资本结构（capital structure）.docVIP

资本结构（capital structure） 1, the current situation of capital structure of SMEs in China 1.1, the proportion of equity capital and debt capital is unreasonable In theory, the fund of an enterprise can be divided into its own funds and borrowed funds according to its nature. Its own funds are the capital of investors and the accumulation of funds in operation. It reflects the rights and interests of enterprise owners, also known as equity funds. Borrowed funds are the funds absorbed by enterprises to banks, other financial institutions and other enterprises, and they are also called liabilities funds. Has an important significance to the operation and development of equity capital to the enterprise, it is not only the basis of the initial operation of the enterprise funds, and is also the basis for corporate debt, if an equity capital is too small, too much debt, capital structure is not reasonable, it will not only affect the normal operation and development of enterprises, while the enterprise financial risk increase the threat to the survival of enterprises. Although most of Chinas small and medium-sized enterprises mainly rely on equity capital during their opening, but with the further development of enterprises, the proportion of equity capital is getting smaller and smaller, and the proportion of debt capital is growing. According to the National Bureau of statistics 1999 survey, Chinas small and medium enterprises the average asset liability ratio has reached 95%, the asset liability ratio as high as 43% more than 100% in 2003, Chinas small and medium-sized enterprise assets and liabilities rate of 60.36%, higher than the 54.82% large enterprises. Such a high rate of assets and liabilities not only directly affects the refinancing ability of enterprises, but also brings serious financing risks and financial crisis to enterprises. 1.2, the structural imbalance between equity capital and the debt fund itself The proportion of equity capital, informal equity and t