摘要
目前我国水电企业的融资方式以银行贷款为主,直接融资的比例过低,融资结构的不合理使融资成本增加。本文基于权衡理论、优序理论和技术评价理论,分别建立了内部融资成本模型、负债融资成本模型和股权融资成本模型,并在此基础上,构建了综合融资成本模型,设计了融资成本最小的水电企业融资方案。通过实例分析,得出并验证:增加水电企业的债券融资和股票融资,有利于降低融资成本,提升企业利润。
At present, bank loan is the most important financing type for hydro-electric power enterprises in China, while the share of direct financing is too low. The unreasonable financing structure increases financing costs. On the basis of trade-off theory, pecking order theory and technical evaluation theory, this paper establishes the model of internal financing cost, the model of debt financing cost and the model of stock financing cost. According to these models,it constructs the composite cost model of financing,and designs the scheme of minimum financing cost for hydro-electric power enterprises. Through the empirical analysis,it proves that it is beneficial to reduce financial costs and improve enterprises＇ profits by increasing bond financing and stock financing.
出处
《技术经济》
2008年第5期68-73,共6页
Journal of Technology Economics
基金
国家自然科学基金项目(50579101)
关键词
融资组合优化
融资成本
水电企业
optimization of financing combination
financial cost
hydro-electric power enterprise
