Analysis of disposable capital structure and capital cost of enterprises Xing Jun capital is a necessary material condition for enterprises to carry out production and business activities, and the funds needed by enterprises must be raised through appropriate channels and corresponding financing methods. Through the analysis and research of capital structure and capital cost, enterprises can find the best capital structure and get the maximum economic benefit with the lowest cost and risk. The relationship between capital structure and capital cost (1) Capital cost is the basis for enterprises to make capital structure decisions. From the perspective of investment, capital cost refers to the rate of return that is suitable for investment opportunity cost and investment risk; From the perspective of financing, the cost of capital represents the price that an enterprise must pay to obtain capital, and it is the basic basis for making capital structure decisions and selecting additional financing schemes. If the return on investment of an investment project is lower than the cost of capital, the investment risk is relatively high, which may lead to the loss of the enterprise. Therefore, the cost of capital is the lowest rate of return on project investment. (2) Constructing reasonable capital and reducing the cost of capital can be divided into broad sense and narrow sense. In the decision-making of capital structure, it is of great significance to make rational use of debt financing and arrange the debt-capital ratio of enterprise financing. Reasonably increasing the proportion of debt funds within a certain limit can reduce the comprehensive capital cost and obtain the corresponding financial leverage income. In fund-raising management, enterprises strive to choose the best capital structure under the premise of comprehensive consideration of capital cost and fund-raising risk, so as to achieve maximum economic benefits and create higher value. The optimal capital structure is usually determined by the weighted average cost rate of capital and the income before interest and tax of the undifferentiated balance point. The following are examples respectively. By calculating the weighted average cost of capital, we can analyze the capital structure of the initial financing scheme and the additional financing scheme. This paper only analyzes and discriminates the initial financing scheme. Table L There are two financing schemes in the initial stage of an enterprise, and the relevant information is as follows (unit: ten thousand yuan): financing scheme L financing scheme 2 financing mode financing amount capital cost (%) financing amount capital cost (%) long-term loan 406,506.5 bond loo7 1508.0 preferred stock 6065,438+02100. After calculation, the weighted average cost of Scheme L is 6% × 80K, +7% × 20%,+12 %×12%+15 %× 600K, =12.32%; The weighted average cost of the second scheme = 6.5% ×10%+8 %× 30%+12 %× 20%+15 %× 40% =1.45%. Therefore, Scheme 2 has the lowest capital cost and is the best financing scheme. Enterprises can optimize their capital structure by raising capital according to this plan. The EBIT used to calculate the undifferentiated equilibrium point actually refers to determining the proportional relationship between creditor's rights funds and equity funds in the financing scheme on the basis of the expected EBIT, and giving an example. An enterprise has two financing schemes. Scheme A is expected to issue 400,000 shares, raise 8 million yuan and issue 2 million yuan of bonds, with an annual interest rate of 65,438+00%. Plan B is expected to issue 200,000 shares, raise 4 million yuan and issue 6 million yuan of bonds, with an annual interest rate of 65,438+02%; The income tax rate applicable to this enterprise is 33%. If the enterprise expects a profit before interest and tax of 2 million yuan, which scheme is more beneficial to the enterprise? Earnings per share of Scheme A = (EBIT-200×10% )× (1-33%)-40; Earnings per share of Scheme B = (EBIT -600× 120h, )× (1-330k,)-20; When the two are equal, the earnings per share is the earnings before interest and tax at the undifferentiated equilibrium point. After calculation, the EBIT of the undifferentiated equilibrium point is 6.5438+0.24 million yuan, which is less than the expected EBIT of 2 million yuan, which means that the debt capital is larger. The higher the earnings per share of an enterprise, therefore, it is more favorable for an enterprise to choose Scheme B for financing, and the earnings per share is 654.38+0.273 million yuan more than that of Scheme A. When determining the optimal capital structure, besides the cost of capital, the factors affecting the capital structure should also be considered comprehensively. (1) Factors affecting the optimal capital structure within an enterprise L Risk of debt funds and its related costs. With debt financing, enterprises can obtain certain financial leverage income, but at the same time they also bear corresponding financial risks. The cost of creditor's rights mainly includes bankruptcy cost and agency cost. Due to the existence of bankruptcy cost and agency cost, it is impossible for enterprises to operate in debt indefinitely in the capital structure. 2 The profitability of an enterprise is often the guarantee and symbol of the debt scale and solvency. Enterprises with high profitability can appropriately increase the debt ratio in the capital structure. 3 cash flow status of enterprises. Debt financing should pay interest and principal in cash. The greater the debt, the shorter the term and the more cash paid. When the cash outflow exceeds the cash inflow, it will cause payment difficulties. (B) Factors affecting the optimal capital structure from the outside of the enterprise L Different industries have different capital structures due to different contents of production and business activities. Enterprises should make reasonable adjustments according to specific conditions. The level of income tax rate is actually a stimulus to debt financing arrangements. When the income tax rate is high, enterprises can appropriately increase the debt ratio in the capital structure. In addition, the lender's recognition of the enterprise's credit rating also directly affects the amount of credit funds obtained by the enterprise. Enterprises should pay attention to the fact that the lowest cost capital structure is not the best capital structure, and debt financing is the lowest cost financing method, but it has risks. This requires enterprise financial managers not only to consider the comprehensive capital cost of capital structure, but also to fully realize the influence of internal and external factors on enterprise capital structure, assess the situation, carefully analyze, constantly optimize the capital structure, make it more reasonable, and seek the best capital structure.

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