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［提要］隨著經濟體制的不斷改革，化工企業作為國家的重要基干企業，其經營業績對國民經濟發展起到重要作用。對化工企業資本結構狀況進行研究，有利于實現企業價值最大化，并且促進經濟水平的提高。因此，本文以奧克股份為例，對資(zi)本結構(gou)進(jin)行分(fen)析(xi)，研究資(zi)本結構(gou)存在的問題，并提出優化方案。

關鍵詞：資本(ben)結構；資產負債率；股權結構；融(rong)資

步入21世紀之后，我國化工行(xing)業不斷保持(chi)著(zhu)高速增長，但仍面臨著(zhu)一些頑(wan)疾(ji)和挑戰，尤(you)其在2020年新(xin)冠肺(fei)炎疫情大背景下，化工行(xing)業遭受巨大沖擊。因(yin)此，在化工行(xing)業受疫情影響面臨快(kuai)(kuai)速衰退和快(kuai)(kuai)速復(fu)蘇的(de)(de)情況下，對其資本結(jie)構進行(xing)研究具有(you)重要的(de)(de)現實意(yi)義。本文以奧(ao)克股份為例，利用其財務報告數據(ju)，對資本結(jie)構存(cun)在的(de)(de)問題進行(xing)分析，并提出相應的(de)(de)優化建議。

一、研究背景

（一(yi)）公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)簡介。遼寧(ning)奧(ao)克(ke)(ke)化學股(gu)(gu)(gu)份(fen)(fen)有(you)(you)限公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)（300082）是(shi)(shi)(shi)(shi)奧(ao)克(ke)(ke)集團控股(gu)(gu)(gu)子公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)，環(huan)氧精深(shen)加(jia)(jia)工(gong)行(xing)(xing)(xing)業(ye)(ye)(ye)(ye)首(shou)家上(shang)市(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)，專注(zhu)于(yu)(yu)(yu)環(huan)氧乙烯衍(yan)生精細(xi)化工(gong)高(gao)端新材料的(de)(de)(de)(de)研(yan)(yan)發與生產(chan)(chan)(chan)經(jing)(jing)(jing)營(ying)。1992年(nian)(nian)(nian)(nian)奧(ao)克(ke)(ke)成(cheng)立，2000年(nian)(nian)(nian)(nian)股(gu)(gu)(gu)份(fen)(fen)轉制(zhi)(zhi)，2010年(nian)(nian)(nian)(nian)成(cheng)功(gong)上(shang)市(shi)，發行(xing)(xing)(xing)價85元(yuan)，募集資(zi)(zi)(zi)(zi)(zi)金(jin)22.95億元(yuan)，勇(yong)創資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)市(shi)場(chang)化工(gong)板塊至高(gao)點。到(dao)2021年(nian)(nian)(nian)(nian)，連續(xu)12年(nian)(nian)(nian)(nian)入選中(zhong)國化工(gong)500強(qiang)。奧(ao)克(ke)(ke)始(shi)終(zhong)堅(jian)持為(wei)(wei)股(gu)(gu)(gu)東(dong)和(he)利益(yi)相(xiang)關方創造(zao)價值(zhi)，走“以(yi)(yi)(yi)企(qi)(qi)業(ye)(ye)(ye)(ye)為(wei)(wei)主體、以(yi)(yi)(yi)市(shi)場(chang)為(wei)(wei)導(dao)向，產(chan)(chan)(chan)學研(yan)(yan)相(xiang)結(jie)(jie)(jie)合(he)”的(de)(de)(de)(de)自主創新道路。在(zai)(zai)(zai)新冠肺炎疫(yi)情期(qi)間，奧(ao)克(ke)(ke)積極抗擊新冠肺炎疫(yi)情、復(fu)工(gong)復(fu)產(chan)(chan)(chan)，穩(wen)中(zhong)求進(jin)，高(gao)質量地完成(cheng)了(le)2020年(nian)(nian)(nian)(nian)各項主要發展指(zhi)(zhi)標(biao)。（二）資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)結(jie)(jie)(jie)構(gou)(gou)(gou)現(xian)(xian)狀分析(xi)(xi)1、股(gu)(gu)(gu)權(quan)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)結(jie)(jie)(jie)構(gou)(gou)(gou)。股(gu)(gu)(gu)權(quan)結(jie)(jie)(jie)構(gou)(gou)(gou)可(ke)(ke)以(yi)(yi)(yi)確保股(gu)(gu)(gu)東(dong)的(de)(de)(de)(de)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)利益(yi)，合(he)理的(de)(de)(de)(de)股(gu)(gu)(gu)權(quan)結(jie)(jie)(jie)構(gou)(gou)(gou)是(shi)(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)持續(xu)穩(wen)定(ding)(ding)發展的(de)(de)(de)(de)基礎。從(cong)(cong)表(biao)(biao)(biao)(biao)(biao)1中(zhong)可(ke)(ke)以(yi)(yi)(yi)看出(chu)(chu)，截至2020年(nian)(nian)(nian)(nian)末，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)第(di)一(yi)大(da)(da)(da)(da)股(gu)(gu)(gu)東(dong)的(de)(de)(de)(de)持股(gu)(gu)(gu)比(bi)(bi)(bi)(bi)(bi)(bi)(bi)例為(wei)(wei)53.43%，在(zai)(zai)(zai)50%以(yi)(yi)(yi)上(shang)，表(biao)(biao)(biao)(biao)(biao)明(ming)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)第(di)一(yi)大(da)(da)(da)(da)股(gu)(gu)(gu)東(dong)掌(zhang)握了(le)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)的(de)(de)(de)(de)絕對(dui)控制(zhi)(zhi)權(quan)；第(di)二大(da)(da)(da)(da)股(gu)(gu)(gu)東(dong)持股(gu)(gu)(gu)比(bi)(bi)(bi)(bi)(bi)(bi)(bi)例僅為(wei)(wei)4.81%，與第(di)一(yi)大(da)(da)(da)(da)股(gu)(gu)(gu)東(dong)相(xiang)差48.62%，差額巨(ju)大(da)(da)(da)(da)；而第(di)三(san)(san)、第(di)四、第(di)五大(da)(da)(da)(da)股(gu)(gu)(gu)東(dong)占比(bi)(bi)(bi)(bi)(bi)(bi)(bi)相(xiang)差較(jiao)(jiao)小，持股(gu)(gu)(gu)比(bi)(bi)(bi)(bi)(bi)(bi)(bi)例極低。由(you)(you)此可(ke)(ke)見(jian)，該(gai)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)屬于(yu)(yu)(yu)高(gao)度(du)(du)集中(zhong)型(xing)股(gu)(gu)(gu)權(quan)結(jie)(jie)(jie)構(gou)(gou)(gou)，股(gu)(gu)(gu)權(quan)結(jie)(jie)(jie)構(gou)(gou)(gou)存(cun)在(zai)(zai)(zai)分布不均(jun)衡(heng)的(de)(de)(de)(de)問題，容(rong)易造(zao)成(cheng)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)“一(yi)股(gu)(gu)(gu)獨大(da)(da)(da)(da)”的(de)(de)(de)(de)現(xian)(xian)象，增(zeng)(zeng)(zeng)加(jia)(jia)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)的(de)(de)(de)(de)經(jing)(jing)(jing)營(ying)風(feng)(feng)(feng)險。（表(biao)(biao)(biao)(biao)(biao)1）2、債(zhai)(zhai)(zhai)務(wu)(wu)(wu)(wu)(wu)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)結(jie)(jie)(jie)構(gou)(gou)(gou)。