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本文把筹资机制定义为:企业筹资的目标、制约因素及由其决定的决策方法的总和。一般来说,资金筹集的一般机制是,既要满足经营需要,又要使成本最小,风险较小。围绕机制作用的特点,我国企业与西方国家企业存在较大差异,举其要者,以供我国企业筹资借鉴。一、自有资金和借人资金的权衡国外在决定自有资金和借入资金的结构比例时,主要依据是,怎样才能给业主带来最大收益,而不是对企业经营者的行政约束。由于借入资金利息是固定的,因而,如果经营情况好,实际利润率高于利息率,那么通过举债经营。就能给业主带来高于实际利润率的收益;反之,如
This paper defines the financing mechanism as the sum of the goals, constraints, and the decision-making methods decided by them. In general, the general mechanism for fundraising is to meet the needs of the business, while minimizing costs and risks. Based on the characteristics of the mechanism, there is a big difference between Chinese companies and Western companies. First, the balance of self-owned funds and borrower funds When determining the proportion of self-owned funds and borrowed funds, the main basis is how to bring the greatest benefits to the owners, rather than the administrative constraints of the company’s operators. Since the interest on borrowed funds is fixed, if the operating conditions are good and the actual profit rate is higher than the interest rate, then it will be operated through debt. Can give the owner more than the actual profit rate; on the contrary, such as