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Essay代写:Factors influencing the financing structure of enterprises

2017-10-13 | 来源:51due教员组 | 类别:Essay代写范文

下面为大家整理一篇优秀的essay代写范文- Factors influencing the financing structure of enterprises,供大家参考学习,这篇论文讨论了影响企业融资结构的因素。股权融资和债权融资是证券市场的两条腿。如果债券市场的发展严重滞后,进入门槛高,企业债券融资的难度就会提高,这就迫使一些没有达到融资准入标准的企业由于客观约束只能选择其他融资方式,而不能从企业自身的融资需求和融资目标等方面考虑资本结构的构成。

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To determine a reasonable structure of equity and creditor's financing is, to a great extent, the problem of how to determine a reasonable capital structure. Here we define the best financing structure of the enterprise as: to maximize the value created by the enterprise and to minimize the cost of financing. The following mainly from this point of view, analysis of the main factors affecting the financing structure.

The cost of the equity financing includes the dividend, the share issuing expense and so on, the cost of the bond financing includes the interest, the handling fee, the exchange profit and loss and so on.

Each kind of capital cost rate is different and not fixed, but there is a kind of regularity difference in the cost level, that is: common stock cost is the highest, the preferred stock cost is second, the long-term debt cost is lowest. In the case of fully developed capital market, the cost of different types of capital presents a relatively stable state.

Debt financing has the tax benefits, only if the debt financing exceeds a certain point when the cost of bankruptcy and agency costs will be offset by the increase in corporate tax benefits, so enterprises should maintain a certain proportion of debt.

Because the shareholders of circulating shares in China's listed enterprises do not insist on their investment rights, just chasing the stock price difference and ignoring the dividend return, cause the Chinese enterprise circulation share capital cost to be low ―― the share financing cost to pay the dividend this small proportion (the national stock, the legal person stock capital cost is already low), cannot to the enterprise management layer to carry on the effective restraint.

Consideration of the financial leverage effect. We know that when other conditions are constant, the higher the debt ratio, the greater the role of financial leverage. The assessment of whether or not to gain financial leverage is to see whether the rate of return on own capital is increased. The following formula clearly illustrates the rationale for obtaining financial leverage benefits:

When enterprises make financial leverage decisions, they are discussed in two different situations:

The first case is when borrowing money = 0 o'clock, the own capital yield = Full capital profit margin, no financial leverage. The second case is borrowed money. 0 o'clock, it is necessary to compare the total profit margin with the interest rate of borrowing funds:

First, when the profit margin is greater than the interest rate of borrowed funds, interest-tax pre-tax profits created through debt financing are still surplus after the payment of interests, and this balance can be added to its own capital gains, thereby increasing the return on its own funds, which indicates that the firm has obtained financial leverage gains; The higher the profit rate of the enterprise's own capital, the greater the earnings per share.

Secondly, when the profit margin is less than the interest rate of borrowed funds, through the debt financing created by the interest tax before the profit is not enough to pay the interests, it needs to be generated from the profits of their own funds to compensate, at this time the return on investors will fall, at this time, the company's net asset yield will be lower than the full capital profit margin, And the higher the financial leverage rate, the lower the return on its own capital, the lower the earnings per share.

Through the above analysis we can draw the conclusion that when considering the financial leverage, we also need to combine the operating lever coefficient to analyze. That is, consider the proportion of fixed operating cost and the size of operating risk in the operating lever.

When the enterprise has both financial leverage and operating leverage, when the sales volume changes, it will cause the earnings per share to change in greater amplitude. Usually, under the combination of two kinds of leverage, the high operating lever and the higher financial lever cannot be combined to avoid the increase of the overall risk of the enterprise, thus controlling the overall risk of the enterprise at an appropriate level.

In order to achieve a overall lever coefficient, there are many different combinations of operating lever and financial lever. Companies with a higher degree of leverage, for example, can use financial leverage to lower their debt ratios in the capital structure, and firms with low operating leverage can use financial leverage more highly, raising debt ratios and so on.

In the mature securities market, if the shareholder is dissatisfied with the business performance of the enterprise, the selling of the stock will cause the decline of the stock, which leads to the risk of the enterprise being delisted or the public takeover, that is, the so-called "vote with the foot". Therefore, the investment equity is more risky than the investment creditor's rights, so the investor's demand is relatively high. This constraint is based on the company's original shareholders adhere to their value investment income (cash dividend rights) and the capital market has an effective delisting mechanism.

The development of China's capital market is still immature, the above two points are not available in our country at present, so the peculiar defect of our capital market is the reverse sort of capital cost and the main reason of inefficient financing. This has left Chinese companies lacking shareholder returns on mature capital markets in the west, allowing them to expand their shares without any dilution of shareholder equity.

Equity financing and debt financing are two legs of the securities market. If the development of the bond market is seriously lagging behind, and the entry threshold is high, the difficulty of corporate bond financing will increase, which compels some enterprises not to meet the criteria of financing access to choose other financing methods, but not to consider the composition of capital structure from the aspects of financing demand and financing target of the enterprise.

Equity capital is mainly obtained from the stock market, the main source of debt capital is bond market and bank loan, but because of the development of the stock market in our country's capital market, the bond markets are developed slowly, which leads to the enterprise can only obtain the debt capital through the bank loan, which causes the enterprise's debt capital to Reduces the efficiency of financial markets and increases financial risk.

The above mentioned some factors that have important influence on the equity financing and debt financing structure of enterprises, but there are many factors influencing the financing structure of enterprises, and the main influence factors of enterprise financing are different in different environment and different period, this is a dynamic concept. The characteristics of the ownership structure of the enterprise itself, the development period, the changes in the market environment, the economic cycle and so on will affect the choice of the financing structure of the enterprise. Therefore, in the enterprise decision-making, it is necessary to comprehensively analyze these factors in order to determine a reasonable financing structure for enterprises.

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