從(cong)(cong)表(biao)(biao)(biao)(biao)(biao)2債(zhai)(zhai)(zhai)務(wu)(wu)(wu)(wu)(wu)結(jie)(jie)(jie)構(gou)(gou)(gou)表(biao)(biao)(biao)(biao)(biao)可(ke)(ke)以(yi)(yi)(yi)看出(chu)(chu)，2016～2020年(nian)(nian)(nian)(nian)該(gai)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)流(liu)(liu)(liu)動(dong)(dong)負債(zhai)(zhai)(zhai)占總(zong)負債(zhai)(zhai)(zhai)的(de)(de)(de)(de)比(bi)(bi)(bi)(bi)(bi)(bi)(bi)例整(zheng)體上(shang)呈(cheng)現(xian)(xian)上(shang)升(sheng)趨(qu)勢(shi)，到(dao)2020年(nian)(nian)(nian)(nian)占比(bi)(bi)(bi)(bi)(bi)(bi)(bi)更是(shi)(shi)(shi)(shi)接近(jin)100%，非流(liu)(liu)(liu)動(dong)(dong)負債(zhai)(zhai)(zhai)占比(bi)(bi)(bi)(bi)(bi)(bi)(bi)則逐(zhu)漸降(jiang)(jiang)(jiang)低，低至4.58%。由(you)(you)此可(ke)(ke)見(jian)，該(gai)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)近(jin)年(nian)(nian)(nian)(nian)來(lai)(lai)在(zai)(zai)(zai)資(zi)(zi)(zi)(zi)(zi)金(jin)出(chu)(chu)現(xian)(xian)短缺時(shi)較(jiao)(jiao)多地依賴短期(qi)負債(zhai)(zhai)(zhai)進(jin)行(xing)(xing)(xing)融(rong)資(zi)(zi)(zi)(zi)(zi)。雖(sui)然化工(gong)企(qi)(qi)業(ye)(ye)(ye)(ye)屬于(yu)(yu)(yu)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)密集型(xing)企(qi)(qi)業(ye)(ye)(ye)(ye)，資(zi)(zi)(zi)(zi)(zi)金(jin)相(xiang)對(dui)雄厚，有(you)(you)能(neng)(neng)力(li)(li)靈活地運用(yong)(yong)穩(wen)定(ding)(ding)的(de)(de)(de)(de)現(xian)(xian)金(jin)流(liu)(liu)(liu)償還短期(qi)流(liu)(liu)(liu)動(dong)(dong)負債(zhai)(zhai)(zhai)，但(dan)是(shi)(shi)(shi)(shi)一(yi)旦(dan)流(liu)(liu)(liu)動(dong)(dong)負債(zhai)(zhai)(zhai)利息占資(zi)(zi)(zi)(zi)(zi)產(chan)(chan)(chan)比(bi)(bi)(bi)(bi)(bi)(bi)(bi)值(zhi)過高(gao)，也(ye)(ye)同(tong)樣會給整(zheng)個(ge)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)(wu)(wu)帶來(lai)(lai)巨(ju)大(da)(da)(da)(da)的(de)(de)(de)(de)經(jing)(jing)(jing)營(ying)資(zi)(zi)(zi)(zi)(zi)金(jin)壓力(li)(li)，一(yi)旦(dan)發生資(zi)(zi)(zi)(zi)(zi)金(jin)鏈(lian)斷裂，便意(yi)味著難以(yi)(yi)(yi)保證及時(shi)償還企(qi)(qi)業(ye)(ye)(ye)(ye)的(de)(de)(de)(de)短期(qi)借款(kuan)，影響著企(qi)(qi)業(ye)(ye)(ye)(ye)未來(lai)(lai)的(de)(de)(de)(de)綜合(he)償債(zhai)(zhai)(zhai)能(neng)(neng)力(li)(li)，給企(qi)(qi)業(ye)(ye)(ye)(ye)造(zao)成(cheng)財(cai)(cai)務(wu)(wu)(wu)(wu)(wu)風(feng)(feng)(feng)險。財(cai)(cai)務(wu)(wu)(wu)(wu)(wu)杠桿系數(shu)直(zhi)觀地反映(ying)了(le)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)財(cai)(cai)務(wu)(wu)(wu)(wu)(wu)風(feng)(feng)(feng)險的(de)(de)(de)(de)大(da)(da)(da)(da)小，近(jin)四年(nian)(nian)(nian)(nian)該(gai)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)財(cai)(cai)務(wu)(wu)(wu)(wu)(wu)杠桿系數(shu)持續(xu)下(xia)(xia)降(jiang)(jiang)(jiang)，說明(ming)財(cai)(cai)務(wu)(wu)(wu)(wu)(wu)風(feng)(feng)(feng)險程度(du)(du)在(zai)(zai)(zai)逐(zhu)年(nian)(nian)(nian)(nian)減小。（表(biao)(biao)(biao)(biao)(biao)2）3、資(zi)(zi)(zi)(zi)(zi)產(chan)(chan)(chan)負債(zhai)(zhai)(zhai)比(bi)(bi)(bi)(bi)(bi)(bi)(bi)重。資(zi)(zi)(zi)(zi)(zi)產(chan)(chan)(chan)負債(zhai)(zhai)(zhai)率(lv)(lv)也(ye)(ye)是(shi)(shi)(shi)(shi)直(zhi)接衡(heng)量上(shang)市(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)凈(jing)負債(zhai)(zhai)(zhai)經(jing)(jing)(jing)營(ying)水平(ping)好壞(huai)以(yi)(yi)(yi)及負債(zhai)(zhai)(zhai)風(feng)(feng)(feng)險程度(du)(du)等最核心的(de)(de)(de)(de)財(cai)(cai)務(wu)(wu)(wu)(wu)(wu)指(zhi)(zhi)標(biao)。由(you)(you)表(biao)(biao)(biao)(biao)(biao)3可(ke)(ke)以(yi)(yi)(yi)看出(chu)(chu)該(gai)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)2016～2020年(nian)(nian)(nian)(nian)資(zi)(zi)(zi)(zi)(zi)產(chan)(chan)(chan)負債(zhai)(zhai)(zhai)率(lv)(lv)整(zheng)體上(shang)波動(dong)(dong)較(jiao)(jiao)大(da)(da)(da)(da)，并呈(cheng)現(xian)(xian)下(xia)(xia)降(jiang)(jiang)(jiang)趨(qu)勢(shi)。近(jin)年(nian)(nian)(nian)(nian)來(lai)(lai)，化工(gong)行(xing)(xing)(xing)業(ye)(ye)(ye)(ye)的(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)產(chan)(chan)(chan)負債(zhai)(zhai)(zhai)率(lv)(lv)保持在(zai)(zai)(zai)50%～60%之間，處于(yu)(yu)(yu)適(shi)中(zhong)水平(ping)，而該(gai)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)近(jin)五年(nian)(nian)(nian)(nian)來(lai)(lai)最高(gao)值(zhi)也(ye)(ye)只有(you)(you)50.12%，在(zai)(zai)(zai)2019年(nian)(nian)(nian)(nian)僅為(wei)(wei)30.93%，由(you)(you)此可(ke)(ke)見(jian)，資(zi)(zi)(zi)(zi)(zi)產(chan)(chan)(chan)負債(zhai)(zhai)(zhai)率(lv)(lv)相(xiang)對(dui)較(jiao)(jiao)低，雖(sui)然可(ke)(ke)以(yi)(yi)(yi)綜合(he)反映(ying)奧(ao)克(ke)(ke)股(gu)(gu)(gu)份(fen)(fen)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)相(xiang)對(dui)較(jiao)(jiao)高(gao)風(feng)(feng)(feng)險低效(xiao)(xiao)益(yi)的(de)(de)(de)(de)平(ping)均(jun)財(cai)(cai)務(wu)(wu)(wu)(wu)(wu)成(cheng)本(ben)(ben)(ben)(ben)結(jie)(jie)(jie)構(gou)(gou)(gou)和(he)企(qi)(qi)業(ye)(ye)(ye)(ye)較(jiao)(jiao)高(gao)水平(ping)強(qiang)負債(zhai)(zhai)(zhai)的(de)(de)(de)(de)整(zheng)體償債(zhai)(zhai)(zhai)能(neng)(neng)力(li)(li)，但(dan)是(shi)(shi)(shi)(shi)資(zi)(zi)(zi)(zi)(zi)產(chan)(chan)(chan)負債(zhai)(zhai)(zhai)率(lv)(lv)持續(xu)過低的(de)(de)(de)(de)同(tong)時(shi)也(ye)(ye)表(biao)(biao)(biao)(biao)(biao)明(ming)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)沒有(you)(you)能(neng)(neng)力(li)(li)充分安全有(you)(you)效(xiao)(xiao)地利用(yong)(yong)銀行(xing)(xing)(xing)資(zi)(zi)(zi)(zi)(zi)金(jin)，舉債(zhai)(zhai)(zhai)經(jing)(jing)(jing)營(ying)活動(dong)(dong)能(neng)(neng)力(li)(li)也(ye)(ye)不足(zu)。