Interpreting The Quality Characteristics Of Enterprise Capital Structure

< p > concern about the quality characteristics of enterprise < a href= "http://www.91se91.com/news/index_c.asp" > capital structure < /a >, mainly involving the following aspects: first, the relationship between the level of enterprise capital cost and the return of enterprise assets: second, the adaptability of the duration of enterprise funding sources to the assets structure of enterprises: Third, the financial leverage of enterprises and the financial risks of enterprises, the financial leverage of enterprises, the future financing requirements of enterprises and the future development of enterprises; fourth, the adaptability of the internal composition of owners' equity and the future development of enterprises.

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Generally speaking, the cost of capital < < p > 1, a < href= > http://www.91se91.com/news/index_c.asp > capital cost < /a > is related to the return on assets of enterprises. Generally speaking, the cost of capital refers to the cost of obtaining and using capital, mainly including the cost of raising funds and the cost of using in the process of raising funds.

Among them, the cost of financing refers to the cost of application, registration, printing and so on in the process of obtaining the source of funds (such as issuing bonds, stocks and other means of financing). I refers to the remuneration paid by the enterprise to the fund provider in a certain period of time, such as interest, dividends, etc.

In this way, from the point of view of financial management, excluding capital raising expenses, the capital (liabilities) raised by creditors from the creditors and the capital (capital) raised from the shareholders' capital exist the problem of capital cost.

The capital cost of an enterprise should mean the weighted average cost of the debt cost of an enterprise and the cost of shareholders' input.

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< p > 2, the adaptability of the term composition of enterprise funding sources to the assets structure of enterprises. From the perspective of term composition, the owner's equity part of the enterprise's capital source is a permanent source of funds under the condition of a limited liability company.

The liabilities of enterprises' sources of funds include the current liabilities and long-term liabilities.

According to the theory of financial management, the purpose of raising funds by enterprises determines the type of fund-raising: enterprises increase their permanent liquid assets or increase their long-term assets. They should be solved through long term sources of capital, including owners' equity and long-term liabilities.

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< p > 3, < a href= "http://www.91se91.com/news/index_c.asp" > financial leverage < /a > status and financial risk of enterprises, financial leverage of enterprises and the future financing requirements of enterprises and the adaptability of future development of enterprises.

Generally speaking, the financial leverage of an enterprise can be expressed as three relationships: the comparative relationship between liabilities and assets, that is, the ratio of assets and liabilities, the contrast relationship between liabilities and owners' equity, or the contrast relationship between long-term liabilities and owners' equity.

In fact, the substance of the above three relationships is consistent: that is, the relative scale of liabilities held in the financial source of enterprise assets.

According to the general theory of financial management, the higher the financial leverage ratio of enterprises, the higher the dependence of enterprise resources on liabilities.

Under the condition of excessive financial leverage, enterprises will face the following pressures in Finance: first, they can not repay the principal and interest of their debts at maturity. Two, when the enterprises lose money, the interests of the creditors of the enterprises may be infringed because of the relatively small proportion of the owners' rights and interests.

Three, the difficulty of obtaining new funds from potential creditors will be greatly improved.

That is to say, the debt financing of enterprises in the future to meet the difficulties of future normal operation and development will increase due to the higher leverage ratio of enterprises.

Therefore, enterprises with higher financial leverage ratios have relatively higher financial risks.

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< p > 4, the internal composition of enterprise owners' rights and interests and the adaptability of the future development of enterprises, mainly including three aspects: one is the proportion of common stock and preferred stock in the capital structure of enterprises; two refers to the composition of the shareholding of controlling shareholders, major influential shareholders and non major impact shareholders in the composition of ordinary shares of enterprises: three refers to the proportion of each constituent item of enterprise owner's equity.

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