1、 外文翻译 原文 The analysis of companys capital and evaluation of factors, which influence creation of the optimal capital structure Material Source: http:/ Author: Svetlana Saksonova This is the primary information gathering stage, which is necessary for the effective planning afterwards. At this stage t
2、he objective of the financial manager is to determine the existing tendencies of the development of capital structure, as well as its volume, and their influence on the financial stability of the company. Efficiency of the existing financing arrangements can also be considered at this stage. This st
3、age can conditionally be split into three parts one more concerned with qualitative characteristics and the two other ones concerned with quantifying the results of the analysis. The first (qualitative) stage involves comparing the dynamics of the total capital and its ingredients compared to the dy
4、namics of production and sales, assessing the proportion of the borrowed and equity and the history of this proportion. Borrowed capital is further split into long-term and short-term financial obligations, overdue financial obligations are discovered (if they exist) and the causes for the inabiliti
5、es of a company to meet financial commitments are analyzed. The second (more quantitative) stage of the analysis uses the system of coefficients of financial stability of a company to asses the capital structure. This stage utilizes well known financial indicators, such as different liquidity ratios
6、. The purpose of these coefficients of financial stability is to show the degree of the possible risk of bankruptcy of a company that is related to the use of borrowed financial resources. Obviously, if the company does not use any borrowed funds the risk of bankruptcy related to the usage of borrow
7、ed funds is equal to zero. As the proportion of the borrowed capital grows, the risk of bankruptcy is also growing, because of the increase in companys liabilities. Therefore, financial coefficients are mostly of interest for the existing and potential creditors of the company. As a rule, debts to t
8、he ordinary creditors are paid, after the payment of taxes, wages and repayment of claims of secured creditors, who provided loans secured by collateral, such as office space or production machinery. The assessment of companys liquidity helps to make a judgment of the extent to which the ordinary (u
9、nsecured) creditor is protected. Another group of financial coefficients helps to determine the dependency of the company on the borrowed capital (how does the company use financial leverage) and therefore to compare the positions of the creditors and owners of the company. The concept of financial
10、leverage states that the successful use of the borrowed capital leads to the increased profits for the owners of the company, since they have the rights to profits obtained by the use of the borrowed capital, which leads to the increase in companys equity. However, one has to keep in mind that any l
11、oans and interest on those loans have to be repaid even in case, if the profits obtained are not enough to cover these payments. The owners of the company always have to cover the claims of the creditors, which can negatively influence the equity of the company. The concept of leverage is therefore
12、a double-edged sword. The positive and negative influence of the financial leverage grows in proportion to the volume of the borrowed capital that the company uses. The risk of the creditor, therefore, also grows in tandem with the risk of the owners. The coefficients in this group include: Debt to
13、assets ratio is the primary and the most utilized evaluation, which can be made, while evaluating the risk of the creditor. This indicator is calculated by the following formula: Debt to assets ratio = Total Liabilities / Total Assets This indicator is calculated for a point in time, but not for a p
14、eriod. It calculates the share of the “other money” in the total amount of claims on the assets of the company. The higher this coefficient, the larger is the probable risk for the creditor. Let us assume, for example, that the results of the computation for the last three years of business operatio
15、n of Company X are presented (along with several other financial coefficients that will be discussed below) in Table 1. This data indicates that around 50 % of the financial resources at companys disposal come from the borrowed resources. Naturally, a question arises: whether this is a positive or n
16、egative development? This questio n does not have a unanimous answer. Everything depends on the preferences of companys owners and its management, most importantly, on their attitude to risk. Managers, who are risk averse, will try to achieve lower levels of this indicator and will attempt attractin
17、g additional finance by issuing new shares. One the other hand, managers and owners who are risk neutral and have higher tolerance for risk, will attempt to boost the share of borrowed funds in assets, aiming to exploit the positive aspects of financial leverage and increase profits. If a company ha
18、s a well-developed and positive credit history, creditors will gladly lend money, in spite of the large value of the debt to asset ratio. In practice, this indicator can reach levels as high as 90 %. If the company is not considered a “reliable borrower” (not necessarily due to a failure to repay ob
19、ligations, but, for example, due to the fact that the company is newly created), then the debt to asset ratio of 50 % can be considered critical for the company, in a sense, that after that level, the prospective of obtaining additional loan financing is significantly decreased. However, one cannot
20、simply conclude that the coefficient described above is a perfectly correct evaluation of the companys abilities to repay its debts. The reason for this is that the asset book value (used to calculate the coefficient) does not always correspond to the real economic value of those assets or even the
21、value, for which they can be sold quickly. Apart from that, this coefficient does not provide any insights on the possible changes in profits of the company, which can influence the payments of interest and the repayment of the principal. Debt to capital ratio is an indicator that is computed based