產(chan)(chan)(chan)權(quan)結(jie)(jie)(jie)構(gou)(gou)(gou)是(shi)(shi)(shi)(shi)衡(heng)量公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)財(cai)(cai)務(wu)(wu)(wu)(wu)(wu)結(jie)(jie)(jie)構(gou)(gou)(gou)穩(wen)健性的(de)(de)(de)(de)重要指(zhi)(zhi)標(biao)。從(cong)(cong)表(biao)(biao)(biao)(biao)(biao)3可(ke)(ke)以(yi)(yi)(yi)看出(chu)(chu)，該(gai)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)產(chan)(chan)(chan)權(quan)結(jie)(jie)(jie)構(gou)(gou)(gou)整(zheng)體上(shang)波動(dong)(dong)較(jiao)(jiao)大(da)(da)(da)(da)，呈(cheng)現(xian)(xian)明(ming)顯(xian)(xian)下(xia)(xia)降(jiang)(jiang)(jiang)趨(qu)勢(shi)。一(yi)般而言，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)的(de)(de)(de)(de)產(chan)(chan)(chan)權(quan)比(bi)(bi)(bi)(bi)(bi)(bi)(bi)率(lv)(lv)應(ying)保持在(zai)(zai)(zai)50%左右，2019年(nian)(nian)(nian)(nian)和(he)2020年(nian)(nian)(nian)(nian)基本(ben)(ben)(ben)(ben)維持在(zai)(zai)(zai)合(he)適(shi)的(de)(de)(de)(de)水平(ping)。（表(biao)(biao)(biao)(biao)(biao)3）（三(san)(san)）財(cai)(cai)務(wu)(wu)(wu)(wu)(wu)風(feng)(feng)(feng)險分析(xi)(xi)1、償債(zhai)(zhai)(zhai)能(neng)(neng)力(li)(li)分析(xi)(xi)。本(ben)(ben)(ben)(ben)文選擇用(yong)(yong)流(liu)(liu)(liu)動(dong)(dong)比(bi)(bi)(bi)(bi)(bi)(bi)(bi)率(lv)(lv)和(he)速動(dong)(dong)比(bi)(bi)(bi)(bi)(bi)(bi)(bi)率(lv)(lv)來(lai)(lai)衡(heng)量公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)的(de)(de)(de)(de)償債(zhai)(zhai)(zhai)能(neng)(neng)力(li)(li)，從(cong)(cong)表(biao)(biao)(biao)(biao)(biao)4可(ke)(ke)以(yi)(yi)(yi)看出(chu)(chu)，該(gai)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)的(de)(de)(de)(de)流(liu)(liu)(liu)動(dong)(dong)比(bi)(bi)(bi)(bi)(bi)(bi)(bi)率(lv)(lv)與速動(dong)(dong)比(bi)(bi)(bi)(bi)(bi)(bi)(bi)率(lv)(lv)在(zai)(zai)(zai)2019～2020年(nian)(nian)(nian)(nian)有(you)(you)大(da)(da)(da)(da)幅下(xia)(xia)降(jiang)(jiang)(jiang)，整(zheng)體呈(cheng)現(xian)(xian)上(shang)升(sheng)趨(qu)勢(shi)，說明(ming)該(gai)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)的(de)(de)(de)(de)償債(zhai)(zhai)(zhai)能(neng)(neng)力(li)(li)有(you)(you)所上(shang)升(sheng)，這(zhe)有(you)(you)利于(yu)(yu)(yu)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)的(de)(de)(de)(de)發展。但(dan)是(shi)(shi)(shi)(shi)與行(xing)(xing)(xing)業(ye)(ye)(ye)(ye)較(jiao)(jiao)高(gao)水平(ping)相(xiang)比(bi)(bi)(bi)(bi)(bi)(bi)(bi)偏(pian)低，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)償債(zhai)(zhai)(zhai)能(neng)(neng)力(li)(li)不足(zu)，流(liu)(liu)(liu)動(dong)(dong)性風(feng)(feng)(feng)險加(jia)(jia)大(da)(da)(da)(da)，如果無法控制(zhi)(zhi)，也(ye)(ye)會增(zeng)(zeng)(zeng)加(jia)(jia)財(cai)(cai)務(wu)(wu)(wu)(wu)(wu)風(feng)(feng)(feng)險。（表(biao)(biao)(biao)(biao)(biao)4）2、營(ying)運能(neng)(neng)力(li)(li)分析(xi)(xi)。從(cong)(cong)表(biao)(biao)(biao)(biao)(biao)5的(de)(de)(de)(de)數(shu)據可(ke)(ke)以(yi)(yi)(yi)看出(chu)(chu)，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)存(cun)貨周轉率(lv)(lv)2019年(nian)(nian)(nian)(nian)之前逐(zhu)年(nian)(nian)(nian)(nian)上(shang)升(sheng)，2020年(nian)(nian)(nian)(nian)明(ming)顯(xian)(xian)下(xia)(xia)降(jiang)(jiang)(jiang)，說明(ming)2020年(nian)(nian)(nian)(nian)存(cun)貨出(chu)(chu)現(xian)(xian)滯銷(xiao)現(xian)(xian)象，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)資(zi)(zi)(zi)(zi)(zi)金(jin)周轉出(chu)(chu)現(xian)(xian)困(kun)難，產(chan)(chan)(chan)供(gong)銷(xiao)體系的(de)(de)(de)(de)營(ying)運效(xiao)(xiao)率(lv)(lv)下(xia)(xia)降(jiang)(jiang)(jiang)。此外(wai)，由(you)(you)于(yu)(yu)(yu)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)收縮市(shi)場(chang)戰線，經(jing)(jing)(jing)營(ying)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)(wu)(wu)萎(wei)縮，總(zong)資(zi)(zi)(zi)(zi)(zi)產(chan)(chan)(chan)周轉速度(du)(du)有(you)(you)較(jiao)(jiao)大(da)(da)(da)(da)幅度(du)(du)的(de)(de)(de)(de)下(xia)(xia)降(jiang)(jiang)(jiang)，從(cong)(cong)而導(dao)致公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)的(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)產(chan)(chan)(chan)利用(yong)(yong)率(lv)(lv)降(jiang)(jiang)(jiang)低，營(ying)運能(neng)(neng)力(li)(li)下(xia)(xia)降(jiang)(jiang)(jiang)。