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一、资本结构的重要性 财务活动是企业最基本又是最重要的经济活动,财务管理是企业管理的核心,企业的竞争不仅表现在技术、人才、市场与经营的竞争,同时也是财务管理水平的一种较量。财务管理主要是对企业运动的全过程进行的管理,包括筹资、投资、成本和效益管理,股东财富的最大化是制定财务目标的总的出发点和方针。“财务结构”一词,中西方的解释不尽相同。在我国,财务系广义概念,涉及一切资金运动事宜,故财务结构是投资占用结构、筹资来源结构及两者制衡关系的统一体,基本等同于资本结构,而西方财务结构一般指融资结构,即指企业资金的来源结构,核心是资本结构,重点是普通股、优先股、长期负债三者的比例关系。企业价值最大化,也就是要求短期利润最
First, the importance of capital structure Financial activities are the most basic and most important economic activities of an enterprise. Financial management is the core of enterprise management. The competition of enterprises is not only reflected in the competition of technology, personnel, market and management, but also the level of financial management A contest. Financial management is mainly the whole process of enterprise management, including fund-raising, investment, cost and benefit management, the maximization of shareholder wealth is the overall starting point for the development of financial goals and guidelines. The term “financial structure” has different interpretations in both the West and the West. In our country, the general concept of finance department involves all fund movement issues. Therefore, the financial structure is the unity of investment occupancy structure, funding source structure and the balance between the two. It is basically equivalent to the capital structure, while the western financial structure generally refers to the financing structure, that is, Refers to the source structure of corporate funds, the core is the capital structure, focusing on the proportion of common stock, preferred stock, long-term debt. Maximize corporate value, that is, the most short-term profits