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How to adjust the financing structure of enterprises?
How to optimize the financing structure of enterprises

Capital is the key to the survival of enterprises and a favorable weapon to beat their opponents in fierce competition. A healthy enterprise can not only make full use of internal sources of funds, but also effectively integrate external funds.

To put it simply, the sources of funds of enterprises mainly include endogenous financing and exogenous financing, in which endogenous financing mainly refers to enterprises' own funds and funds accumulated in the process of production and operation; Exogenous financing is the external source of funds for enterprises, which mainly includes direct financing and indirect financing. Direct financing refers to equity financing activities such as initial public offering (IPO), rights issue and additional issuance, so it is also called equity financing. Indirect financing refers to debt financing activities such as loans from banks and non-bank financial institutions, so it is also called debt financing. With the progress of technology and the expansion of production scale, external financing has become an important way for enterprises to obtain funds. External financing can be divided into debt financing and equity financing.

According to the theory of capital structure, the financing structure of an enterprise affects its market value. When the tax is not zero, due to the role of "tax shield", enterprises can increase their value through bond financing, thus forming a "pecking order theory". The reasonable financing order of enterprises should be: endogenous financing > debt financing > equity financing.

At present, with the improvement of the marketization of China's financial system, the financing decision-making and capital structure management environment of enterprises are undergoing significant changes. The financing channels and methods of enterprises have become diversified, and the difficulty, capital cost and financial risk of different financing channels and methods are also different. Since it is necessary to integrate funds from the outside, enterprises must consider maintaining a good and reasonable financial structure and capital structure after financing, so as to keep financial risks at a safe level and reduce the comprehensive capital cost. Under this overall financing strategy, several financing schemes are designed, and their financial advantages and disadvantages are sorted in order to implement dynamic optimization in specific financing practice.

Of course, the overall financing strategy must be combined with the specific financing practice. For example, according to general financial theory, the cost of equity financing (such as direct investment and stock issuance) is higher than that of debt financing (such as borrowing and issuing bonds). Therefore, enterprises in developed countries always pay attention to debt financing in order to reduce the comprehensive capital cost within the fluctuation range allowed by financial risks. In China's capital market, the situation is different until now and for some time to come. Because most enterprises in China are generally inefficient, investors' expectations for returns are generally low. Moreover, the empirical research in financial circles at home and abroad has not proved that the financing cost of China's enterprise equity funds is higher than that of debt funds. In fact, as long as we notice that most enterprises in China are generally inefficient, with high asset-liability ratio and great financial risks and pressures, enterprises should know how to raise funds abroad.

The ways of equity financing mainly include absorbing direct investment and issuing stocks. For enterprises that adopt the financing method of absorbing direct investment, equity investors should be required to directly inject cash as much as possible to avoid direct investment at the price of physical objects, so as to make full use of funds. For enterprises that adopt the financing method of issuing shares, the demand for new shares has been in short supply due to the profiteering effect of issuing new shares in China stock market. Therefore, there is no risk for enterprises that raise funds by issuing stocks. Moreover, most of the listed companies in China pay little dividends to shareholders every year, so it is conceivable that the cost of using equity funds by enterprises is certainly not high. Last year, a new way of equity financing appeared in China stock market, namely issuing new shares. Because the management has relaxed the conditions for issuing new shares, mainly based on the projects invested by listed companies and their development direction, this gives many enterprises with average operating performance and poor financial situation an excellent opportunity to adopt equity financing. They put forward investment projects in line with the industrial direction advocated, encouraged and cultivated by the state, and on this basis, as the beginning of new ventures, they obtained the qualification to issue new shares and realized the equity financing plan.

Therefore, according to the specific situation of financing in China, as long as the company's own operating performance, financial situation, market reputation and industry development prospects allow, and the external environment is more favorable, equity financing should be adopted as far as possible. Enterprises will not only have great freedom in the use of funds, but also effectively avoid financial risks, make the capital structure more stable and help enhance the competitiveness of enterprises. At the same time, the cost of capital is not necessarily high, so why not do it for enterprises? Of course, it is relatively more difficult to adopt the financing method of equity capital, which requires not only a lot of work, but also a long time and process to obtain funds. However, for enterprises that have good investment projects and need funds, they must never give up using equity financing, especially stock financing.

For regulators, they should balance the external financing channels of enterprises, vigorously develop the corporate bond circulation market, improve and perfect the bond circulation channels, open up new trading channels in the bond trading market, and form a unified market system with active competition; In addition, we should increase the innovation of corporate bonds. At present, the variety of corporate bonds is single, which leads to the inability of corporate bonds to fully meet the needs of enterprises. Short-term bonds and long-term interest-bearing bonds should be increased, and at the same time, the development of bond derivatives market should be gradually promoted, and new varieties such as convertible bonds and individually traded convertible bonds should be introduced in time to meet the needs of different enterprises for different financing methods. (End)