（表(biao)(biao)(biao)(biao)(biao)5）3、盈利能(neng)(neng)力(li)(li)分析(xi)(xi)。表(biao)(biao)(biao)(biao)(biao)6數(shu)據顯(xian)(xian)示，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)銷(xiao)售凈(jing)利率(lv)(lv)呈(cheng)現(xian)(xian)逐(zhu)年(nian)(nian)(nian)(nian)上(shang)升(sheng)趨(qu)勢(shi)，凈(jing)資(zi)(zi)(zi)(zi)(zi)產(chan)(chan)(chan)收益(yi)率(lv)(lv)和(he)總(zong)資(zi)(zi)(zi)(zi)(zi)產(chan)(chan)(chan)凈(jing)利潤率(lv)(lv)呈(cheng)現(xian)(xian)明(ming)顯(xian)(xian)的(de)(de)(de)(de)上(shang)升(sheng)趨(qu)勢(shi)，整(zheng)體來(lai)(lai)看，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)盈利能(neng)(neng)力(li)(li)穩(wen)定(ding)(ding)提高(gao)，市(shi)場(chang)競爭力(li)(li)增(zeng)(zeng)(zeng)加(jia)(jia)，發展潛力(li)(li)巨(ju)大(da)(da)(da)(da)，但(dan)同(tong)時(shi)應(ying)注(zhu)意(yi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)的(de)(de)(de)(de)財(cai)(cai)務(wu)(wu)(wu)(wu)(wu)風(feng)(feng)(feng)險。（表(biao)(biao)(biao)(biao)(biao)6）4、成(cheng)長(chang)(chang)能(neng)(neng)力(li)(li)分析(xi)(xi)。從(cong)(cong)表(biao)(biao)(biao)(biao)(biao)7中(zhong)可(ke)(ke)以(yi)(yi)(yi)看出(chu)(chu)，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)營(ying)業(ye)(ye)(ye)(ye)收入增(zeng)(zeng)(zeng)長(chang)(chang)率(lv)(lv)近(jin)五年(nian)(nian)(nian)(nian)出(chu)(chu)現(xian)(xian)較(jiao)(jiao)大(da)(da)(da)(da)幅度(du)(du)的(de)(de)(de)(de)下(xia)(xia)降(jiang)(jiang)(jiang)，總(zong)資(zi)(zi)(zi)(zi)(zi)產(chan)(chan)(chan)增(zeng)(zeng)(zeng)長(chang)(chang)率(lv)(lv)和(he)凈(jing)資(zi)(zi)(zi)(zi)(zi)產(chan)(chan)(chan)增(zeng)(zeng)(zeng)長(chang)(chang)率(lv)(lv)雖(sui)然中(zhong)間出(chu)(chu)現(xian)(xian)較(jiao)(jiao)大(da)(da)(da)(da)波動(dong)(dong)，但(dan)整(zheng)體上(shang)看還是(shi)(shi)(shi)(shi)有(you)(you)所提高(gao)，可(ke)(ke)見(jian)企(qi)(qi)業(ye)(ye)(ye)(ye)發展前景良好，應(ying)注(zhu)重提高(gao)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)(wu)(wu)擴張(zhang)的(de)(de)(de)(de)能(neng)(neng)力(li)(li)。（表(biao)(biao)(biao)(biao)(biao)7）

二、資本結構存在的問題

（一）股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)比例(li)高(gao)(gao)(gao)度(du)集(ji)(ji)(ji)中(zhong)。化工行業(ye)(ye)上市(shi)(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)作為我國的(de)(de)(de)(de)(de)(de)重(zhong)點產(chan)業(ye)(ye)，普遍(bian)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)集(ji)(ji)(ji)中(zhong)度(du)較(jiao)高(gao)(gao)(gao)。奧(ao)(ao)克(ke)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)份第一大(da)(da)(da)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)擁(yong)有(you)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)份總額(e)的(de)(de)(de)(de)(de)(de)53.43%，基本處于絕對控(kong)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)地位(wei)，從(cong)前(qian)五(wu)大(da)(da)(da)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)持股(gu)(gu)(gu)(gu)(gu)(gu)(gu)比例(li)來(lai)(lai)看，該(gai)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)制(zhi)(zhi)衡度(du)較(jiao)低(di)(di)。雖然高(gao)(gao)(gao)度(du)集(ji)(ji)(ji)中(zhong)的(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)結(jie)(jie)(jie)(jie)構(gou)(gou)(gou)(gou)發揮(hui)了(le)大(da)(da)(da)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)對管(guan)理(li)人(ren)員(yuan)的(de)(de)(de)(de)(de)(de)激(ji)勵效應(ying)，解決(jue)了(le)“搭便車”的(de)(de)(de)(de)(de)(de)問(wen)題，但(dan)(dan)是這(zhe)種股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)結(jie)(jie)(jie)(jie)構(gou)(gou)(gou)(gou)也(ye)(ye)(ye)容易對公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)本結(jie)(jie)(jie)(jie)構(gou)(gou)(gou)(gou)造成(cheng)(cheng)(cheng)(cheng)不(bu)(bu)利(li)(li)影(ying)響(xiang)(xiang)，當監督控(kong)制(zhi)(zhi)機(ji)制(zhi)(zhi)出現(xian)漏洞(dong)時，小股(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)的(de)(de)(de)(de)(de)(de)權(quan)(quan)(quan)(quan)(quan)益便會(hui)受到損害。由于持股(gu)(gu)(gu)(gu)(gu)(gu)(gu)比例(li)小，小股(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)參與企(qi)業(ye)(ye)經營(ying)管(guan)理(li)的(de)(de)(de)(de)(de)(de)積(ji)極性也(ye)(ye)(ye)會(hui)受到抑制(zhi)(zhi)，造成(cheng)(cheng)(cheng)(cheng)“一股(gu)(gu)(gu)(gu)(gu)(gu)(gu)獨大(da)(da)(da)”的(de)(de)(de)(de)(de)(de)現(xian)象，從(cong)而(er)不(bu)(bu)利(li)(li)于公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)財務(wu)(wu)(wu)水平和公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)價值(zhi)的(de)(de)(de)(de)(de)(de)提高(gao)(gao)(gao)。（二(er)）債(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)結(jie)(jie)(jie)(jie)構(gou)(gou)(gou)(gou)不(bu)(bu)合(he)理(li)。