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前段时间,笔者参加了一家民营企业的董事会议。会上,有位独立董事提出:既然公司的利润率远高于同期银行贷款利率,且公司的负债率也仅为30%左右,为什么一定要通过IPO来融资?无独有偶,目前坊间财务管理教材编写惯用的模式也多是先写货币的时间价值及财务管理的基本原理;接着是融资方式的选择(股权融资还是债权融资);最后是持续经营中的财务问题(如收购与兼并)
Some time ago, I participated in a board meeting of private enterprises. At the meeting, an independent director put forward: Since the company’s profit margin is much higher than the bank loan interest rate over the same period, and the company’s debt ratio is only about 30%, why must the IPO to finance? Coincidentally, the current financial management textbook compilation More commonly used model is the first time to write the value of money and the basic principles of financial management; followed by the choice of financing (equity financing or debt financing); the last is the ongoing financial problems (such as mergers and acquisitions)