贷款合同。2005年到2008年没有过银行贷款，可以判定唐山陶瓷在最近的几年中是只发行债券没有银行借款的公司，从理论上而言是属于低质量公司，预期增长机会较低。所以唐山陶瓷可以通过多与银行接触，增加贷款额，增加公司的可流动资金来刺激公司的增长。 2.增加短期负债 债务期限越长，从未来还本付息的不确定性和风险大方面来看，债权人要求的利率越高。公司通过债权融资时，就可以降低债权成本，提高公司价值。债务中长期负债与短期负债比 [9]例和公司价值存在负相关关系。 唐山陶瓷2005年到2006年的长期负债和短期负债如表6,1 9表6,1 唐山陶瓷的长期负债和短期负债 (,) 2005年 2006年 2007年 2008年 中长期债券 56.3 62.0 70.4 74.5 短期债券 43.7 38.0 29.6 25.5 8评论来源:Shockley and Thakor,1997。 9数据来源:2005年到2008年唐山陶瓷财务报表 identifies and records according to a certain pattern, such as, to facilitate communication complete the connection lines, li itch. 5) management on work areas, equipment, into the line between the wiring devices, cable and information outlet moduleore sw, providing a variety of information services to the hospital. The device as a whole hospital network and external network cbuilding information network center machine room, complete internal LAN connection and external broadband network connectionsdical ne wear plating zinc tube dark enough Yu wall Board within. 4) main distribution frame between devices (BD) located in the meof Office regional, wiring along the layer shaft points line box Hou along slot laying in the layer ceiling, to end socket lidings er weak between respectively as this monomer of equipment room, network switch do level joint Hou respectively wiring to builr, by rehabilitation center weak tube respectively introduction to monomer of first layer weak between, the monomer first layl floot 1 set of twisted and must be reserved. 1, and 2# floor and the injury rehabilitation floor of cable from integrated medicaside reserve. Logarithmic copper cable used for voice communications, vertical Trunk copper cable should meet 1 voice at leasi of optical fiber intranet, extranet 24 data points, and set aas follows: regional nursing unit: 1 unit: each bed eiling and put along the wall galvanized pipe underground to information outlets. Arrangement of information requirements arethe c ft installation, horizontal trunk cable laying in the hallway ceiling along a cable tray, horizontal cables into the room, innagement of localization and translocation. 6) cable laying the vertical trunk cables along a cable tray in weak current shane ma14 唐山陶瓷的股权融资偏好分析 通过表计算出长期负债和短期负债的比率:1.29;1.63;2.38;2.93。通过数据，发现比率逐年递增，由公司长期负债与短期负债比率和公司价值存在负相关关系，说明唐山陶瓷近几年的发展比较缓慢。从而唐山陶瓷应该通过增加短期负债，降低长期负债的方式来提高公司的发展。 (二)股东的发言权 通过表5,2的显示，唐山陶瓷其实是一家政府控股的公司，国家对公司的控制权达到了84,，而其他小古董基本没有控制权。如此高的股权集中度导致了大股东的绝对话事权，从而在做出决策上边是独断的，独断会有很多方面的问题存在经营误区，可能在一定程度上侵害了小股东的利益，所以公司可以建立以董事会为核心的法人治理结构，董事会为核心，其他股东发挥监视的作用，监督董事会经营决策的实施。 (三)分析资本结构 通过表4,4关于唐山陶瓷资本结构的计算，发现唐山陶瓷的短期有息负债率偏高，长期资产负债率偏低。公司因过多的负债影响流动资金，导致生产能力的下降。因此唐山陶瓷应该增加短期有息负债，减少长期有息负债，公司应该调整经营决策，增加流动资金的预留。 (四)利用企业外部环境的有利因素 面对公司内部因素和外部因素的副作用，唐山陶瓷应该完善公司的外部环境，建立更加 [10]合理的管理机制，监督部门，消除公司经营过程中的障碍。唐山陶瓷的配股数量除去06年增发的之外，逐年在递增，呈现缓慢上升的态势，表现出强烈的再融资愿望;增发的股票与市场行情有关，暂时看不出明显的变化规律。正因为增发和配股获取的金额大于近四年的债券融资获取的金额。所以唐山陶瓷应该依靠政府政策的便利，合理的增股和配股。 15 结 论 通过上述几章对唐山陶瓷融资结构的分析，可以得出如下结论: (一)唐山陶瓷具有强烈的股权融资偏好 通过上面的分析，可以得出唐山陶瓷具强烈的股权融资偏好，而且其内源融资很低，外源融资占据很大的比率。而在外源融资中，股权融资比率平均超过60,。同时债权融资也对公司在获取资金方面起到不可或缺的作用。 (二)唐山陶瓷的股权融资偏好受到各种因素的影响 大量的图表分析显示，唐山陶瓷的股权融资偏好，不仅受到内部股权集中程度和控制权的影响，还和外部的增资、配股有很大的关系，而通过各种因素的分析，都显示唐山陶瓷的股权融资偏好。 (三)唐山陶瓷债权融资变化的受到市场的影响 唐山陶瓷的资产负债率偏低，基本在50,左右变动，从融资结构的变化来看，发现在2005到2006年之间，呈增加的趋势，而从06开始，逐年递减，说明公司在一定程度上收到市场经济体质疲软的制约。唐山陶瓷的短期有息负债率偏高，长期资产负债率偏低。从债务对公司价值的影响分析出，公司净现金流量不足，生产经营能力受制，公司质量受到一定程度的影响。 (四)唐山陶瓷近年来的融资现象对公司发展的偏重 唐山陶瓷的长期贷款偏高，短期贷款过低，说明公司发展缓慢，预期机会较少。而且近年唐山陶瓷配股增资频繁，说明公司极度偏重股权融资获取资本溢价。说明了公司现金发展是处于缓慢的运作过程，其资金流动是比较低效的。 nagement of localization and translocation. 