1. Weighing theory
The trade-off theory introduces the factors that bankruptcy cost and agency cost affect enterprise value. Enterprises can increase their market value by increasing debt, but with the increase of debt, the probability of enterprise risk and financial deficit is also increasing, which brings extra costs to enterprises and reduces their market value. Therefore, the optimal capital structure of enterprises is the result of weighing the tax-saving income and the various costs caused by the rising probability of financial deficit. The cost of enterprises falling into financial deficit can be divided into two categories: one is the bankruptcy cost caused by deficit; The other is that the increase of bankruptcy possibility makes managers representing the interests of stock owners take suboptimal or suboptimal decisions, which sacrifices the interests of bondholders and expands the benefits of shareholders. This is called agency cost and will cause absolute loss of social interests.
2. pecking order theory
In 1984, The Mystery of Capital Structure, meyers and McKinley put forward the new pecking order theory under asymmetric information. According to this theory, due to the issue cost and information asymmetry, enterprise management prefers internal financing to external financing, and if external financing is needed, it prefers debt financing, and finally equity financing.
3. Asymmetric information theory
The theory of information asymmetry refers to that in the market economy activities, all kinds of people have different understandings of relevant information; People with sufficient information are often in a favorable position, while those with poor information are at a disadvantage. The following asymmetric phenomena generally exist in enterprises: ① information asymmetry between top managers and middle and low managers; ② Information asymmetry between major shareholders and minor shareholders; ③ Information asymmetry between internal operators and external creditors; ④ Information asymmetry between employees and enterprise management, etc.
4. Corporate financial growth cycle theory
The information constraint accompanying the growth cycle of enterprises, the change of enterprise scale and capital demand are the basic factors that affect the financing structure of enterprises. In the initial stage of an enterprise, due to small assets, lack of business records and financial audit, and closed enterprise information, the availability of external financing is very low, and enterprises have to rely mainly on internal financing; When enterprises enter the growth period, the demand for funds increases sharply. At the same time, with the expansion of enterprise scale, the assets available for mortgage increase, and with the initial business records, information transparency improves, enterprises begin to rely more on external financing of financial intermediaries. After entering the mature stage of steady growth, the business records and financial systems of enterprises tend to be complete, and gradually have the conditions to enter the open market to issue securities. With the opening of sustainable financing channels in the open market, the proportion of debt financing has decreased, while the proportion of equity financing has increased, and some outstanding small and medium-sized enterprises have grown into large enterprises. The theory of financial growth cycle shows that at different stages of enterprise growth, with the changes of information, asset scale and other constraints, the financing channels and structure of enterprises also change. Its basic law is that the more enterprises are in the early growth stage, the tighter the constraints of external financing and the narrower the channels; Or conversely, Dallas goes to the auditorium. Therefore, if enterprises want to develop smoothly, they need a diversified financial system to meet the financing needs of different growth stages.
Second, financing channels and financing methods
The financing channels mainly include: ① national financial fund-National Geological Exploration Fund; ② Bank credit funds; Funds of non-bank financial institutions; (4) Funds of other enterprises; ⑤ Residents' personal funds; ⑥ Enterprise's own funds. The financing methods of enterprises mainly include: ① absorbing direct investment-geological work fund; (2) Issuing stocks; 3 bank loans; 4 commercial credit; (5) Issuing bonds. ⑥ Financial leasing.
