CAJ | 학술논문

本文以A公司为例，通过对A公司基本情况及主营业务特点的分析，结合其财务情况及现有融资模式，得出了A公司各板块产业规模发展迅速，营业收入呈逐年增长态势，对流动资金的资金需求不断扩大，拟通过债务融资对流动资金进行补充，根据目前国内金融市场的基本情况，A公司可行的债务融资方式主要包括银行贷款、信托贷款、发行债券以及融资租赁。为了提高决策效率，增加企业融资决策的准确性，帮助A公司综合权衡各种影响因素，对上述各种债务融资方式进行合理选择，本文构建了基于AHP的A公司债务融资量化决策模型。通过AHP决策模型，其四种可行的债务融资方式的排序为：发行债券〉银行贷款〉信托贷款〉融资租赁，最符合A公司目前债务融资需求的融资方式是发行债券。
본문이A공사위례，통과대A공사기본정황급주영업무특점적분석，결합기재무정황급현유융자모식，득출료A공사각판괴산업규모발전신속，영업수입정축년증장태세，대류동자금적자금수구불단확대，의통과채무융자대류동자금진행보충，근거목전국내금융시장적기본정황，A공사가행적채무융자방식주요포괄은행대관、신탁대관、발행채권이급융자조임。위료제고결책효솔，증가기업융자결책적준학성，방조A공사종합권형각충영향인소，대상술각충채무융자방식진행합리선택，본문구건료기우AHP적A공사채무융자양화결책모형。통과AHP결책모형，기사충가행적채무융자방식적배서위：발행채권〉은행대관〉신탁대관〉융자조임，최부합A공사목전채무융자수구적융자방식시발행채권。
Taking A company for example, through the analysis of basic situation of A Company and the main business characteristics, combined with its financial situation and the existing financing model, this paper obtained that all sectors of industrial scale of A company had a rapid development, the operating income increased year by year, which makes the funding needs for working capital continues to expand, and A company wanted to supplement the working capital by debt financing. According to the basic situation of the domestic financial market, the viable debt financing ways for A company include bank loans, trust loans, bonds and finance leases. In order to improve decision-making efficiency, increase the accuracy of corporate financing decisions, help A company to weigh all factors, and reasonably chose the above debt financing ways, this paper constructs A company debt financing decision model based on AHP quantify. By AHP decision model, the order of four possible debt financing ways is: bonds> bank loans> trust loans> financial leasing, and the best financing way of A company is bonds.