capital structure

简明释义

资本结构

英英释义

例句

1.Investors often analyze a firm's capital structure 资本结构 to determine its leverage and risk profile.

投资者通常分析公司的资本结构 资本结构以确定其杠杆和风险特征。

2.The startup is considering equity financing to improve its capital structure 资本结构.

这家初创公司正在考虑股权融资来改善其资本结构 资本结构。

3.A balanced capital structure 资本结构 can help a company minimize its cost of capital.

平衡的资本结构 资本结构可以帮助公司最小化其资本成本。

4.Changes in interest rates can significantly affect a company's capital structure 资本结构 decisions.

利率的变化可能会显著影响公司的资本结构 资本结构决策。

5.The company's capital structure 资本结构 is primarily composed of debt, which increases its financial risk.

公司的资本结构 资本结构主要由债务组成，这增加了其财务风险。

作文

The concept of capital structure is fundamental in the field of finance and corporate management. It refers to the way a corporation finances its assets through a combination of debt, equity, and other financial instruments. Understanding capital structure is crucial for both investors and managers as it directly impacts the company's overall risk and return profile. A well-structured capital structure can enhance a company's growth potential, while a poorly structured one can lead to financial distress.To delve deeper into the significance of capital structure, it is essential to recognize the components that constitute it. The two primary sources of financing are debt and equity. Debt financing involves borrowing funds from external sources, such as banks or bondholders, which must be repaid over time with interest. On the other hand, equity financing involves raising capital by selling shares of the company to investors, who then become partial owners of the business. The balance between these two forms of financing constitutes the capital structure of a company.One of the key theories related to capital structure is the Modigliani-Miller theorem, which suggests that under certain conditions, a firm's value is unaffected by its capital structure. However, this theory assumes a perfect market without taxes, bankruptcy costs, or agency problems, which is rarely the case in the real world. Therefore, companies must carefully consider their capital structure in light of these factors.A critical aspect of determining an optimal capital structure is the trade-off between risk and return. High levels of debt can amplify returns when a company performs well, but they also increase the risk of insolvency during downturns. Conversely, relying heavily on equity may dilute ownership and reduce earnings per share, but it can provide a cushion against financial instability. Thus, finding the right mix of debt and equity is vital for sustaining long-term growth and stability.In practice, companies often analyze their capital structure using various financial ratios, such as the debt-to-equity ratio and the interest coverage ratio. These metrics help assess the level of financial leverage and the ability of a company to meet its debt obligations. Investors also scrutinize these ratios when evaluating a company's financial health and investment potential.Moreover, external factors such as market conditions, interest rates, and economic cycles can influence a company's capital structure. For instance, in a low-interest-rate environment, firms may prefer debt financing due to lower borrowing costs. Conversely, during economic uncertainty, companies might opt for equity financing to avoid the risks associated with high levels of debt.In conclusion, a company's capital structure is a critical determinant of its financial strategy and overall success. By balancing debt and equity effectively, firms can optimize their cost of capital, manage risks, and position themselves for sustainable growth. Understanding the intricacies of capital structure enables stakeholders to make informed decisions that contribute to the long-term viability of the business. As the financial landscape continues to evolve, the importance of a sound capital structure remains ever relevant, making it a key area of focus for both current and aspiring business leaders.

‘资本结构’的概念在金融和企业管理领域中是基础性的。它指的是公司通过债务、股权和其他金融工具的组合来为其资产融资的方式。理解‘资本结构’对投资者和管理者至关重要，因为它直接影响公司的整体风险和回报特征。良好的‘资本结构’可以增强公司的增长潜力，而不良的结构则可能导致财务困境。深入理解‘资本结构’的重要性，必须认识到构成它的组成部分。融资的两个主要来源是债务和股权。债务融资涉及从外部来源（如银行或债券持有人）借款，这些资金必须随着时间的推移偿还并支付利息。另一方面，股权融资则通过向投资者出售公司的股份来筹集资金，后者因此成为公司的部分所有者。这两种融资形式之间的平衡构成了公司的‘资本结构’。与‘资本结构’相关的一个关键理论是莫迪利安尼-米勒定理，该定理表明在某些条件下，一家公司的价值不受其‘资本结构’的影响。然而，这一理论假设市场完美，没有税收、破产成本或代理问题，而这在现实世界中很少出现。因此，公司必须根据这些因素仔细考虑其‘资本结构’。确定最佳‘资本结构’的一个关键方面是风险与回报之间的权衡。高水平的债务在公司表现良好时可以放大回报，但在经济低迷期间也增加了破产的风险。相反，过度依赖股权融资可能会稀释所有权并减少每股收益，但它可以为财务稳定提供缓冲。因此，找到债务和股权的正确组合对于维持长期增长和稳定至关重要。在实践中，公司通常使用各种财务比率分析其‘资本结构’，例如债务与股权比率和利息覆盖比率。这些指标有助于评估财务杠杆水平和公司满足债务义务的能力。投资者在评估公司的财务健康和投资潜力时也会仔细审查这些比率。此外，市场条件、利率和经济周期等外部因素也会影响公司的‘资本结构’。例如，在低利率环境下，企业可能更倾向于债务融资，因为借款成本较低。相反，在经济不确定时期，公司可能选择股权融资，以避免与高债务水平相关的风险。总之，公司的‘资本结构’是其财务战略和整体成功的关键决定因素。通过有效平衡债务和股权，企业可以优化资本成本、管理风险，并为可持续增长奠定基础。理解‘资本结构’的复杂性使利益相关者能够做出明智的决策，从而促进企业的长期生存。随着金融环境的不断演变，健全的‘资本结构’的重要性始终存在，使其成为当前和未来商业领袖关注的重点领域。