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发布时间：2022-04-22 00:09
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时间：2023-07-09 22:05
Author: Sun Lixin Zheng beginning
[Paper Keywords] Situation Analysis Capital Structure
[Abstract] capital structure is the company's overall financing debt capital and equity capital, a combination of not only affect the total cost of capital and corporate value and impact of corporate governance structures and incentive mechanisms, thereby affecting corporate behavior and corporate performance. Analysis of Chinese state-owned enterprises and listed companies, the status and causes of capital structure proposed optimizing capital structure over time.
1 Introction
The capital structure problem is one of corporate financial management problems, solve the capital structure of enterprises, will help companies gain a firm foothold in the fierce competition, enhance profitability and achieve the goal of maximizing corporate value. The capital structure decision-making is essentially a capital structure and decision-making attributes, namely the proportion of debt capital arrangements. In the capital structure decision-making, the rational use of bond financing, scientifically arranging debt capital and equity capital ratio is the core issue of corporate financing management, its business of great significance. Because a reasonable capital structure, one can rece the overall corporate cost of capital rate,
Second, enterprises can leverage the interests of the third is to increase the value of the business.
2, China's state-owned enterprises and listed company's capital structure analysis of the characteristics and causes of
(A) state-owned firm's capital structure analysis of the characteristics and causes of
At present, the capital structure of China's state-owned enterprises mainly in two extremes, flexible over-the high-debt capital structure and flexibility of a high enough equity capital structure.
1. High levels of debt capital structure analysis of the causes. (1) traditional state-owned property rights system is state-owned enterprises the root causes of excessive indebtedness. In the traditional state-owned property rights system, the state is the sole owner of state-owned enterprises, enterprises of all assets owned by the state. A result, the financial implementation of unified revenue and expenditure of the "iron rice bowl", businesses not responsible for losses, proction and operation of all funds rely on bank loans. Enterprise Zhiqiu value and does not seek benefits; Zhiqiu speed scale, does not seek greater efficiencies. The consequence is blind borrowing, debt is increasing. With the market mechanism is not perfect, although the state-owned enterprises have been carried out joint-stock reform,
However, some enterprises are still under the old system left unchecked borrowing habits. (2) The funding institutional reasons. The current capital structure of state-owned enterprises seriously unreasonable, mainly e to the state as the owner of a serious shortage of its own capital investment and credit-based financing system for this. (3) poor management of state-owned enterprise, economic difference is caused by excessive indebtedness of the underlying reasons. Over the years, state-owned enterprises within the mechanism is not perfect, poor management. In the economic system from a planned economy to a market economy, enterprises are unable to adapt to the fierce competitive environment, resulting in proction of a shortage of funds, and only by increasing the debt-dimensional
Holding operation, leading to over-indebtedness. (4) The state-owned enterprises burden too heavy. State-owned enterprises have been less cost-effective is still saddled with, such as welfare payments, pensions, medical insurance, the snowballing debt burden.
2. The causes of high-equity capital structure analysis. (1) equity financing and low cost. Equity financing the cost of K = d / [p × (1-f)] + g, where d representative of the expected dividend level, g representative of the dividend growth rate, P on behalf of new share issue price, f on behalf of fund-raising expense ratio, k the cost of ordinary shares on behalf of . As the state-owned listed companies is generally not a high level of profitability, dividends and dividend growth rates d level g low, even negative, equity financing the cost of K also reced accordingly. (2) the current China's capital market is not yet mature, and the relevant laws and regulations are not perfect, the market and shareholders of the company directors and managers of the monitoring efficiency is low. (3) The state-owned enterprises,
Before the share-trading reform can not be traded in "state-owned shares" and almost can not be in circulation, "legal person shares" accounting for about 70% of shareholding structure. In order to rece the proportion of this part of the stake to get more liquidity in more investment, enterprise must tend to issue additional shares, resulting in a higher equity capital structure.
(B) The capital structure of listed companies Characteristics and Causes of
1. The characteristics of the capital structure of listed companies. (1) The lower rate of assets and liabilities. According to relevant statistics, China's Shanghai and Shenzhen listed companies in late 2004, the rate of assets and liabilities of sub-instry perspective, the highest rate of removal of assets and liabilities of the finance and insurance instry, the country's 22 major instries, only seven sectors of assets and liabilities rate of 60% of , food and beverage instry or even only 5.96%. (2) The liability structure is irrational, high levels of current liabilities. Although the listed company's total asset-liability ratio below the national average, but its current liabilities accounted for the proportion of total liabilities as high as 78% or more higher than the average 12 percentage points.
