摘  要：融资作为企业的筹资行为，是企业进行生产经营的前提。在融资过程中，会伴随着风险的出现，这往往与企业的资本结构，融资方式，融资渠道有关。同时，融资风险也会与管理层的决策、投资者的偏好相互影响，不利于企业的长期发展。

本文以深康佳A为研究对象，将深康佳A 2007-2016年的财务报告数据与同行业的企业财务数据进行对比，了解了深康佳A现在的状况，具体包括资产负债率高、产权比率高、留存收益减少明显，进而发现了引起深康佳A融资风险的主要原因有资本结构不合理、盈利能力薄弱、融资时机不合适、管理层盲目自信、融资信息不对称等，最后在这个基础上提出了改善资本结构、建立完善的股权机制、选择正确的融资时机、建立管理层的有效领导、加强融资信息沟通的融资风险防范对策。

关键词：深康佳A；融资风险；资本结构；负债；所有者权益

ABSTRACT：Financing as a corporate financing behavior, is the prerequisite for production and operation of enterprises. In the financing process, will be accompanied by the emergence of risk, which is often with the enterprise's capital structure, financing methods, financing channels. At the same time, the financing risk will be with the management of the decision-making, investor preferences affect each other is not conducive to the long-term development of enterprises.

In this paper,  Konka A as the object of study, the  Konka A 2007-2016 financial report data and the same industry financial data were compared to understand the current situation of  Konka A, including high asset-liability ratio, high rate of property rights, Retained earnings significantly reduced, and then found the risk caused by  Konka A financing the main reason is unreasonable capital structure, weak profitability, financing timing is not appropriate, the management blind confidence, financing information asymmetry, and finally on this basis Improve the capital structure, establish a sound equity mechanism, choose the right financing opportunity, establish effective management leadership, and strengthen the financing information communication financing risk prevention countermeasures.

Key words:  Konka A; financing risk; capital structure; liability; owner's equity

目  录

摘要 I

ABSTRACT II

引言 1

第一章  融资风险的概述 2

1.1融资 2

1.2融资方式 2

1.3融资风险 2

1.4融资风险体系 2

第二章  康佳集团股份有限公司简介 3

第三章  深康佳A融资现状 4

3.1 资产负债率高，短期负债比重大 4

3.2 产权比率高，所有者权益波动大 7

3.3 未分配利润出现负值，留存收益减少明显 8

第四章  深康佳A融资风险原因分析 11

4.1 资本结构不佳，偿债风险加大 11

4.2 股票收益低，盈利能力薄弱 12

4.3 融资时机不合适，融资成本高，融资方式单一 14

4.4 管理层盲目自信，融资规模不合理 15