從(cong)表(biao)2債(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)結(jie)(jie)(jie)(jie)構(gou)(gou)(gou)(gou)表(biao)可以(yi)看出，該(gai)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)流(liu)動(dong)(dong)負(fu)債(zhai)(zhai)(zhai)(zhai)比率(lv)和非流(liu)動(dong)(dong)負(fu)債(zhai)(zhai)(zhai)(zhai)比率(lv)差(cha)(cha)距明(ming)顯，尤(you)其是在(zai)2020年(nian)(nian)差(cha)(cha)值(zhi)達到了(le)90.84%。在(zai)流(liu)動(dong)(dong)負(fu)債(zhai)(zhai)(zhai)(zhai)的(de)(de)(de)(de)(de)(de)構(gou)(gou)(gou)(gou)成(cheng)(cheng)(cheng)(cheng)中(zhong)，短期(qi)(qi)(qi)(qi)借款占最大(da)(da)(da)的(de)(de)(de)(de)(de)(de)比例(li)，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)更傾向于短期(qi)(qi)(qi)(qi)債(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)的(de)(de)(de)(de)(de)(de)借入(ru)，這(zhe)便造成(cheng)(cheng)(cheng)(cheng)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)負(fu)債(zhai)(zhai)(zhai)(zhai)結(jie)(jie)(jie)(jie)構(gou)(gou)(gou)(gou)嚴重(zhong)失衡。雖然在(zai)新冠(guan)肺炎疫(yi)情(qing)期(qi)(qi)(qi)(qi)間，短期(qi)(qi)(qi)(qi)負(fu)債(zhai)(zhai)(zhai)(zhai)與長期(qi)(qi)(qi)(qi)負(fu)債(zhai)(zhai)(zhai)(zhai)相比，具有(you)籌集(ji)(ji)(ji)資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)更快、融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)成(cheng)(cheng)(cheng)(cheng)本更低(di)(di)、可以(yi)幫助公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)快速復(fu)蘇的(de)(de)(de)(de)(de)(de)優勢，但(dan)(dan)是短期(qi)(qi)(qi)(qi)負(fu)債(zhai)(zhai)(zhai)(zhai)過(guo)(guo)多(duo)也(ye)(ye)(ye)會(hui)給公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)帶來(lai)(lai)巨(ju)大(da)(da)(da)的(de)(de)(de)(de)(de)(de)財務(wu)(wu)(wu)壓力(li)(li)，一旦(dan)短期(qi)(qi)(qi)(qi)內有(you)大(da)(da)(da)量(liang)資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)需要償付(fu)，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)自有(you)資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)不(bu)(bu)充足(zu)的(de)(de)(de)(de)(de)(de)情(qing)況下(xia)，容易導致資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)周(zhou)轉(zhuan)困難，增(zeng)加債(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)風(feng)(feng)(feng)險(xian)，影(ying)響(xiang)(xiang)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)正常運營(ying)。（三）資(zi)(zi)(zi)(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)(zhai)率(lv)水平低(di)(di)。從(cong)資(zi)(zi)(zi)(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)(zhai)比重(zhong)分(fen)(fen)析可以(yi)發現(xian)，奧(ao)(ao)克(ke)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)份資(zi)(zi)(zi)(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)(zhai)率(lv)波(bo)動(dong)(dong)較(jiao)大(da)(da)(da)，2019年(nian)(nian)較(jiao)2017年(nian)(nian)下(xia)降(jiang)了(le)19.19%，整體(ti)水平偏低(di)(di)。在(zai)外(wai)部(bu)環境(jing)上，主(zhu)要是由于區域性因素(su)，東(dong)北地區目前(qian)成(cheng)(cheng)(cheng)(cheng)長空間大(da)(da)(da)、市(shi)(shi)場(chang)需求(qiu)量(liang)較(jiao)少；在(zai)內部(bu)環境(jing)上，這(zhe)反映(ying)出了(le)該(gai)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)高(gao)(gao)(gao)度(du)集(ji)(ji)(ji)中(zhong)主(zhu)業(ye)(ye)并(bing)逐步增(zeng)強核心競爭力(li)(li)的(de)(de)(de)(de)(de)(de)謹慎型發展策(ce)略(lve)，也(ye)(ye)(ye)和公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)更傾向于證券(quan)市(shi)(shi)場(chang)進行融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)有(you)關。過(guo)(guo)低(di)(di)的(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)(zhai)率(lv)表(biao)，一方面表(biao)明(ming)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)擁(yong)有(you)較(jiao)好的(de)(de)(de)(de)(de)(de)現(xian)金(jin)流(liu)、較(jiao)低(di)(di)的(de)(de)(de)(de)(de)(de)還款壓力(li)(li)和充分(fen)(fen)的(de)(de)(de)(de)(de)(de)發展潛力(li)(li)；另一方面也(ye)(ye)(ye)表(biao)明(ming)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)并(bing)沒有(you)充分(fen)(fen)發揮(hui)財務(wu)(wu)(wu)杠桿的(de)(de)(de)(de)(de)(de)效用(yong)，缺少舉債(zhai)(zhai)(zhai)(zhai)經營(ying)的(de)(de)(de)(de)(de)(de)能力(li)(li)。資(zi)(zi)(zi)(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)(zhai)率(lv)持續降(jiang)低(di)(di)也(ye)(ye)(ye)會(hui)影(ying)響(xiang)(xiang)企(qi)業(ye)(ye)的(de)(de)(de)(de)(de)(de)健康發展。（四）融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)結(jie)(jie)(jie)(jie)構(gou)(gou)(gou)(gou)不(bu)(bu)合(he)理(li)。從(cong)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)產(chan)權(quan)(quan)(quan)(quan)(quan)比率(lv)來(lai)(lai)看，2016～2018年(nian)(nian)奧(ao)(ao)克(ke)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)份產(chan)權(quan)(quan)(quan)(quan)(quan)比率(lv)較(jiao)高(gao)(gao)(gao)，屬(shu)于高(gao)(gao)(gao)風(feng)(feng)(feng)險(xian)、高(gao)(gao)(gao)報(bao)酬(chou)的(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)本結(jie)(jie)(jie)(jie)構(gou)(gou)(gou)(gou)，后通(tong)(tong)過(guo)(guo)適度(du)發行股(gu)(gu)(gu)(gu)(gu)(gu)(gu)票來(lai)(lai)降(jiang)低(di)(di)債(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)風(feng)(feng)(feng)險(xian)，優化公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)整體(ti)風(feng)(feng)(feng)險(xian)資(zi)(zi)(zi)(zi)(zi)(zi)本結(jie)(jie)(jie)(jie)構(gou)(gou)(gou)(gou)，2019年(nian)(nian)后開始慢慢轉(zhuan)為中(zhong)低(di)(di)風(feng)(feng)(feng)險(xian)的(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)本結(jie)(jie)(jie)(jie)構(gou)(gou)(gou)(gou)。