The Shipbuilding Enterprises’ Financing Decision of the Ship in the Impact of the Financial Crisis
|School||Dalian Maritime University|
|Keywords||Financial crisis Shipbuilding enterprise financing decisions Financing ways Financing risk Decision-making model|
This article is in the background of the global financial crisis’s impact, through discussing a series of our country shipbuilding enterprises’influence, analyzes the fundamental cause of it’s happen to find out the solution of the financing problems under the background of financial crisis.By collecting and sorting the materials of shipping financing in shipbuilding enterprise and combing the financial system, the financing environment and the financing basic theory of the shipbuilding enterprise in our country, this article analyzes the intrinsic relation and the law, analyses the financing strategies, the internal and external financing environment of shipbuilding enterprises in our country, and studies the influence of the appearance of shipbuilding enterprise in financial crisis to summary to a financing mode to deal with the financial crisis of our shipbuilding enterprise.This article uses the method of combining the quantitative and qualitative analysis to research the financing decision of shipbuilding enterprises:first of all, use the method of qualitative analysis to analyze the presenting situation and methods of the existing financing and financing decisions in shipbuilding enterprise; Then, this introduces the quantitative analysis of the cash flow method and the cost of capital more decision-making method to build a multi-angle, multi-level decision model for the shipping financing, and uses this financing to make decisions in the practical application of shipbuilding enterprises, uses the CSIC’S financing decision as a empirical study to test this model, and give a certain practical guidance to applies this model, and conclude the strategy and suggestions to our country shipbuilding enterprise to face the financing decision of financial crisis.Shipbuilding enterprise financing should optimize capital structure as the principle and the starting point, and strengthen the research of currency structure such as the liabilities types, the debt maturity, and the debt financing structure. In view of the actual situation of the growing of financing ways and channels in shipping enterprise, shipbuilding enterprise needs to be in comprehensive consideration of the basis of he condition such as the enterprise scale, solvency and the capital cost, assets status and so on, through the comparison of capital cost, how easy it is to risk of various financing mode, for quantitative calculation and qualitative analysis to the merits of the financing way of making decision, in order to realize enterprise capital of the optimal configuration, so as to improve the enterprise’s capital operation efficiency. At the same time, try to increase the stock and bond financing ways in the proportion of the capital structure. Especially shipbuilding enterprise has to pay attention to the application of new financial instruments such as financing lease, through the comparison of various financing model to the present value of the capital cost, to determine the optimal capital structure, reduce the enterprise risk.