Research On The Financial Structure Optimization Of The DZ Auto Financing Company

In the modern economic system,finance is the core content,provide impetus for the development of various industries,the auto industry is no exception,the integration of finance and automobile industry makes the automobile finance companies emerge as the times require.With the rapid development of the economy,the total amount of automobile production and marketing has increased year by year in recent years,but compared with western developed countries,the development of China’s auto finance industry is relatively slow,especially in the financing structure and channels.The financing channels of China’s auto finance companies are lack of diversity,mainly relying on bank credit as the source of funds.The unreasonable financing structure restricts the expanding automobile finance business,which is disadvantageous to the overall development of automobile finance industry.It is of certain practical significance to study the financing structure of automobile financing company and put forward the corresponding optimization scheme to provide support and help for the sustainable development of auto financing company.Based on the understanding and analysis of the financing situation of domestic auto financing companies,this paper takes DZ Automotive Finance Company as an example to focus on the research and analysis of its financing situation and financing structure,so as to find a reasonable solution.First of all,this paper expounds the background,purpose and significance of the research,technical route,research framework and methods,and combs the research results of business development and financing of automobile financing companies at home and abroad.Then it further expounds the definition,development stage and financing structure of automobile finance,discusses the capital structure theory,priority financing theory and information asymmetry theory,and defines the financing structure of automobile finance company.Secondly,it briefly describes the basic situation of DZ Automotive Finance Company,introduces the business composition and basic financing situation of DZ Automotive Finance Company,and analyzes the financing policy environment,capital market and economic environment of DZ Automotive Finance Company,as well as the operation of DZ Automotive Finance Company itself.Thirdly,this paper makes a comparative analysis of the financing structure of DZ Automotive Finance Company,makes a vertical comparison of the changes of the financing structure of DZ Automotive Finance Company over the years,and makes a horizontal comparison with other auto financing companies in the same industry,through which the problems in the financing structure are exposed,analyze the causes of the problem.It is found that in the financing structure of DZ Automotive Finance Company,the proportion of endogenous financing is low,the proportion of external financing,especially that of interbank banks,is too high,the financing channel is few,and the financing cost is high.Further analysis shows that DZ Automotive Finance Company has more short-term liabilities,less long-term liabilities and term mismatch.The reason is mainly due to the strict supervision of the auto finance industry,the high threshold of bank financing in the industry,the limited amount and the result of DZ Automotive Finance Company’s own management and development model.Finally,in view of the problems existing in the financing structure of DZ Automotive Finance Company,find out the reason,then puts forward some optimization schemes and suggestions,including strengthening the capital operation of DZ Automotive Finance Company,improving the ability of operation and management,perfecting financing channels and financing products,strengthening corporate profits,increasing the proportion of endogenous financing,adjusting the maturity structure of corporate debt,increasing the proportion of long-term financing,and actively participating in the capital market to raise funds,etc.The innovation of this paper lies in the analysis of the only auto financing company in China with the background of auto dealers,and this company is listed on the stock market.Through the research on financing structure of DZ Automotive Finance Company,the author hopes to provide some references for the company and other auto financing enterprises to solve financing structure problem.