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| 论企业融资方式与资本结构的选择 |
| On the Choice of Enterprise Financing Mode and Capital Structure |
| 投稿时间：2022-07-22 |
| DOI：10.16018/j.cnki.cn32-1499/c.202206011 |
| 中文关键词: 企业 股权融资 债权融资 资本结构 企业价值 |
| 英文关键词: enterprise equity financing debt financing capital structure enterprise value |
| 基金项目: |
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| 中文摘要: |
| 企业的健康稳定发展，必须依靠恰当的融资方式和最佳的资本结构，才能实现企业价值最大化。MM理论有助于企业从动态的角度把握资本结构与资本成本、企业价值之间的关系以及股利政策与企业价值之间的关系。按大类来分，企业的融资方式有两类，即股权融资和债权融资。其他融资方式主要有融资租赁、项目融资和资产证券化等。在融资管理中，资本结构是影响企业融资方式的重要因素，融资方式的选择必须要考虑企业现有资本结构的影响，以便保持最佳资本结构，使资本成本最小。 |
| 英文摘要: |
| The healthy and stable development of enterprises depends on the appropriate financing methods and the best capital structure, which is conducive to maximize the value of enterprises. MM theory is helpful for enterprises to grasp the relationship between capital structure and capital cost, enterprise value, as well as that between dividend policy and enterprise value from a dynamic perspective. According to the main categories, there are two types of financing methods for enterprises, namely equity financing and debt financing. Other financing methods mainly include financial leasing, project financing and asset securitization. In financing management, capital structure is an important factor that affects the financing methods of enterprises. When selecting the financing methods, we must take into consideration the impact of the existing capital structure of enterprises, so as to maintain the optimal capital structure and minimize the cost of capital. |
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