1. Internal factors affecting financial structure
1. Future sales growth rate
Internal management of enterprises usually starts with quantity and aims at profit. In the study of cost behavior, the fixed cost of a specific enterprise is basically stable within a certain range, and the unit variable cost of its products is also basically stable. The more sales, the greater the net profit of sales. In other words, under certain conditions, the greater the future sales growth rate, the stronger the company's profitability and ability to obtain cash. In this way, the internal accumulation of the company is enhanced, and it is easier to borrow money or issue stocks. No matter how high the debt is, it will not lead to big financial risks. On the contrary, for companies with low sales growth rate, the principle of prudent financial management should be adopted, that is, when the business situation is poor, the method of increasing the proportion of shareholders' equity should be adopted, and then the proportion of liabilities in the financial structure of the enterprise should be gradually increased after the sales growth.
2. Stable sales plan
If the sales revenue growth of an enterprise is stable and reliable, the degree of profit guarantee will be high, the cash flow and its growth will be easy to predict and master, and even if the enterprise borrows higher debts, it will not encounter higher financial risks; The fluctuation of sales volume means that the cash inflow from sales is also large or small, which has an unstable impact on the repayment ability of corporate debts.
In this way, enterprises will have concerns in the process of raising funds, which will inevitably affect the financial structure of enterprises.
3. Owners' preference for financing methods
Different owners' preferences for financing methods will also affect the financial structure of enterprises. Aggressive owners prefer to borrow money, while prudent owners prefer to issue shares or increase the use of retained earnings. Some owners like to keep a high proportion of liquid assets, while others don't. Different preferences lead to different corporate financial structures.
4. Type of enterprise
Different types of enterprises have different asset structures. At the same time, the asset structure will further affect the capital structure of enterprises. Generally speaking, enterprises with high current assets have large current liabilities; Enterprises with a large proportion of fixed assets have a high proportion of long-term liabilities or shareholders' equity.
Second, the external factors affecting the financial structure of enterprises
1. Industry competition situation
The solvency of an enterprise depends on its sales profit, which is largely restricted by its industry.
Labor-intensive industries have large current assets ratio and low debt ratio, which are easy to be infiltrated by other manufacturers. The competition mainly focuses on the quality of labor force, management level and whether the products are marketable. Capital-intensive or technology-intensive industries have a large long-term asset ratio, which is not easy to be squeezed by other manufacturers and can share excess profits, so the debt ratio is high.
2. Corporate reputation
Modern economy is a credit economy, and credit is a very valuable resource for enterprise development. For those enterprises with good reputation, it is not too difficult to raise capital, and they are often willing to operate in debt and "grow" their own money with bank money. Therefore, such enterprises tend to maintain a high asset-liability ratio, while for those enterprises with bad reputation, the opposite is true.
3. Financial market environment
Financial market is a place for enterprises to invest and raise funds, which provides useful information for enterprises to manage their finances. In a good financial market environment, enterprises will be willing to choose financial assets with strong liquidity, and the proportion of their current assets will increase and the asset-liability ratio will be high; When the financial market environment deteriorates, enterprises will reduce the current debt ratio in order to avoid financial risks.
The goal of financial structure analysis
Financial activities are usually carried out in the presence of risks. In order to maximize the wealth of shareholders, it is necessary to study, measure and control risks when analyzing and formulating the financial structure of enterprises.
From the perspective of enterprise's own financial capital execution, the risks faced by enterprises include operational risks and financial risks. The financial situation of an enterprise is directly reflected in the ability of its financial structure to bear risks. Business risk is reflected by asset structure, and financial risk is reflected by capital structure. The overall goal of financial structure analysis is to find the balance point between income and risk by adjusting the asset structure and capital structure in the balance sheet.
1. financial structure analysis target from the perspective of asset structure
The asset structure has the following characteristics:
The current assets of 1 are highly liquid, and their value can be easily and quickly realized through operating turnover, with low operating risk.
Long-term assets such as fixed assets and intangible assets have slow turnover and high operational risks.
Current assets, especially monetary assets in current assets, have the strongest liquidity and the least risk. However, because it has not been put into actual operation or the actual operation cycle is short, the return on assets is low, and long-term assets are often the elements of the production and operation conditions of enterprises, which can bring the return on assets to enterprises in a long period of time and have a high level of return on assets. In this way, one of the specific goals of enterprise financial structure analysis is to control the liquidity of assets by adjusting the asset structure, and to balance business risks and asset returns.
2. Look at the goal of financial structure analysis from the capital structure.
Capital structure has the following characteristics:
1 Short-term funds include temporary financing such as short-term loans and settlement current liabilities such as accounts payable. The interest burden is light and the cost ratio of funds is low, but it needs to be repaid in a short time, and the financial risk is high.
2 Long-term liabilities and owners' equity constitute long-term capital, and the financial risk is small, especially owners' equity. There is basically no need to worry about repaying principal and interest, but the burden of capital cost is long and heavy. In this way, the second specific goal of financial structure analysis is to balance financial risks and capital cost-benefit under the premise of ensuring the capital demand of asset allocation through the adjustment of capital structure.
3. Look at the goal of financial structure analysis from the perspective of capital structure and asset structure.
The cooperation of capital structure and asset structure makes it possible for operational risk and financial risk to dilute or aggravate each other. Therefore, the third specific goal of financial structure analysis is to give full play to the mutual dilution effect of the two types of risks and balance the asset structure and capital structure.