会计学院知识库

  自2021年证监会系统工作会议指出要加强宏观形势的追踪研判，严格把控上市企业资金杠杆水平，逐步提高直接融资比重，这对我国上市企业资本结构的完善和发展提出了新的要求。而随着近年来汽车产业转型升级的加速推进，如何运用市场机制调动更多的社会资本，提高产品竞争力，调节财务杠杆，降低产业发展对财政补助的依赖，成为汽车产业急需解决的重要问题。江淮汽车作为国内具有代表性的车企，近年来财务状况急转直下，高负债的资本结构易引发财务风险，因此对于江淮汽车资本结构的优化研究尤为必要。

  本文基于国内外研究成果与资本结构理论，在回顾分析江淮汽车的经营情况基础上，从其负债结构、股权结构与融资结构三维度分析比较资本结构现状，将存在的问题概括为资产负债率相对较高、偿债能力较弱，债务结构失衡、股权集中度高，融资渠道偏好明显、融资方式单一。结合静态模型和熵权法确定内外部因素对公司资本结构的影响权重，以确定江淮汽车资本结构优化区间。以其为指引，从增加内源积累、调整负债结构、改善融资体系、建立风险监测系统四方面入手，设计相应的资本结构优化具体方案，并从内部、外部提出完善措施保障资本结构优化方案的落地执行。

       Since the 2021 CSRC System Work Conference pointed out that it is necessary to strengthen the tracking, research and judgment of the macro situation, strictly control the level of capital leverage of listed companies, and gradually increase the proportion of direct financing, which has put forward new requirements for the improvement and development of the capital structure of listed companies in China. With the acceleration of the transformation and upgrading of the automobile industry in recent years, how to use the market mechanism to mobilize more social capital, improve product competitiveness, adjust financial leverage, and reduce the dependence of industrial development on financial subsidies has become an important problem that the automobile industry needs to solve urgently. As a representative car company in China, JAC's financial situation has deteriorated sharply in recent years, and the capital structure of high debt can easily lead to financial risks. Therefore, it is particularly necessary to optimize the capital structure of JAC.

       Based on domestic and foreign research results and the theory of capital structure, this paper analyzes and compares the JAC’s current situation of capital structure from three dimensions of its liability structure, equity structure and financing structure, and summarizes the existing problems as the relative level of assets and liabilities. Higher and weaker solvency, unbalanced debt structure, high equity concentration, obvious preference for financing channels, and single financing method. Combined with static model and entropy weight method, the influence weight of internal and external factors on the company's capital structure is determined to determine the optimal range of JAC's capital structure. Taking this as a guide, starting from four aspects: increasing internal accumulation, adjusting the liability structure, improving the financing system, and establishing a risk monitoring system, designing corresponding specific plans for capital structure optimization, and proposed internal and external improvement measures to ensure the capital structure optimization plan.