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在社会主义市场经济体制下,股份制作为企业转换经营机制最有效和最强有力的组织形式,探讨股份制企业资金结构合理化问题具有重大的现实意义。现代股份制企业有两大融资渠道:一是由企业所有者股东投资,称为股本融资;二是由信贷者贷款,称为债务融资。股份制企业资金结构则表现为债务资金与股本资金的相对比例关系。这一比值的经济内涵十分丰富,它既计量了企业借入资金的相对配额,还揭示了企业的财务风险,并能据
Under the socialist market economic system, share-making is the most effective and most powerful form of organizational transformation of business operations. It is of great practical significance to explore the rationalization of the capital structure of joint-stock companies. Modern joint-stock companies have two major financing channels: First, investment by the owner of the enterprise is called equity financing; second, loan from the creditor is called debt financing. The capital structure of joint-stock companies is expressed as the relative proportion of debt funds and equity funds. The economic value of this ratio is very rich. It not only measures the relative quotas for the company’s borrowed funds, but also reveals the company’s financial risks.