This fully demonstrates China's listed company's net cash flow shortage, companies want to use an excessive amount of short-term debt to ensure normal operations. (3) A listed company heavily dependent on external financing structure, the proportion of internal financing average of less than 5%, and in external financing, listed companies preference over equity financing, debt financing is significantly lower. From our analysis of the relevant information of listed companies is not difficult to find that both Shanghai and Shenzhen listed companies generally preferred equity financing, and less to corporate bond financing. (4) from the equity capital to see the internal structure, ownership structure was deformed state.
2. The capital structure of listed companies Cause Analysis. China's market mechanism is not fully developed capital markets are underdeveloped, financing channels narrow, constraints and more regulations, laws and other factors led to incomplete formation of a particular listed company's capital structure and financing of special preferences. The main reasons for the formation of these features are as follows: First, capital market failure and poor financing channels; secondly, is the former state-owned listed companies, joint-stock reform of state-owned enterprises, stripping out the part of the establishment of quality assets, these companies have the size of the original state-owned assets relatively large in order to replenishment of the way to the public issue of shares, the equity capital to expand further; Third,
Equity financing cost of capital is relatively low; Secondly, the imperfect structure of corporate governance and equity financing commitments of financial risks are low.
3, the main conclusions and recommendations
A reasonable capital structure will enable enterprises to maximize the value. From the financing perspective, analysis, enterprise value maximization depends on the efficiency of corporate financing for the formation of the integrated high and low capital cost, and only enable enterprises to achieve a comprehensive cost of capital, the lowest value of the business can achieve maximum. In the current imperfect market system, the company has only to further the formation of a rational management structure, optimize the capital structure, in order to promote business goals. Concrete can take the following measures to optimize the capital structure:
(A) adhere to optimize the flow of inventory optimization and integration.存量优化是在不改变企业资本总量的基础上，通过调整债务资本与权益资本的比例关系而优化企业的资本结构，一般适用于资本总量能够满足企业生产经营需要，但是负债与权益资本the relationship between the ratio of debt to equity capital, or the internal structure of their irrationality. Flow optimization is by adjusting the total amount of venture capital to optimize the capital structure of enterprises, usually applied to the total excess or shortage of capital,
Needs by adjusting the total amount of venture capital to achieve the purpose of optimizing capital structure. Firm's capital structure complexity of the causes of irrational, only the right medicine to take measures according to actual situation in order to achieve optimization purposes.
(B) optimizing capital structure and optimize the governance structure coordinated. Effective corporate governance structure should be effectively constrained the relationship between the interests of all parties formed under the constraints and incentives to ensure that the interests of the principal balance of interests, namely, to maximize enterprise value. The formation of the governance structure and design, and capital structure are closely related. Corporate equity capital structure is the basis for the formation of corporate control, equity capital and debt capital ratio is the composition of shareholders and creditors of the root causes of a conflict of interest. Optimize the capital structure must be able to establish a reasonable proportion of corporate equity composition,
Thus the formation of companies to seek to maximize the value of the agency relationship as the goal. This requires optimizing the configuration of property rights structure, optimize the creditor and the debtor's own proction and operation mechanism.
(C) take into account the static optimization and dynamic optimization of two ways. From a certain point of view, the capital structure of enterprises showing a static feature of the performance of the equity capital and debt capital, a proportional relationship between the two. Read from a certain period, capital structure also showed a clear dynamic properties. The capital structure of such characteristics and requirements of the capital structure optimization must take into account both static and dynamic aspects. Static Optimization should fully take into account the realities of business, the dynamic optimization should be based on various factors affecting capital structure changes, reasonable arrangements for its structure.
Need to do: First, according to the company's future strategic development to determine the capital structure; 2 is based on changes in the environment to determine the future capital structure; three full advantage of flexible financing instruments, increasing the flexibility of capital structure. So as to make both the firm's capital structure to meet current needs, but also rich enough flexibility.
References
[1] ZOU Fang-li, the optimal capital structure, or effective capital structure, Journal of Hebei University of Economics, 2004, (1), 11 ~ 13
[2] have been the source of the capital structure of listed companies in China and the pros and cons of the formation analysis, Accounting Research, 2005 (1), 9 ~ 12
[3] Li Yi-chao, the capital structure of listed companies in China, Beijing, China Social Sciences Publishing House, 2003,22 ~ 23
