摘要:资本市场发育完善, 企业的筹资渠道就会向多元化发展; 资本市场发育不完善, 企业在缺乏权益性融资的情况下, 就必须通过负债来维持生产经营, 而负债又主要是来自银行等金融机构的借款, 这无形之中加重了企业资本结构的不合理状况。
s and mainly from banks and other financial agency loans, which increased the invisible capital structure unreasonable situation.
Changes in the financial markets a greater impact on the corporate capital structure. Tension in the capital, a lower credit rating for its long-term corporate bonds have no market, had to give up long-term debt financing program, and to the stock market or short-term capital market to raise capital.
Interest expense on financing can get relief on income tax, while the dividend payout by the burden of after-tax profits, the role does not have a deductible. Since interest is tax-exempt debt capital costs, so the higher corporate income tax rate, the greater the gearing tax deductible interest, taxes increased gearing factors on the objective stimuli to the more obvious. When companies have a profit in order to truly enjoy the benefits of tax-deductible interest. State-owned enterprises such as large losses, liabilities would not achieve the role of tax-deductible, but interest on debt deductible for income tax effects still exist objectively.
Large corporate reputation is good, easy to get government support, operational risk is low, easier access to loans. Large firms tend to implement a diversified or vertically integrated operations, decentralized operational risk, improve the overall level of efficiency.
If the business development and management is extensive, it will lead to lower corporate profitability, it is difficult through retained earnings or other equity capital to raise funds through debt financing had, this will inevitably lead to increase the proportion of debt in the capital structure, this class enterprises should pay attention to financial risk; while for strong profitability of the enterprise, its retained earnings will be more, according to M yers and M ajluf (1984) theory of finance sorting, companies use retained earnings to lower the cost of financing in debt financing, while debt financing is lower than the cost of equity financing, so the stronger the profitability of the company, its use retained earnings to finance the stronger the tendency, the corresponding proportion of debt financing will be lower. In accordance with the theoretical expectations, the proportion of debt financing the company's profitability should be a change in the opposite direction.
Business growth and capital structure positively correlated. The more rapid growth of the enterprise, its desire to expand the market stronger, more thirst for capital. Strong growth of the enterprise, even if profit levels are not low, but depends only on retained earnings is not enough. In reality, there are often many restrictions equity financing, companies more inclined to readily available debt financing, so the higher the rate of corporate debt. The company's capital requirement, placing 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 r
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