產(chan)權(quan)(quan)(quan)(quan)(quan)比率(lv)波(bo)動(dong)(dong)較(jiao)大(da)(da)(da)，容易增(zeng)加財務(wu)(wu)(wu)結(jie)(jie)(jie)(jie)構(gou)(gou)(gou)(gou)的(de)(de)(de)(de)(de)(de)不(bu)(bu)穩定性。此外(wai)，通(tong)(tong)過(guo)(guo)前(qian)文營(ying)運能力(li)(li)分(fen)(fen)析可以(yi)反映(ying)出，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)利(li)(li)用(yong)效率(lv)低(di)(di)下(xia)，內源融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)能力(li)(li)不(bu)(bu)足(zu)，容易導致公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)規模受到較(jiao)大(da)(da)(da)制(zhi)(zhi)約，減(jian)少公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)外(wai)部(bu)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)的(de)(de)(de)(de)(de)(de)吸引(yin)力(li)(li)。公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)所有(you)者(zhe)權(quan)(quan)(quan)(quan)(quan)益總額(e)一直高(gao)(gao)(gao)于負(fu)債(zhai)(zhai)(zhai)(zhai)總額(e)，側面反映(ying)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)更傾向于股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)。如(ru)果公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)過(guo)(guo)于依賴股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)融(rong)資(zi)(zi)(zi)(zi)(zi)(zi)，不(bu)(bu)僅會(hui)導致公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)資(zi)(zi)(zi)(zi)(zi)(zi)本成(cheng)(cheng)(cheng)(cheng)本負(fu)擔(dan)較(jiao)重(zhong)，也(ye)(ye)(ye)會(hui)導致公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)(quan)(quan)(quan)(quan)有(you)所分(fen)(fen)散，影(ying)響(xiang)(xiang)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)決(jue)策(ce)效率(lv)，造成(cheng)(cheng)(cheng)(cheng)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)經營(ying)者(zhe)和股(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)之間的(de)(de)(de)(de)(de)(de)利(li)(li)益沖突。

三、資本結構優化建議

（一）優(you)(you)(you)化(hua)(hua)(hua)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)股(gu)(gu)(gu)(gu)權(quan)(quan)(quan)結(jie)(jie)(jie)(jie)構(gou)。通(tong)過(guo)(guo)(guo)(guo)研究可(ke)(ke)(ke)以(yi)(yi)(yi)(yi)看出(chu)，奧(ao)克(ke)股(gu)(gu)(gu)(gu)份(fen)擁有(you)(you)高(gao)度(du)(du)集中(zhong)(zhong)(zhong)的(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)權(quan)(quan)(quan)結(jie)(jie)(jie)(jie)構(gou)。首先(xian)，應(ying)(ying)(ying)該優(you)(you)(you)化(hua)(hua)(hua)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)權(quan)(quan)(quan)結(jie)(jie)(jie)(jie)構(gou)，避免控(kong)股(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)東(dong)和(he)中(zhong)(zhong)(zhong)小股(gu)(gu)(gu)(gu)東(dong)之間的(de)(de)(de)(de)(de)利(li)(li)(li)(li)益沖突，減少控(kong)股(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)東(dong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)和(he)利(li)(li)(li)(li)潤轉(zhuan)移帶(dai)來(lai)的(de)(de)(de)(de)(de)威脅。可(ke)(ke)(ke)以(yi)(yi)(yi)(yi)通(tong)過(guo)(guo)(guo)(guo)股(gu)(gu)(gu)(gu)權(quan)(quan)(quan)激(ji)勵機制(zhi)鼓勵股(gu)(gu)(gu)(gu)東(dong)積(ji)(ji)極(ji)(ji)參與公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)經(jing)(jing)營(ying)(ying)管理活動(dong)(dong)，提高(gao)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)經(jing)(jing)營(ying)(ying)決策(ce)效(xiao)率(lv)，增(zeng)(zeng)(zeng)強(qiang)股(gu)(gu)(gu)(gu)權(quan)(quan)(quan)流(liu)動(dong)(dong)性(xing)(xing)和(he)制(zhi)衡性(xing)(xing)；可(ke)(ke)(ke)以(yi)(yi)(yi)(yi)引入員(yuan)工(gong)持股(gu)(gu)(gu)(gu)和(he)新(xin)的(de)(de)(de)(de)(de)戰略(lve)投(tou)資(zi)(zi)(zi)(zi)者，增(zeng)(zeng)(zeng)強(qiang)員(yuan)工(gong)積(ji)(ji)極(ji)(ji)性(xing)(xing)，為(wei)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)發(fa)展(zhan)注入新(xin)活力(li)(li)，實現股(gu)(gu)(gu)(gu)權(quan)(quan)(quan)結(jie)(jie)(jie)(jie)構(gou)的(de)(de)(de)(de)(de)多(duo)(duo)元化(hua)(hua)(hua)，促進公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)健康(kang)發(fa)展(zhan)。其次，在(zai)保(bao)證(zheng)股(gu)(gu)(gu)(gu)權(quan)(quan)(quan)相(xiang)對集中(zhong)(zhong)(zhong)的(de)(de)(de)(de)(de)前(qian)(qian)提下，加(jia)(jia)強(qiang)對各(ge)(ge)股(gu)(gu)(gu)(gu)東(dong)的(de)(de)(de)(de)(de)監(jian)督力(li)(li)度(du)(du)，保(bao)障(zhang)股(gu)(gu)(gu)(gu)東(dong)享有(you)(you)權(quan)(quan)(quan)利(li)(li)(li)(li)的(de)(de)(de)(de)(de)同時嚴(yan)格履行(xing)(xing)自身義(yi)務(wu)(wu)(wu)(wu)，增(zeng)(zeng)(zeng)加(jia)(jia)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)效(xiao)益。