摘要：在我国宝钢股份已经成为钢铁行业的领军企业，随着我国经济的健康稳定发展、资本市场机制的不断完善和投融资体制改革的深化，宝钢股份将拥有更多的融资渠道进行融资结构的优化。在研究宝钢股份2011年-2015年年报的基础上分析宝钢股份的股权和债权融资结构比例；其次根据年报中的披露、经济环境变化、宝钢股份内部治理变化等内部和外部因素与股权和债权匹配；最后对宝钢股份现有的融资结构作出优化建议，从而得出宝钢股份融资结构优化是一个复杂多方面的系统性问题。但是宝钢股份的融资结构较其他企业稳定，对其他同行业企业有借鉴作用。

关键字：融资结构；股权融资；债权融资

Optimization of Baosteel 's Share Financing Structure

Abstract：Baosteel has become a leader in the steel industry in China. With the healthy and stable development of our economy, the continuous improvement of capital market mechanism and the deepening of investment and financing system reform, Baosteel will have more financing channels to optimize the financing structure.This paper analyzes the proportion of equity and debt financing structure of Baosteel on the basis of the annual report of Baosteel from 2011 to 2015. Secondly, according to the disclosure in the annual report, the changes of economic environment and the internal governance of Baosteel's shares are matched with equity and creditor's rights And finally make recommendations on the existing financing situation of Baosteel. It is concluded that the optimization of Baosteel's financing structure is a complex and systematic problem. But the financing structure of Baosteel is stronger than that of other enterprises and has a reference to other enterprises in the same industry.

Key words: Financing structure；Equity financing；Debt financing

目录

0引言 1

1相关理论 1

1.1广义融资结构 1

1.2狭义融资结构 2

1.3融资结构定义 2

1.4融资结构的分类 3

1.4.1股权融资 3

1.4.2债权融资 3

2宝钢股份融资结构现状 4

2.1股权融资对宝钢股份融资结构的影响 5

2.2债权融资对宝钢股份融资结构的影响 5

3形成宝钢股份融资结构现状的原因 6

3.1宝钢股份融资结构的外部因素 6

3.1.1宏观经济现状 6

3.1.2钢铁行业发展现状 7

3.1.3投资者的风险偏好 7

3.2宝钢股份融资结构的内部因素 8

3.2.1宝钢股份股数变动 8

3.2.2宝钢股份每股收益变化 8

3.2.3宝钢股份长期借款变化 9

4宝钢股份融资结构建议 9

4.1优化宝钢股份融资结构优化的治理外部机制 9

4.1.1完善和拓宽证券市场的融资渠道 9

4.1.2改变投资者的投资策略 10

4.1.3建立适合宝钢股份的信用评级体系