会计财务管理专业 试论企业筹资决策与资本结构的关系

试论企业筹资决策与资本结构的关系摘 要对于企业而言，最基本的就是在市场中得以长久发展。在对企业获利能力进行评价之时运用的频率比较高的指标为销售净利率、权益报酬率、资产报酬率等。通常来说，如果企业具有比较高的报酬率，则其一般具有较强的生存及发展能力。但是，其获利能力和资本结构之间有着十分紧密的关联性，极易受其影响，若该结构不健全，则企业非但不会有所发展，反而最终或许会走向破产。早在上个世纪九十年代的时候，我们国家就已对资本结构展开相关的研究，在我们国家证券市场的快速发展之下，财务领域对我们国家上市企业的资本结构以及融资行为问题愈来愈看重。基于资本结构理论和我们国家的现实状况来对我国上市企业的资本结构化问题展开分析以及研究颇具意义。本文以此类公司资本结构的有关理论为切入点，结合洋河股份的资本结构的现实状况，分析后发现其影响因素有股权过度集中，融资方式仍以股权融资为主，公司整体负债结构不合理等，并分析了洋河股份资本结构存在的问题，最后，从宏观与微观两个方面，谈了一些优化上市公司资本结构的方式。关键词：上市公司；资本结构；融资偏好IOn the Relationship between Enterprise Financing Decision and Capital StructureAbstract For enterprises, the most basic is to be able to develop in the market for a long time. In the evaluation of the profitability of enterprises, the more frequent indicators used are net interest rate on sales, return on equity, return on assets and so on. Generally speaking, if an enterprise has a relatively high rate of return, it generally has a strong ability to survive and develop. However, there is a very close correlation between profitability and capital structure, which is highly vulnerable to its influence. If the structure is not sound, the enterprise will not develop, but may eventually go bankrupt. As early as the 1990's, our country was already involved in capital structure With the rapid development of our country's stock market, the financial field pays more and more attention to the capital structure...