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企业可从许多渠道获得资金,而且每项资金使用条件和成本都不同。因此每个企业可以根据实际经营需要,选择最好的筹资方式,也希望使企业的自有资本收益率最优。一般说来,通过企业的经营努力可从借入的资本获得更高的资本收益率。由西方经典MM财务理论知:似乎企业借入的资本所占的比例越大,企业的自有资本金收益率就越高。这一颇有惊讶的结论,在实际工作中是难以找到吻合的例子。由于这一理论的前提没有考虑到举债越多不仅要承担一大笔的借债利息而且担负着越大的破产风险。如果同时考虑经营环境的不肯定因素和破产风
Businesses can obtain funds from many sources, and the terms and costs of each fund are different. Therefore, each company can choose the best financing method according to actual business needs, and also hope to make the company’s own capital return rate optimal. Generally speaking, higher capital return rate can be obtained from the borrowed capital through the management efforts of the company. From the Western classic MM financial theory, it seems that the greater the proportion of capital that companies borrow, the higher the company’s own capital yield. This quite surprising conclusion is that it is difficult to find a good example in practical work. Because the premise of this theory does not take into account that the more debt, not only has to bear a large amount of borrowing interest but also carries a greater risk of bankruptcy. If you consider both the uncertainties of the business environment and bankruptcy