The Research On Financing Issues Of Listed Electrical Manufacturing Companies

Financing activities as important parts of the company's financial management,the results not only determine if the company's capital needs can be met,but also affect the company's production and operation,investment decisions,capital structure,governance structure and other aspects,and affect the company's value ultimately.Research on financing has always been an important part of financial management.In recent years,the theoretical research on fundraising at home and abroad mainly focuses on the theory of capital structure,the influencing factors of fundraising structure,the relationship between financing strategy and company value,and focuses on theoretical and empirical research.It deals with case study methods and research on Financing Behavior of Corporations from the Angle of Sustainable Growth seldom.In recent years,the external environment has fluctuated greatly.In the meantime,the economic situation is complicated.China's macroeconomic policies lead the adjustment of industrial structure and the new policy guidance releases the capital market.All of these conditions set higher requirements for the financing of public companies jointly.In view of this,this article uses a combination of theoretical research and case studies,combined with the current background,choose two manufacturing public companies,Pinggao Electric and Dongfang Electric financial data from 2012 to 2016,use "strategic objectives-profit-driven-financing Arrangement-company value " as the main line,to study the interaction between corporate strategy,performance development,fund shortage,company value and fund-raising activities,for helping the company to solve the problems in fund-raising process and provide suggestions for managers.In terms of the structure,firstly,this paper analyzes the related concepts of financing and financial strategy matrix,and then makes a comparative analysis of the cases to find out the problems in the process of fund-raising.According to the actual situation,conclusions are drawn as follows: firstly,the financial strategy should follow the changes of the external environment to be adjusted.Secondly,the funding arrangements should match the changes in the company's value and the actual cash surplus.Thirdly,in the context of issuance,hybrid financing instruments,as an effective means of financing,should be promoted.At the last,debt structure and capital structure should be reasonable.In the analysis of the company's financing arrangements,the article not only uses traditional tools for analysis,but also uses financial strategy matrix.By combining the financial strategy matrix with the fund-raising strategy,this study explores how to make the fund-raising more college-level and reasonable under the new perspective of the Company's growth at different rates and the increase or decrease of the company's value,to make up for the deficiencies of the existing research,and providing better reference and theoretical support for managers to make decisions.