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随着我国社会主义市场经济体制的确定,任何企业都将被推向市场,在浩瀚无垠的市场汪洋中搏击和竞争。而市场竞争无疑是人、财、物等综合实力的竞争。其中财力是综合实力竞争中的基础要素。企业所拥有的财力相对于参与竞争所需财力而言总是显得不足,这是绝大多数企业共同面临的难题。因此,如何筹措资金便成为企业普遍关注的焦点之一。发行股票和发行债券是企业两种基本的集资方式。究竟采用发行股票还是发行债券,决策者们必须审时度势地合理选择。主要应分析以下两点:一是企业所需资金的性质。企业所需资金的性质,按时间长短划分,有短期经营资金和长期投资资金两种。短期投资所需资金是短期内临时需要,勿需长期占用,并不苛求有长期的资金来源;长期投资所需资金则是较长时间内的稳定需要,需长期占用,要有稳定来源。发行债券所筹资金,在一定时期内,获得资金的使用权,并未获得资金的所有权,到期还本付息,具有短期性;发行股票所筹资金,不仅获得了资金的使用权,还获得了资金的所有权,而且没有期限,具有永久性。由此可见,筹集不同性质的资金,客观上要求采取与之相适应的集资方式,当企业所需资金是短期的,如特殊情况下的集中大批采购原材料所需增加
With the establishment of China’s socialist market economy system, any enterprise will be pushed to the market to fight and compete in the vast and vast market. The market competition is undoubtedly the competition of people, finances, and other comprehensive strength. Among them, financial resources are the basic elements in the competition for comprehensive strength. The financial resources owned by enterprises are always insufficient compared with the financial resources needed to participate in competition. This is a common problem faced by most enterprises. Therefore, how to raise funds has become one of the focuses of the company. Issuing stocks and issuing bonds are two basic fund-raising methods for companies. Whether the issue of stocks or the issuance of bonds is used, policy makers must make reasonable choices in a timely manner. Mainly should analyze the following two points: First, the nature of funds required by the company. The nature of funds needed by enterprises is divided according to the length of time, and there are two kinds of short-term operating funds and long-term investment funds. The funds required for short-term investment are temporary needs in the short term. They do not need to be occupied for a long period of time and are not demanding long-term funding sources. The funds required for long-term investments are long-term stability needs, need long-term occupation, and require stable sources. Funds raised through the issuance of bonds have not obtained the ownership of the funds within a certain period of time, and have repaid principal and interest on maturity, which is of short-term nature. Funds raised through the issuance of shares have not only obtained the right to use the funds, but also Ownership of funds is obtained, and there is no deadline and it is permanent. From this, it can be seen that raising funds of different nature objectively requires adopting an appropriate fund-raising method. When the funds required by the company are short-term, it is necessary to increase the purchase of raw materials in large quantities under special circumstances.