（二）優(you)(you)(you)化(hua)(hua)(hua)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)結(jie)(jie)(jie)(jie)構(gou)。從(cong)(cong)(cong)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)(wu)結(jie)(jie)(jie)(jie)構(gou)來(lai)看，該公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)主要(yao)以(yi)(yi)(yi)(yi)流(liu)動(dong)(dong)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)為(wei)主，2020年達到95.42%，債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)(wu)結(jie)(jie)(jie)(jie)構(gou)不合理。日常流(liu)動(dong)(dong)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)類(lei)型主要(yao)分(fen)(fen)(fen)為(wei)各(ge)(ge)項短(duan)期(qi)(qi)借款(kuan)、應(ying)(ying)(ying)付銷售賬款(kuan)和(he)銀行(xing)(xing)應(ying)(ying)(ying)付票據(ju)(ju)。一旦短(duan)期(qi)(qi)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)(wu)過(guo)(guo)(guo)(guo)多(duo)(duo)，公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)面臨(lin)的(de)(de)(de)(de)(de)利(li)(li)(li)(li)息負(fu)(fu)(fu)擔(dan)也(ye)會加(jia)(jia)重(zhong)，在(zai)資(zi)(zi)(zi)(zi)金(jin)流(liu)動(dong)(dong)性(xing)(xing)異常緊張的(de)(de)(de)(de)(de)情(qing)(qing)況(kuang)下便(bian)會增(zeng)(zeng)(zeng)加(jia)(jia)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)短(duan)期(qi)(qi)償(chang)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)風險(xian)。因此，公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)可(ke)(ke)(ke)以(yi)(yi)(yi)(yi)適度(du)(du)增(zeng)(zeng)(zeng)加(jia)(jia)長期(qi)(qi)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)(wu)比例，優(you)(you)(you)化(hua)(hua)(hua)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)結(jie)(jie)(jie)(jie)構(gou)，降低(di)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)(wu)風險(xian)；可(ke)(ke)(ke)以(yi)(yi)(yi)(yi)根(gen)據(ju)(ju)自身債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)(wu)水(shui)平和(he)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)(wu)期(qi)(qi)限情(qing)(qing)況(kuang)，制(zhi)定(ding)合理的(de)(de)(de)(de)(de)籌資(zi)(zi)(zi)(zi)方(fang)(fang)案，選擇合適的(de)(de)(de)(de)(de)借款(kuan)方(fang)(fang)式(shi)(shi)。在(zai)短(duan)期(qi)(qi)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)務(wu)(wu)(wu)(wu)過(guo)(guo)(guo)(guo)多(duo)(duo)、資(zi)(zi)(zi)(zi)金(jin)流(liu)動(dong)(dong)不足無法償(chang)還(huan)的(de)(de)(de)(de)(de)情(qing)(qing)況(kuang)下，可(ke)(ke)(ke)以(yi)(yi)(yi)(yi)適當采用(yong)商業信用(yong)和(he)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)轉(zhuan)股(gu)(gu)(gu)(gu)等(deng)方(fang)(fang)式(shi)(shi)回籠資(zi)(zi)(zi)(zi)金(jin)，增(zeng)(zeng)(zeng)強(qiang)企(qi)業資(zi)(zi)(zi)(zi)金(jin)的(de)(de)(de)(de)(de)流(liu)動(dong)(dong)性(xing)(xing)，緩解(jie)償(chang)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)壓力(li)(li)。（三）適當提高(gao)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)率(lv)。化(hua)(hua)(hua)工(gong)行(xing)(xing)業普遍(bian)存在(zai)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)總(zong)額(e)(e)與負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)總(zong)額(e)(e)變(bian)化(hua)(hua)(hua)方(fang)(fang)向一致(zhi)、速度(du)(du)不一的(de)(de)(de)(de)(de)問題(ti)，目前(qian)(qian)正處于(yu)(yu)被動(dong)(dong)加(jia)(jia)杠(gang)桿(gan)的(de)(de)(de)(de)(de)階段。此外(wai)，從(cong)(cong)(cong)營(ying)(ying)運(yun)能力(li)(li)和(he)償(chang)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)能力(li)(li)分(fen)(fen)(fen)析可(ke)(ke)(ke)以(yi)(yi)(yi)(yi)看出(chu)，奧(ao)克(ke)股(gu)(gu)(gu)(gu)份(fen)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)利(li)(li)(li)(li)用(yong)率(lv)較(jiao)低(di)，投(tou)資(zi)(zi)(zi)(zi)方(fang)(fang)面比較(jiao)謹慎(shen)。因此，公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)可(ke)(ke)(ke)以(yi)(yi)(yi)(yi)改變(bian)謹慎(shen)的(de)(de)(de)(de)(de)經(jing)(jing)營(ying)(ying)戰略(lve)，在(zai)財(cai)務(wu)(wu)(wu)(wu)管理方(fang)(fang)面不要(yao)過(guo)(guo)(guo)(guo)于(yu)(yu)保(bao)守(shou)，應(ying)(ying)(ying)考慮(lv)充分(fen)(fen)(fen)適度(du)(du)發(fa)揮企(qi)業財(cai)務(wu)(wu)(wu)(wu)杠(gang)桿(gan)組合的(de)(de)(de)(de)(de)有(you)(you)效(xiao)作用(yong)，提高(gao)股(gu)(gu)(gu)(gu)東(dong)的(de)(de)(de)(de)(de)實際報酬(chou)率(lv)；可(ke)(ke)(ke)以(yi)(yi)(yi)(yi)先(xian)將一部分(fen)(fen)(fen)股(gu)(gu)(gu)(gu)權(quan)(quan)(quan)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)轉(zhuan)為(wei)其他債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)權(quan)(quan)(quan)，適度(du)(du)地增(zeng)(zeng)(zeng)加(jia)(jia)其他負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)，提高(gao)整(zheng)體資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)率(lv)，從(cong)(cong)(cong)而增(zeng)(zeng)(zeng)加(jia)(jia)外(wai)界對公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)前(qian)(qian)景的(de)(de)(de)(de)(de)信心(xin)，降低(di)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)經(jing)(jing)營(ying)(ying)風險(xian)；可(ke)(ke)(ke)以(yi)(yi)(yi)(yi)在(zai)資(zi)(zi)(zi)(zi)金(jin)利(li)(li)(li)(li)潤率(lv)一定(ding)的(de)(de)(de)(de)(de)情(qing)(qing)況(kuang)下，利(li)(li)(li)(li)用(yong)資(zi)(zi)(zi)(zi)金(jin)來(lai)擴展(zhan)業務(wu)(wu)(wu)(wu)，把握更多(duo)(duo)的(de)(de)(de)(de)(de)投(tou)資(zi)(zi)(zi)(zi)機會，擴大(da)企(qi)業生(sheng)產(chan)(chan)(chan)規(gui)模(mo)。