盈利能力外文资料翻译译文
XXX has always been one of the XXX。Capital structure is related to a company's funding costs。financial risks。and profitability。and funding costs and financial risks XXX een a company's capital structure and profitability is not us。but increasing a company's long-term debt-to-equity。XXX.
The funding costs of long-XXX taxes。a company's actual capital cost is lower than the rate of return demanded by creditors。The cost of debt capital is mainly determined by the company's financial structure。debt repayment ability。operating cash flow。operating ability。operating efficiency。market interest rates。and current market economic XXX nary effects。and the return XXX。Long-term debt has a greater impact on a company's operating XXX。and long-term debt faces greater credit default risk。so the cost of long-term debt capital is XXX than that of short-term capital。This article assumes an efficient capital market as a premise - that creditors are nal。so as the long-term debt-to-equity。of a company increases。creditors will XXX.
企业的权益资本通常是无偿使用的，因此不需要偿还本金，也不必向所有者支付资金成本。然而，从企业所有者的角度来看，他们投入的资本以及在经营过程中积累的资本也应该得到相应的报酬，这就是所谓的资金成本。权益资本成本隐含着一种机会成本，是企业所有者要求的最低投资收益率。资本资产定价模型是目前用来求权益资本成本的主要模型之一，但它只考虑了权益资本的机会成本，而没有考虑到新股的发行费用。因此，计算权益资本成本时必须考虑到新股的发行费用。假设市场利率为8%，筹集资本为10个亿，发行费用为7500万，那么该企业每年需要多支出600万的费用，这将导致该企业每年的权益资本成本上升0.65个百分点。因此，一只股票发行费用的高低在一定程度上也可以说明该企业是否具有投资价值。
加权平均资本成本是企业的综合资本成本，用来衡量企业的资本成本高低。对于一个盈利企业来说，经理层的主要目标之一就是使企业所使用的资本成本最低。要实现这个目标，经理层需要合理配置企业的资本结构，实现企业的综合资本成本达到最低。长期负债的资金成本在一定量的范围内要比权益资本的成本低，但当长期资本负债的数量超过一定量的时候，长期负债的资金成本会比权益资本的成本高。这是因为随着企业资产负债率的增加，企业的破产风险以及违约风险也在增加，长期负债的提供者必然会要求更高的报酬，
以致超过权益资本的成本。因此，经理层需要在权衡不同的资本来源时，考虑到长期负债的资金成本和权益资本成本的变化趋势，以选择最优的资本结构。
Financial leverage。also known as financing leverage。XXX percentage than its pre-tax profit due to the burden of fixed debt。If a company uses long-term debt financing。the financial leverage effect will be formed。When the net profit margin of a company's total assets is greater than the cost of long-term liabilities。part of the net profit is generated through equity capital。while the other part is due to the use of long-term debt capital by the company。This residual e belongs to the owners of the company。XXX of the company's equity capital。When the net profit margin of a company's total assets is less than the cost of long-term liabilities。the benefits created by the company's use of long-term debt capital are insufficient to pay the debt interest。and this difference will be made up by the net profit generated by the company's equity capital。which ces the value of XXX.
The n of financial leverage effect is caused by the fixed interest and dividend XXX。The r
elative level of pre-tax profit and fixed costs determines the size of the company's financial leverage。The financial leverage effect amplifies the change in pre-tax profit of the company to the extent of the change in earnings per share。and the size of the financial XXX the size of the company's financial risk.
Starting from the goal of maximizing the value of the company。combined with the analysis of capital cost in the us part of this article。we can conclude that only when the financial risk accepted by the company does not exceed the tolerance limit of the company's financial risk。increasing the n of low-cost long-term debt capital can ce the comprehensive capital cost of the company。thereby increasing the return on equity capital of the company。Only when the return on equity capital increases under the n of unchanged risk。can it directly lead to the increase of the company's value。When the。of long-term debt capital to total assets increases and the net profit margin of total assets rises。but the company's financial risk exceeds the tolerance limit of the company。this result is more likely to be not worth the loss。which usly damages the value of the company and XXX。Because of the different capital structures of companies。their XXX
also vary。XXX based on the established level of capital cost and acceptable financial risk。and use long-term debt capital financing as much as possible。
XXX
XXX Influence Of Capital Structure On The XXX Enterprises (2012)
XXX een a company's capital structure and XXX has been a topic of interest among scholars for a long time。The capital structure of a company is related to its cost of funds。financial risk。profitability。and cost of capital。These factors XXX.
While the XXX not always apparent。improving a company's long-term debt rate can improve its equity capital net interest rate。Therefore。it is XXX a company's capital structure to XXX.
To optimize the capital structure of China's enterprises。the author suggests XXX based on the company's financial XXX。companies can XXX.
margin rate
The cost of long-term debt capital is XXX costs can be ctible。resulting in a lower actual cost of capital for XXX influence the cost of debt capital include the company's financial structure。solvency。operating cash flow。operating capacity。operating efficiency。market interest rates。and current economic XXX who hold long-term XXX n risks。XXX。long-term liabilities are associated with greater business instability and credit risk。leading to higher costs of capital compared to short-term XXX market and nal creditors。the long-term debt capital。of a company will result in higher rates of return for creditors.

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