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ing long processing time, so had to rely on debt financing faster to solve demand for funds. In the case of other factors being equal, the development of the enterprise may be slower accumulation of additional capital through internal and fast development of enterprises must rely on external capital, especially debt capital.
The value of assets and capital structure guarantees a positive correlation. In the corporate capital structure, if suitable for secured assets (such as inventory, fixed assets, etc.) a larger proportion of the credit, the stronger, the more likely to get more debt. The most direct relationship with the value of the collateral is the bankruptcy costs. Indirect costs in bankruptcy, the greater the value of an enterprise mortgage, bankruptcy sale of assets when the asset revaluation loss is smaller, thereby reducing the cost of bankruptcy. In order to obtain debt financing secured, the collateral value of large enterprises, easy to get capital and financing costs low. Therefore, the collateral value of large enterprises will have a high debt ratio.
Owners and operators of attitude. Owners and operators, including the attitude of the enterprise owners and operators as well as control over the attitude towards risk, largely determine the company's capital structure. Increase the number of issued shares or other interests in capital financing to expand the scope of possible dilution of the existing shareholders' equity and decentralized management rights to ownership and management of the enterprise's control affect. If the owners and operators do not want to lose control of the business, you should choose debt financing. In addition, owners and operators will affect the attitude toward risk capital structure: For the more conservative, cautious, pessimistic about the future economic and business owners who tend to use as equity capital, debt relatively small proportion; dare to take risks on, more optimistic about prospects for economic development and a strong entrepreneurial spirit and business owners who tend to use more debt financing, give full play to the role of financial leverage.
From the above factors affecting capital structure, you can see the optimal capital structure of enterprises we need combined with their own situation to be fully considered. Therefore, in order to obtain the optimal capital structure, the company can not simply consider the impact of any one factor, but to objective and accurate understanding of the various factors of enterprises, and actively planning scientific and workable financing and capital structure of the program, only will make the enterprises to achieve an optimal capital structure, to achieve the goal of maximizing wealth.
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