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在现代市场经济社会中,融资决策是公司理财的一项重要内容。现实条件下,可供公司选择的筹资方式很多。根据融资对象,融资方式可分为内部融资(即内部的资金盈余,包括留存收益、折旧、应付账款等)和外部融资(即通过外部的借款者与投资者筹集资金)。公司在成长过程中,外部融资尤为重要,它主要是通过资本市场(包括证券市场和长期信贷市场)来筹集资本,这就涉及到权益融资和债务融资问题。如何进行融资方式的选择以达到最佳的资本结构(即长期资本组合结构),使现有股东权益最大化,是经济学家们研究的一个课题,在实践中也有非常重要的现实意义。本文先比较地分析权益融资和债务融资各自的优缺点,然后再对现代资本结构理论加以简要的回顾,接着通过分析工具推导出公司在特定情况下如何做出最佳融资方案的融资选择图,最后结合现实加以阐释。
In the modern market economy and society, financing decision-making is an important part of corporate finance. Under realistic conditions, there are many ways for the company to choose to raise funds. According to the financing object, the financing methods can be divided into internal financing (ie, internal capital surplus, including retained earnings, depreciation, accounts payable, etc.) and external financing (ie, raising funds through external borrowers and investors). In the process of growth, external financing is particularly important. The company mainly mobilizes capital through capital markets (including the securities market and long-term credit market), which involves equity financing and debt financing. How to choose the way of financing in order to achieve the best capital structure (long-term capital portfolio structure) and maximize the existing shareholders’ rights is a subject researched by economists and has very important practical significance in practice. This paper first comparatively analyzes the respective advantages and disadvantages of equity financing and debt financing, then briefly reviews the modern capital structure theory, and then deduces the financing choice chart of how to make the best financing plan under certain conditions through the analysis tools. Finally combined with the reality to be explained.