企业筹资策略与筹资方式的选择研究  

The Research of Investment Policy and Investment channel of the erterprise

作　　者：曲立峰[1] 

机构地区：[1]鞍钢集团矿业公司,辽宁鞍山114002

出　　处：《中国矿业》2010年第11期57-61,共5页China Mining Magazine

摘　　要：筹资既是一个企业成立的前提,又是企业发展的基础,是一个连续不断的公司理财职能,其内容非常复杂,是任何企业都必须十分重视的问题。企业筹资是企业财务活动的起点,其中筹资方式的选择是企业筹资活动的重点。企业要进行筹资,就必须支付一定的资金使用代价,这就构成了企业的资本成本。资本成本过高会加大企业的财务风险。因此,企业在筹资过程中,首要考虑的问题就是资本成本问题。其次,企业还要考虑资本结构。不同的筹资方式直接决定企业各项资金的成本大小并共同决定了企业的资本结构及加权平均资金成本。合理安排长期借入资金与自有资金的比例,使资本总成本最低、使企业总价值最大,将成为现代经济环境中企业所要考虑得首要问题。能否找到适宜的,成本低廉的筹资方式是筹资工作的关键。Financing,a successive function of financial management,is not only the precondition for the establishment of an enterprise,but also the basic for its development.The contents of financing are rather complicated,to which much attention must be paid by any enterprise.Financing is a starting point of its financial activities and the options of financing approaches are the focus of these activities.The enterprises must pay some expense to get capital,which constitute capital cost.High-priced capital cost will increase the enterprises＇financing cost.Thus the primary issue is capital cost during the course of capital-raising,next capital structure should be taken into account.Different financing methods directly determine costs of various funds.They combine to determine the financial structure and the weighted average cost of capital （WACC）.The enterprises should plan proportion of the borrow long-term capital and self-possessing capital and make the general cost lowest and make the enterprises＇general value biggest,which will become the primary issue that the enterprise should face in modern economic circumstance.Whether an appropriate and less costing financing method can be fund is the key to financing work.

关 键 词：筹资 资本成本 资本结构 筹资方式 

分 类 号：P275.1[天文地球—测绘科学与技术]