“息税前利润—每股收益分析法”的优化

Optimization of EBIT-EPS Analytic Method

对企业来说,权益资本是成本高风险低的资本,而债务资本是成本低风险高的资本,故要实现企业价值最大化的理财目标和资本结构最优,必须权衡这两种资本特点。EB IT-EPS分析法就是解决该问题的方法之一,该方法具有计算简单、决策成本低等优点,但EB IT-EPS分析法存在仅考虑股本资金和不考虑不同筹资引起的风险变动等缺点,如能其分母改为所有者权益的公允价值,并考虑不同筹资方式下财务风险的不同,将会使EB IT-EPS分析法更完善和更具适用性。

To an enterprise, equity capital is of high cost and low risk while the debt capital is of low cost yet high risk. To realize its value maximization and optimized capital structure, an enterprise must weigh the advantages and disadvantages of each of these capitals. The EBIT-EPS analytic method is a method for deciding reasonable capital arrangement. For its simple calculation and low cost in decision-making, the method in discussion is often applied to the field of financing. But EBIT-EPS analytic method can only consider the capital stock. It is incapable of considering the different financial risks. If the fair value of owner＇s equity is taken as denominator and the financial risk is considered, the EBIT-EPS analytic method would become more efficient and the serviceability would be stronger.