Third, enterprise financing risk point analysis
Financing ability refers to the quantity, speed and cost-effectiveness of internal and external financing of enterprises. First of all, after all-round feasibility demonstration and approval at all levels before financing, the marginal rate of return is greater than the marginal cost to determine the project financing plan; Secondly, the financing scale is determined according to the project capital demand, and the financial risk and interest rate risk are completely controllable; Third, the financing opportunity is properly chosen, and the project start-up time is synchronized with the financing opportunity; Design financing batch according to the principle of project investment progress and marginal capital cost; Choose financing when the domestic and international financial environment is most favorable, and choose the most favorable financing channels and methods; Fourth, the on-balance-sheet liabilities and off-balance-sheet liabilities are within the reasonable and controllable range of the enterprise, and the external mortgage, guarantee, discount and lending are all moderate, and the enterprise capital chain will not be broken due to off-balance-sheet liabilities; Fifth, there is no conversion of income into liabilities, and there is no undisclosed secret reserve (underestimating assets and overestimating liabilities); Sixth, the internal structure of liabilities, which are reasonably matched with current assets, long-term assets and owners' equity; Seventh, the interaction between corporate debt and profitability and operational capacity is positive; Eighth, long-term liabilities far exceed working capital. Long-term liabilities will be converted into current liabilities over time and need to be repaid with current assets. If the long-term liabilities exceed the working capital by a lot, then the current assets will be smaller than the current liabilities because of this transformation, so that both long-term creditors and short-term creditors feel that the loan is not guaranteed; Ninth, liabilities are greater than owners' equity. In this way, enterprises will make things worse when the economy deteriorates. Be wary of enterprises modifying the asset-liability ratio: ① confirm assets in advance; ② Delaying the recognition of liabilities; (3) The confirmed cost is not confirmed; ④ Depreciation or amortization shall not be amortized; ⑤ Evaluate assets regularly to realize asset appreciation. Tenth, the quality of capital structure is mainly reflected in whether the comparison between the cost of capital and return on total assets determines the expansion and withdrawal of liabilities. That is, when the return on total assets is greater than the loan interest rate, try to use more liabilities to improve the pre-tax profit rate of sovereign capital; When return on total assets is less than the loan interest rate, reduce the debt as much as possible to reduce the decline rate of the pre-tax profit rate of sovereign capital. It is ideal that the general owner's equity accounts for 60% and the debt accounts for 40%, but the debt ratio cannot exceed the warning line of 70% of bank loans. Eleventh, long-term assets are greater than owners' equity. In this way, the owner's equity can not only be used to buy current assets, but also be repaid by auctioning long-term assets. When long-term assets account for 40%, of course, current assets account for 60%. According to the company law, the intangible assets of high-tech companies can reach up to 70% of the registered capital, because once the enterprise is liquidated and bankrupt, intangible assets are often worthless. Long-term investment and deferred assets have been seriously depreciated, which has little effect on paying off corporate debts. Twelfth, the current ratio is less than 2, and the quick ratio is less than 1. This may lead to weak short-term solvency and tight liquidity. However, the company's short-term solvency largely depends on the internal structure and quality of current assets and current liabilities. Generally speaking, current liabilities account for 30%, while long-term liabilities account for 10%. Thirteenth, the internal structure of owners' equity, the proportional relationship between paid-in capital, capital reserve, retained earnings and other accumulation. When making decisions, we should consider the dividend pressure of enterprises, the future long-term development potential and capital accumulation constraints. Under normal circumstances, the paid-in capital can only be increased, but not decreased. The paid-in capital should be less than all kinds of accumulation, and the accumulation should be twice as much as the capital. This can reduce the pressure of dividends and let enterprises pay attention to long-term development. Generally speaking, the source of capital reserve fund is not enterprise profits, but a kind of capital reserve fund, so it can not be used to distribute dividends and make up losses, but only to increase capital, which is a concrete embodiment of the principle of capital preservation. The accumulation fund is obviously larger than the undistributed profit, that is, 3∶ 1, which can maintain the future development potential of the enterprise. Fourteenth, unlimited investment in derivative financial instruments; Enterprise debtors do not have any mortgaged assets or deposits, there are a large number of off-balance-sheet liabilities, overcapacity caused by economic or other factors, a large number of non-performing assets have not been disposed of for a long time, customers or transactions are heavily dependent on certain groups, and important subordinate units cannot continue to operate without being disposed of, and they cannot continue to perform relevant clauses in major loan contracts, which may lead to the deterioration of the company's financial structure.
*ST Baoshuo, *ST Canghua and Gong Xuan all provided huge loan guarantees at home and abroad, and the borrowers were unable to repay the due loans, which led to the bankruptcy of the three companies in accordance with the law and the fate of being acquired and merged, and the equity freeze was enforced by the judiciary.
See table 20- 1, table 20-2 and table 20-3 for assets and financing of geological prospecting units.
Table 20- 1 Balance Sheet Trend Analysis of a Geological Prospecting Unit (Fixed Base Ratio)
(1) The quick assets decreased year by year from 20 10 to 20 12, indicating that the short-term solvency is declining; However, with the quick assets increasing slightly from 20 13, the short-term solvency has been enhanced.
(2) The inventory from 2010 to 20 12 has increased year after year, and the inventory pressure is high, which may be the main reason for the decline of quick assets. The decline of inventory from 20 13 to 20 14 may be the reason for the rapid increase of monetary funds.
(3) The current assets to be treated have not changed for six years, indicating that the current assets with solvency have not changed much.
(4) Investment in fixed assets has increased year after year, occupying more funds.
(5) Intangible assets and deferred assets have not changed in the first three years, but the latter three years have increased rapidly compared with the previous three years, but mainly deferred assets have increased more.
(6) Except for a slight decrease of 20 10, the fund for geological exploration has grown very rapidly in other years, and the expenditure for geological work has also increased simultaneously, which shows that the state has tilted its policy towards geological exploration and increased its investment in geological exploration. Geological prospecting units also actively strive for geological prospecting projects and strive to complete the scheduled tasks.
