基于企业生命周期的资本结构决策

基于企业生命周期的资本结构决策(12700字)
摘 要：企业的资本结构决策是企业筹资管理的一个核心问题。企业资本结构的决定因素有很多，其中，企业不同生命周期对资本结构决策也有较大影响。本文阐述了资本结构和企业生命周期的概念及其特点，将企业生命周期与资本结构结合起来，提出了企业生命周期不同阶段的资本结构决策思路。在初生期，企业想通过外界筹措资金的可能性相对较小，企业以风险投资也就是权益资本为主；成长期中，债务资本由于各种条件的成熟会增加很快，高于权益资本的增长速度，此时资本结构中债务资本的比例应略高于权益资本的比例；成熟期中，企业组织结构完善，但利润增长缓慢，此时的企业不可过度举债，应采取较为稳定的财务政策；衰退期中，企业资金紧缺，竞争能力下降，应适当缩小资本规模而不宜有大的融资行为。
关键字：企业生命周期；资本结构；资本结构决策

The Decision of the Capital Structure Based on the Enterprise Life Cycle
Abstract: The decision of the capital structure is a core issue of corporate finance management. There are many determinants of capital structure, among other things, the enterprises of different life-cycle decision-making have a greater impact to the capital structure. This paper describes capital structure concept and characteristics of the enterprise life cycle, and proposed thinking in capital structure based on the different stages of enterprise life cycle. In the newborn period, the possibility that companies raise funds from outside world is small. Enterprises to venture capital is equity-based; In the growth stage, the debt capital will increase rapidly mature for a variety of conditions and higher than the growth rate of equity capital. At this point in the capital structure of debt capital ratio should be slightly higher than the proportion of equity capital. Improving organizational structure in maturity, but profit growth is slow. At this point can not be over-leveraged companies. It should be adopt a more stable financial policy. In the recession period, the enterprise fund shortage and decline in competitiveness. The size of capital should be reduced appropriately and behavior of financing should not be too much.