Types of financial structure, conservative financial structure and asset structure:
(1) Long-term assets are compressed, and funds are deposited in monetary assets and inventory assets; The proportion of current assets is large, which can meet the needs of seasonal peak, and the operational risk is small.
(2) The current assets are idle in the off-season, the production capacity of fixed assets is insufficient in the peak period, and the return on assets is low.
In terms of capital structure:
(1) The proportion of long-term and short-term funds is relatively coordinated. The long-term capital ratio is high and the capital supply is guaranteed; In the ratio of debt capital to equity capital, the debt capital ratio is high, and there are hidden financial risks.
(2) In the debt capital structure, the proportion of current liabilities is small, and the proportion of long-term liabilities is significant. The impact of long-term financial risks is greater than that of short-term financial risks.
Two types of structural relations:
(1) Monetary assets are greater than short-term credit, quick assets and current liabilities are in balance, with high current ratio and quick ratio indicators, strong short-term solvency and little short-term financial risk impact.
(2) A considerable part of long-term capital, especially equity capital, is the source of funds for current assets, and the burden of capital cost cannot be effectively digested by asset income.
(3) The proportion of long-term assets is small and the amount of inventory assets is large. Small business risks can dilute long-term financial risks to some extent.
Types of financial structure: sound financial structure and asset structure;
(1) The ratio of current assets to long-term assets is moderate, and the operational risk is slightly higher than the conservative financial structure.
(2) The ratio of monetary assets is suitable for the capital demand of normal operation scale, but it can't meet the requirements of peak operation and can only maintain the normal rate of return on assets.
In terms of capital structure:
(1) The proportion of long-term and short-term capital is coordinated, the proportion of debt capital and equity capital is coordinated, and the long-term and short-term financial risks are relatively balanced.
(2) Among the long-term capital, there are few long-term liabilities, large amount of equity capital and small long-term financial risks, but the cost burden of equity capital is heavy.
Two types of structural relations:
(1) Monetary assets can only pay short-term credit, quick assets are less than current liabilities, quick ratio is low, short-term solvency is not strong, and short-term financial risks have a greater impact.
(2) Long-term solvency is strong, and long-term financial risks have little impact on enterprises.
(3) Although long-term assets have operational risks, they are all supported by equity capital, and smaller long-term financial risks can dilute operational risks.
Types of financial structure, radical financial structure and asset structure:
(1) The monetary assets and the whole current assets are small in scale, and the funds are not easy to be idle, and the return on assets is high, but normal business fluctuations will cause a shortage of funds.
(2) The proportion of long-term assets, especially fixed assets, is high, the efficiency of asset operation is low, and the operational risk is high.
In terms of capital structure:
(1) Current liabilities, especially settlement current liabilities, have high short-term financial risks, and a large number of current liabilities reduce the burden of capital cost.
(2) Less long-term liabilities and weak long-term financial risks.
Two types of structural relations:
(1) Current assets are equal to current liabilities. The scale of current assets is small and the amount of funds is tight, which leads to the increase of current liabilities. Higher operational risks and short-term financial risks may aggravate each other.
(2) In the peak period of operation, as long as enough credit debts, especially long-term debts, can be raised, higher asset returns and lower capital costs can alleviate operational risks and short-term financial risks, otherwise, the two will deteriorate each other.
In practice, how to judge the optimal financial structure, and what proportion of asset structure and capital structure is reasonable? There is no fixed pattern. Different countries, different types of enterprises, different periods and different environments are different. The author believes that if the maximization of shareholders' wealth is the basic starting point, it at least includes the following three aspects:.
1. In terms of quantity and scale, it can meet the capital demand of joint-stock companies in time. The realization of enterprise reproduction process is based on the normal turnover of funds. If the funds are insufficient, it will affect the normal and orderly production and business activities; On the contrary, it will affect the use of funds and cause a waste of funds.
2. Maximize the return on assets. Return on assets is generally expressed by return on assets or return on net assets. (1) Return on assets = earnings before interest and tax? Average balance of all assets? 100%, reflecting whether the allocation of economic resources of enterprises is reasonable. ② Return on net assets = net profit? Total equity capital? 100%, which can reflect the company's income from using financial leverage.
3. The weighted average cost of capital is the lowest. In order to meet the requirements of enterprises for the amount of funds and maximize the return on assets in time, only by achieving the lowest weighted average cost of capital can the wealth of shareholders be maximized.
Generally speaking, under the same conditions, if the enterprise's weighted average cost of capital is lower than the industry's average weighted cost of capital, then the financial structure of the enterprise has been? The best? Still close? The best? Yes
Besides the above three standards, what else should we grasp? Optimal financial structure? The basic characteristics of. Including:
① Absoluteness. The best financial structure is to enable enterprises to operate normally, maintain high-quality debt repayment credit and maximize shareholders' wealth under certain conditions.
② Relativity. The optimal financial structure is difficult to quantify, and it is an optimization relative to a specific industry under specific conditions such as specific time and business environment.