從(cong)(cong)(cong)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)本(ben)(ben)結(jie)(jie)(jie)(jie)構(gou)和(he)盈利(li)(li)(li)(li)能力(li)(li)水(shui)平來(lai)看，舉債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)經(jing)(jing)營(ying)(ying)能夠給公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)帶(dai)來(lai)利(li)(li)(li)(li)潤的(de)(de)(de)(de)(de)增(zeng)(zeng)(zeng)長，負(fu)(fu)(fu)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)經(jing)(jing)營(ying)(ying)可(ke)(ke)(ke)行(xing)(xing)。（四）完善(shan)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)結(jie)(jie)(jie)(jie)構(gou)。我國(guo)企(qi)業普遍(bian)實行(xing)(xing)先(xian)外(wai)源(yuan)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)再內(nei)源(yuan)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)，先(xian)股(gu)(gu)(gu)(gu)權(quan)(quan)(quan)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)再債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)權(quan)(quan)(quan)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)的(de)(de)(de)(de)(de)順(shun)序，奧(ao)克(ke)股(gu)(gu)(gu)(gu)份(fen)也(ye)存在(zai)內(nei)源(yuan)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)不足，偏向股(gu)(gu)(gu)(gu)權(quan)(quan)(quan)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)的(de)(de)(de)(de)(de)問題(ti)。因此，公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)首先(xian)需(xu)要(yao)合理安排融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)順(shun)序，在(zai)經(jing)(jing)濟實力(li)(li)的(de)(de)(de)(de)(de)基礎上充分(fen)(fen)(fen)發(fa)揮內(nei)源(yuan)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)的(de)(de)(de)(de)(de)優(you)(you)(you)勢(shi)，通(tong)過(guo)(guo)(guo)(guo)留存盈余融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)直接增(zeng)(zeng)(zeng)加(jia)(jia)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)資(zi)(zi)(zi)(zi)金(jin)積(ji)(ji)累，對公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)進行(xing)(xing)科學管理，降低(di)資(zi)(zi)(zi)(zi)金(jin)占用(yong)率(lv)，降低(di)企(qi)業融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)成(cheng)本(ben)(ben)，優(you)(you)(you)化(hua)(hua)(hua)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)結(jie)(jie)(jie)(jie)構(gou)；其次公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)不應(ying)(ying)(ying)過(guo)(guo)(guo)(guo)于(yu)(yu)依賴股(gu)(gu)(gu)(gu)權(quan)(quan)(quan)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)，可(ke)(ke)(ke)以(yi)(yi)(yi)(yi)通(tong)過(guo)(guo)(guo)(guo)股(gu)(gu)(gu)(gu)權(quan)(quan)(quan)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)和(he)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)權(quan)(quan)(quan)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)相(xiang)結(jie)(jie)(jie)(jie)合的(de)(de)(de)(de)(de)形式(shi)(shi)，充分(fen)(fen)(fen)利(li)(li)(li)(li)用(yong)債(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)(zhai)權(quan)(quan)(quan)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)的(de)(de)(de)(de)(de)抵稅效(xiao)應(ying)(ying)(ying)降低(di)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)資(zi)(zi)(zi)(zi)本(ben)(ben)成(cheng)本(ben)(ben)，優(you)(you)(you)化(hua)(hua)(hua)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)資(zi)(zi)(zi)(zi)本(ben)(ben)結(jie)(jie)(jie)(jie)構(gou)；最(zui)后公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)應(ying)(ying)(ying)該建(jian)立多(duo)(duo)元化(hua)(hua)(hua)的(de)(de)(de)(de)(de)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)渠道，比如采用(yong)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)租賃、信托貸款(kuan)融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)、資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)證(zheng)券化(hua)(hua)(hua)等(deng)新(xin)型融(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)方(fang)(fang)式(shi)(shi)，從(cong)(cong)(cong)而調整(zheng)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)資(zi)(zi)(zi)(zi)本(ben)(ben)結(jie)(jie)(jie)(jie)構(gou)。

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作者：鄧琳(lin)琳(lin) 石沂哲(zhe) 單位：沈陽化工大(da)學