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优化资本结构实现企业价值

时间:2021-08-31 来源:未知 编辑:梦想论文 阅读:
1 Characteristics of financial management objectives
 
Enterprise financial management goal is in a specific financial environment, the organization of financial activities, to deal with the financial relationship, so that it can achieve the established objectives. Enterprise financial management is an important part of the development of modern enterprises. In order to make clear the work of enterprise financial management, the author analyzes some characteristics of the financial management objectives:
 
(1) hierarchy. Enterprise financial management objectives have a certain level, the management can be divided into financing management, operation management, profit management and investment management, etc., and each content can be a specific analysis.
 
(2) uniformity. Enterprise financial management objectives and enterprise management objectives are unified. Mainly in the enterprise financial management goal is an important part of the enterprise management process, financial management is the use of the value of the form of business activities for a comprehensive management of the way.
 
(3) institutional. Financial management objectives have a certain system, in the social economic system, economic model and enterprise organization system, largely determines the direction of enterprise financial goals.
 
(4) control. Enterprise financial management goal is to be able to control, the enterprise in the business process, pay a certain value can effectively achieve. Therefore, the enterprise financial management objectives must be based on the specific form to achieve, and its various objectives to develop the corresponding implementation standards, and as the enterprise implementation, control, inspection and other aspects of the assessment basis.
 
2 enterprise value optimization of financial management objectives
 
2.1 enterprise value maximization
 
Enterprise value is the value of the enterprise in the market environment, that is, the enterprise will create the cash flow, so that it can effectively reflect the potential development of the enterprise, the enterprise's maximum value as the financial management objectives have many advantages. First of all, this way is conducive to long-term development of enterprises, and enterprises can according to the actual situation of enterprise planning short-term investment management goal, this fully considers the time value of money and risk value; secondly, the goal of financial management in the management of security companies in the realization of the value of the target value in the premise of effective to maximize the interests of shareholders, and also realize the maximization of enterprise value; thirdly, the goal of financial management can effectively avoid the one-sided enterprise management behavior in business management, reduce enterprise management in the process of loss; finally, the maximization of enterprise value as the goal of financial management can effectively achieve the optimal allocation of resources. But the goal of financial management has some defects.
 
2.2 maximum shareholder interest
 
In the process of enterprise management, the maximization of shareholder's interests is the use of some measures to promote the enterprise's business activities to continue to effectively carry on, so as to bring more economic benefits for the shareholders of the enterprise. Effective implementation of maximizing the interests of shareholders from another perspective can effectively reflect the value of a company's stock and the level of stock prices and the fluctuation can also effectively reflect the enterprise actual state of operation, make it able to contrast efficiently in the enterprises of different sizes, and each share price to reflect the capital and profit between the management effect, but did not reflect the time value and the corresponding risk management well, can not avoid short-term behavior, even such development goals will and enterprise development direction deviates from.
 
2.3 enterprise profit maximization
 
Enterprise profit maximization is the main business will be in a certain period of time to obtain the maximum benefits, and as a corporate financial management objectives, this way is to consider the issue of the interests of the operators. The enterprise benefit maximization as the goal of enterprise financial management has certain rationality, because interest transfer instructions directly to the strength of enterprises in the market competition environment, and will affect the development of enterprises to enterprises in the future survival. Thus the enterprise profit as the goal of enterprise financial management in a certain extent is reasonable.
 
 
2.4 the advantages and disadvantages of centralized financial management
 
First of all, the profit maximization goal of financial management is not fully considering the time effect, the risk value of their generation, because when obtain the corresponding profit, the corresponding value of time is not the same, so the resulting value is not the same, so the goal of financial management is not very good; secondly, maximum the interests of shareholders as the goal of financial management has certain defects, most of the right management of Chinese enterprises in the development process and ownership are separated, the operator of enterprise management rights occupy a certain advantage, which makes the rights and interests of the shareholders will be subject to certain damage; finally, the maximization of enterprise value as the target of financial management this management approach not only effectively considering the time and risk, and effectively safeguard the interests of the shareholders, in line with the long-term development of enterprise management Objective, this way is the most effective way of management at the present stage, and in line with the requirements of scientific development concept, in line with the development of our country's enterprise.
 