(7) Total assets also increase with the increase of geological work expenditure.
(8) Current liabilities fluctuate greatly, especially 20 14, which is out of sync with the increase and decrease of quick assets. It may be that fixed assets and deferred assets account for more.
(9) Long-term liabilities have not changed for six years.
(10) The national fund grew steadily, the geological prospecting development fund increased a lot, and the public welfare fund grew the fastest, but it was not an important source of geological prospecting expenditure.
(1 1) Undistributed surplus and income are declining year by year, and even deficit appears, which is the main reason for the unobvious increase in net assets.
(12) The funds for geological work have increased rapidly, which shows that it is the main source of geological work expenditure, and the main business of geological prospecting units is quite prominent.
Table 20-2 Long-term Liabilities and Liquidity of Geological Prospecting Units
The long-term liabilities of this unit did not exceed the working capital during the period of 20 10 to 20 13, so there is no possibility of short-term risk of debt increase. But in 2009 and 20 14, the liquidity was negative, and the long-term liabilities exceeded the liquidity by a lot. When long-term liabilities are converted into current liabilities, the company may have difficulties in paying debts or sell long-term assets to repay debts.
Table 20-3 Capital Structure of Geological Prospecting Units
The asset-liability ratio of this unit is decreasing year by year, which shows that it has strong long-term solvency; Long-term assets have always been less than owner's equity, indicating that the unit has enough owner's equity to buy current assets. However, its return on total assets is much lower than the borrowing rate, and the more debt, the faster the owner's income will decline. Therefore, not only should we not borrow more debts, but we should find ways to pay off old debts, or find ways to improve economic benefits and open up space for borrowing more debts in the future.
Example 20-4 Case Analysis of Interest Rate Risk of Hangang Bond1At the beginning of 1996, Hangang Company issued a three-year credit bond with an annual interest rate of 14%. Soon, the state cut interest rates seven times, and the bond interest rate was 8% in the same period, so Hangang Company suffered huge interest rate risk. Excuse me: how to prevent interest rate risk in advance when issuing?
Fourth, BOT and other investment and financing methods.
1.BOT (build-operate-transfer)
Namely, build-operate-transfer. This method is usually adopted when the government grants new project concessions to some companies. Private partners, or international consortia, are willing to finance themselves, build infrastructure, operate it for a period of time, and then transfer it to government departments or public institutions. Franchising must be an independent economic unit that can generate cash flow independently; Franchising must be able to operate independently from other units. Judging from these two conditions, large-scale infrastructure projects such as energy and transportation are most suitable for BOT, but not all projects can be suitable for BOT, and BOT has its special functions. BOT is a multi-functional investment method integrating financing, construction, operation and transfer.
2. Start (construction-ownership-operation-handover)
That is, build-own-operate-transfer. Private partners or international consortia finance the construction of infrastructure projects. After the project is completed, it will be owned and operated within the prescribed time limit, and then it will be handed over to the government after the expiration.
3. Build-own-operate
That is, build-own-operate. In this way, the contractor builds and operates the infrastructure under the concession granted by the government, but does not hand over the infrastructure to the public sector.
Example 20-5 Laibin Power Plant Project B
Power plants built by BOT financing method, except Shajiao B Power Plant, which was not standardized in the early days; Mainly the B project of Laibin Power Plant, which is the first BOT pilot project approved by the state. 1February 1995, the tender was officially put on sale. 1October, 1996, 165438, EDF-Ali Si Tong won the bid and signed the concession agreement. The total investment of this project is US$ 2.5 billion, of which 25% is invested by shareholders and the rest is 75%. Banks such as Credit Suisse, Oriental Bank and HSBC participated in the loan arrangement. The project started in May 1997, and was completed and put into commercial operation in May 1997. The franchise period of the project is 18, in which the construction period is 3 years, the operation period is 15, and the on-grid electricity price is 0.4 1 yuan, 65438. Laibin Power Plant is the most successful BOT power plant project in China. Less than two years from the project establishment to the start of construction, the on-grid tariff is the lowest for domestic and foreign power projects, and the social benefits are remarkable.
4.BT- (Build-Transfer)
BT is build-transfer. The water system around Shijiazhuang City was built by Hebei Jiantou Company. The total investment from Xicheng water system of Botanical Garden to Tianshan Park of Dongcheng water system is 654.38+0.08 billion yuan, including 3.5 billion yuan from South water system. Upon completion, it will be handed over to the government garden bureau. The government will pay off the principal and interest within three years and pay a profit rate of 5%. The source of repayment is to turn the land around the water system into cultivated land and sell it to developers to build supporting facilities of the water system, such as hotels, restaurants, entertainment, sports, commerce, folk customs, water streets and so on.