Analysis of financing structure of enterprise financing strategy

The focus of financing structure analysis is to analyze the influence of the ratio of self-owned funds to loans on the rate of return on self-owned funds and enterprise risks. The former, we can issue stocks or use retained earnings; In the latter, we can issue bonds or borrow from various financial institutions. Some large-scale investment projects often need to raise huge amounts of money, which cannot be completed by a single financing channel, and must be financed by multiple channels and forms. The financing structure of an enterprise depends on the combination of expected rate of return and risk of its own funds.

Assuming that the return on investment of an investment in several different states can be measured and the probability of each state is known, then we can calculate the expected return on investment and its deviation. The calculation formula is as follows:

Expected return on investment = ∑ (return on investment × probability)

The risk of investment projects can be completely reflected by deviation, which is large and risky; Small deviation, small risk.

For example, an enterprise needs to raise 5 million yuan for an investment project. After it is put into production, there are three possibilities for product sales: good, average and poor, with probabilities of 0.5, 0.3 and 0.2 respectively. Next, let's suppose to analyze three financing structures: (1) All the required funds depend on the enterprise's own funds, that is, the ratio of loans to its own funds is 0/500=0. The return on investment and risk of the enterprise are calculated as follows:

Expected rate of return of self-owned funds r = ∑ (ri× pi) =12.5%+3.0%-1.0% =1.45%.

(2) Assume that the loan amount is 2 million yuan and the self-owned fund is 3 million yuan, and the ratio of the two is 200/300=2/3, and the annual interest rate is 5%. The return on investment and risk of the enterprise are calculated as follows:

The expected rate of return of self-owned funds r = ∑ (ri× pi) =19.17%+4%-2.33% = 20.84%.

(3) Assuming that the required funds include loans of 2.5 million yuan and self-owned funds of 2.5 million yuan, the ratio of the two is 250/250= 1, and the annual interest rate is 5%, the rate of return and risk of the enterprise are calculated as follows:

The expected rate of return of self-owned funds r = ∑ (ri× pi) = 22.5%+4.5%-4.5% = 22.5%.

The above example shows that the ratio of loans to self-owned funds is different, and the rate of return and deviation of self-owned funds are also different. The higher the debt ratio of investment funds, the greater the expected rate of return of self-owned funds and its deviation. The higher the proportion of liabilities in investment funds, the greater the expected rate of return of self-owned funds and its deviation, and the greater the risk that enterprises bear. In other words, the higher the debt ratio of investment funds, the greater the loss if the enterprise loses money. Therefore, if enterprises realize that an investment is highly profitable, they should try their best to operate in debt; However, if the project has great risks, we should try our best to avoid debt management, just to be on the safe side.

According to the expected profitability, risk size and risk-taking ability of investment projects, enterprises can choose appropriate financing strategies and make necessary financing structure combinations in order to pursue higher investment returns and lower enterprise risks. In terms of financing means, choose stock financing or bond and loan financing to establish an appropriate debt ratio; At the same time, according to the situation of the capital market, choose the appropriate financing combination to achieve the lowest capital cost. [