重新审视公司融资方式的最优选择

A Reexamination of the Best Selection of a Corporation's Finance

长期以来,融资方式的选择一直是公司财务管理的核心问题,不同的融资方式对公司每股收益、净资产收益率等将产生不同的影响。一般而言,融资决策主要受制于市场利率、可能的配股价格、公司前期投资对当期利润的贡献以及新增融资的投资收益率等四个因素,同时也应当考虑到各种融资方式的现实可行性,以及企业自身特点等条件。

To select the best form of finance has been on of the major problems in corporation's financial management for many years. This paper compares various forms of finance to their different influence on earnings of per-share and profit of stockholder's equity; then decides the best selection of corporation's finance. This paper thinks that corporation's finance policy depends on several factors such as interest rate, price of allotment of shares, contribution of corporation's former investment to present profit, and profit of new investment.