6) cable laying the vertical trunk cables along a cable tray in weak current shane maidentifies and records according to a certain pattern, such as, to facilitate communication complete the connection lines, li itch. 5) management on work areas, equipment, into the line between the wiring devices, cable and information outlet moduleore sw, providing a variety of information services to the hospital. The device as a whole hospital network and external network cbuilding information network center machine room, complete internal LAN connection and external broadband network connectionsdical ne wear plating zinc tube dark enough Yu wall Board within. 4) main distribution frame between devices (BD) located in the meof Office regional, wiring along the layer shaft points line box Hou along slot laying in the layer ceiling, to end socket lidings er weak between respectively as this monomer of equipment room, network switch do level joint Hou respectively wiring to builr, by rehabilitation center weak tube respectively introduction to monomer of first layer weak between, the monomer first layl floot 1 set of twisted and must be reserved. 1, and 2# floor and the injury rehabilitation floor of cable from integrated medicaside reserve. Logarithmic copper cable used for voice communications, vertical Trunk copper cable should meet 1 voice at leasi of optical fiber intranet, extranet 24 data points, and set aas follows: regional nursing unit: 1 unit: each bed eiling and put along the wall galvanized pipe underground to information outlets. Arrangement of information requirements arethe c ft installation, horizontal trunk cable laying in the hallway ceiling along a cable tray, horizontal cables into the room, in16 唐山陶瓷的股权融资偏好分析 参考文献: [1]张青永.会融才会赢[M].北京;中国经济出版社,2007.1. [2]冯旭南，李欣愉.公司融资[M].北京中国发展出版社,2007.1. [3]王遥.上市公司融资决策的行为金融分析[M].北京;中国人民大学出版社,2007. [4] Friend & Hasbrouk. 上市公司资本结构影响因素的研究[D].美国;1988. [5] 黄少安和张岗.中国上市公司股权融资偏好分析[C].经济研究,第11期,2001. [6] 李茂胜，苑德军.中国证券问题[M].北京;中国社会科学出版社,2003. [7]何德旭.对我国企业债券市场的思考[J].金融理论与实践,2002年,第8期;3-6页. [8]吴瑕.融资有道[M].北京;中国经济出版社,2007.1. [9] Glenn Alexander Myers.投资不足理论[D].美国.1988. [10]郭春丽.融资结构与公司价值研究[M].北京;人民出版社,2006.10. 17 附 录 债权融资比率,债权融资额/总融资额 股权融资比率,股权融资额/总融资额 总资产负债率,总负债/总资产 长期有息负债率,长期有息负债/总资产 短期有息负债率,短期有息负债/总资产 全部资本化率,(长期负债率，短期借款)/(长期负债，短期借款，所有者权益，少数股东 权益) 唐山陶瓷2005年到2008年的财务报表就不一一附带，需要可见证券报 nagement of localization and translocation. 6) cable laying the vertical trunk cables along a cable tray in weak current shane maidentifies and records according to a certain pattern, such as, to facilitate communication complete the connection lines, li itch. 5) management on work areas, equipment, into the line between the wiring devices, cable and information outlet moduleore sw, providing a variety of information services to the hospital. The device as a whole hospital network and external network cbuilding information network center machine room, complete internal LAN connection and external broadband network connectionsdical ne wear plating zinc tube dark enough Yu wall Board within. 4) main distribution frame between devices (BD) located in the meof Office regional, wiring along the layer shaft points line box Hou along slot laying in the layer ceiling, to end socket lidings er weak between respectively as this monomer of equipment room, network switch do level joint Hou respectively wiring to builr, by rehabilitation center weak tube respectively introduction to monomer of first layer weak between, the monomer first layl floot 1 set of twisted and must be reserved. 1, and 2# floor and the injury rehabilitation floor of cable from integrated medicaside reserve. Logarithmic copper cable used for voice communications, vertical Trunk copper cable should meet 1 voice at leasi of optical fiber intranet, extranet 24 data points, and set aas follows: regional nursing unit: 1 unit: each bed eiling and put along the wall galvanized pipe underground to information outlets. Arrangement of information requirements arethe c ft installation, horizontal trunk cable laying in the hallway ceiling along a cable tray, horizontal cables into the room, in18