论文部分内容阅读
一、何为融资结构之谜?企业发展需要资本,筹资是现代企业经营决策的一项主要内容。企业资金来源可以分为内部资金和外部资金。内部资金的筹集可分为利润留成、专用基金和折旧;而外部资金的筹集分为股权融资和债权融资。我们知道,由于技术进步和规模经济的要求,企业单纯依靠内部资金发展已是十分闲难的了,必须进行外部融资。但是采取发行债券形式还是股票形式或二者以何种比例来筹措资金却成为现代企业难以取得一致认识的问题。因为债券和股票在发行成本、净收益、税收以及债权人
First, what is the mystery of the financing structure? Corporate development requires capital. Fundraising is a major part of modern enterprise business decisions. The sources of corporate funds can be divided into internal funds and external funds. The financing of internal funds can be divided into profit retention, special funds and depreciation; and the external funds raised can be divided into equity financing and debt financing. We know that due to the technological progress and the requirements of economies of scale, it is very difficult for companies to rely solely on internal capital to develop. It is necessary to carry out external financing. However, it has become difficult for modern companies to reach a consensus on whether to use the form of issuing bonds or the form of stocks or both to raise funds. Because bonds and stocks are at issue costs, net income, taxes, and creditors