3 the relationship between financial management objectives and capital structure
 
Enterprise financial management goal is the basic norms of enterprises in the financial management and financial decision-making to fulfil the first, in the course of business management must reach the goal is, it embodies the direction of financial management, enterprise management objectives is in certain circumstances, financial operation, on the relationship between financial development, and then make the value of the enterprise to be able to get the best development. Enterprise financial management goal is mainly composed of profit maximization, shareholder interests, enterprise value, according to the modern enterprise theory to carry on the analysis, the maximization of enterprise value is the important content of enterprise financial management goal, the enterprise value is enterprise assets in the market share of value, it is made by the enterprise in a certain period of time the profits and risks of return to measure the.
 
4 enterprise leverage is a measure of the modern enterprise capital structure of effective indicators
 
Corporate capital structure is formed in the long-term operation of enterprise of a shareholders' capital, especially between long-term debt and equity capital in the form of a fixed relationship, enterprise in the development process must take different financing way to evaluate business process if there are changes in the capital structure, usually under the situation, enterprises are the debt capital and equity capital are combined to form, which can be referred as "leveraged capital structure". In the process of business development in debt capital and equity capital is the leverage ratio. Enterprises of the capital and interest on the debt is from enterprise income tax deduction, can effectively achieve tax purposes, the creditors bear the risk of smaller, and cost of equity investment to than debt financing costs, equity financing cost higher. If there is an enterprise income tax, the enterprise's investment profit will be higher than the profit obtained from the debt, the use of debt will be able to obtain benefits in the financial leverage. Debt in the use of the process can effectively increase the agency costs, the cost of financial debt is said to be difficult in the process of capital flow, and its debt is not repaid, will give the business development of a certain loss. When the enterprise is in debt, it is necessary to effectively grasp the operation of the capital, debt capital to control in a reasonable range.
 
5 optimize the capital structure to achieve financial management objectives
 
5.1 to improve the profitability of enterprises and financial management level
 
In the course of business development, we must pay more attention to the financial management system, deepen the understanding of the capital structure, and clear the objectives of enterprise financial management.
 
In addition, companies should constantly improve their own profitability, strengthening the economic benefits of financial leverage, the enterprise should according to the actual situation formulation detailed financial management plan, clear target of the financial management, strengthen the turnover of funds, the funds to improve the utilization efficiency and safety performance, the emphasis on capital accumulation, to continuously enhance the strength of enterprises, has a certain debt repayment ability and financing ability.
 
 
5.2 to achieve reasonable liabilities, improve leverage
 
Contribute to the realization of enterprises to maximize the value of enterprises in the process of business development, debt interest rate and lever effect is going in the opposite direction development, therefore, continue to lower rates on corporate debt will be able to increase the benefits of financial leverage. Therefore, enterprises in debt financing when, must effective comparison of different financial institutions, credit conditions and methods, compare the differences, effectively reduce the the cost of capital, to realize the optimization of the capital structure. Enterprises in the development process, its capital structure to maintain a certain proportion of liabilities, which can effectively for the enterprise tax bring certain economic benefits, effectively restrain the managers misconduct and motivate managers effectively enhance working enthusiasm, usually cases, corporate debt must consider the investment return and the benefits of loan interest, to satisfy the enterprise financing projects in remuneration and reward must be higher than the loan interest rate, if in the short term continue funding for the turnaround, can choose to reduce the interest rate, the lowest borrowing is to protect the borrow loan projects, the profit is greater than zero. Guarantee a certain proportion of liabilities to the enterprise long-term development is very important, debt capital for enterprise to bring the debt repayment capacity, to effectively improve enterprise management capability of capital operation, so enterprises must according to their own actual situation of the development of timely adjustment of debt ratio, the effective realization of the optimal level of capital structure, effectively reduce the comprehensive cost of the enterprise capital, realize the development goal of enterprise value maximization.
 
5.3 government policy support
 
Debt financing can effectively promote the business operators to better work, choose the appropriate behavior, pass the business efficiency of the market to the target, is conducive to the external investment institutions to make a correct evaluation of the operation of the enterprise. So, to strengthen the debt constraint, the corporate governance structure, improve the enterprise bankruptcy and other mechanisms, can make the enterprise more effective governance structure control. In addition, enterprises should expand the securities market development for enterprises to create a use debt securities financing way, to standardize the reform of financial markets and provide more direction for business development.
 
Reference
 
[1] Li Shuaihong. The combination of enterprise capital structure optimization and enterprise financial management objective analysis [J]. era finance, 2010 (7): 132 -133.
 
[2] Shao Pengfei. Analysis of enterprise financial management objectives and capital structure [J]. new countryside (Heilongjiang), 2011 (3): 193
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