22、on the proportion between the size of the long-term debt and the size of the capital. This indicator presents the analyst with a clearer picture of risk due to the usage of borrowed funds. In this calculation, capital is defined as the total amount of companys capital (including common and preferred
23、 stock as well as long-term debt), minus the short term liabilities. The coefficient can be computed according to the following formula: Debts to capital ratio = Long-term Liabilities /Total capital By definition, capital in this case includes the amount of long-term claims on companys assets by the
24、 creditors as well as the owners but does not include current (short-term) claims. The total amount of those corresponds to what can be called net assets”, if no adjustments have been made, such as excluding deferred taxes from the calculation. For example, if deferred taxes have not been excluded a
25、 calculation of this indicator for the company leads to the results that are summarized in the second line of Table 1. Debt to capital ratio tends to get lower over time, due to the fact that part of the long-term financial liabilities is usually repaid over time. This coefficient gets a large share
26、 of attention, because a lot of contracts on lending, whether its the private company or a public corporation being financed, contain certain conditions that regulate the maximum share of companys borrowed capital, which is expressed in terms of the debt to capital ratio. The same characteristics, b
27、ut in a different ratio, are represented by the indicator of the debt to equity ratio. This indicator is directly related to the previous indicator and can be calculated, with the help of the previous indicator. Consider the following calculation: Let D be the amount of the long-term debt in the com
28、pany, E the size of companys equity, then DC debt to capital ratio can be calculated by the following formula: DC = D / (D+E). If we now let, DE to denote debt to equity ratio, such as DE = D/E, then by simple algebraic manipulation, we obtain that: DE = DC / (1 DC). The value of the debt to equity
29、ratio for Company X is also summarized in Table 1. Table 1 Values of Financial Coefficients for Company X Financial Coefficient January 1st,2003 January 1st,2004 January 1st,2005 Debt to assets ratio 48.0% 49.5% 45.5% Debt to capital ratio 24.3% 21.5% 18.0% Debt to equity ratio 32.1% 27.4% 22.0% Usi
30、ng this indicator, one can easily interpret the condition of capital structure. A potential creditor, for example, can clearly see that on January 1st, 2005, company X long term debts are around 22 % of the size of the equity. If the company X has sufficiently high liquidity (that is the ability to
31、repay its short term obligations), then it can be granted additional credit. Note, that if one only had the access to the first ratio considered (debt to assets ratio), it would not have been possible to make that conclusion, because there long-term debts were not separated from the short-term ones.
32、 A number of other ratios can be considered, for example, the previous calculation of the debt to equity ratio can be modified to include current liabilities (short term debts) divided by the total equity of the company. This coefficient represents a yet another way to indicate relative shares in cl
33、aims of creditors and owners and is also used to determine the dependency of the company on borrowed capital. If the values of this coefficient are significantly higher than the values of the previously described coefficients, then theres a large share of the short term liabilities in the overall ca
34、pital structure. Another possible coefficient used in financial ratio analysis is capital to asset ratio, which indicates the share of companys equity in its assets. The existence of such a variety of coefficients serves to underscore how care fully the rules of financial analysis and conditions tha
35、t regulate credit access are developed. However, coefficients only serve to provide the first overall idea of the risks and rewards that stem from the usage of the borrowed capital. On the third (also quantitatively oriented) stage of the analysis, the objective of the analyst is to assess the effic
36、iency of capital utilization as a whole, as well as the efficiency of utilizing separate sources of capital. This stage also envisages a set of useful quantitative indicators, which can be calculated and analyzed. These indicators can include: Capital intensity of production. This indicator aims to
37、show the amount of capital necessary to produce one unit of firms output. It is mostly dependent on the nature of firms output (for example, clothes vs. electronics manufacturing). Information about capital intensity is vital for planning firms capital requirements in the future. Capital turnover pe
38、riod. This coefficient is the number of days, in which the company turns over capital that is capital, generates the projected amount of profit. This coefficient can be computed for equity, borrowed capital as well as the total capital of the company. Since every turnover of capital means generating
39、 a certain amount of profit, the lower the company manages to make capital turnover period, the more efficient is capital utilization. Return on equity. This indicator characterizes the amount of earnings generated by a single unit of equity and is one of the most important pieces of information, ne
40、cessary for decisions on optimizing capital structure. Return on investment (total capital). This indicator is somewhat equivalent to return on assets indicator, characterizing economic efficiency of total capital utilization, by measuring earnings per one unit of capital. Capital productivity. This
41、 indicator measures the units of output produced due to utilizing one unit of capital and therefore can serve as an indicator of efficiency of companys operation. 译文 公司的资本和影响最优资本 结构评价分析的因素 资料来源 : http:/ 作者： 斯维特兰娜萨克索诺夫 这是必要的有效规划之后的主要的信息收集阶段。在这个阶段，财务经理的目的是确定资本结构发展中的倾向，以及它的量，以及其对公司的财务稳定性的影响。 现有的融资安排的效率
42、，也可以考虑在这个阶段。 这个阶段可以 分成三部分 一个更关心的是质量特性而另外两个和量化分析结果相关。 第一个（定性）阶段涉及总资本比较动态 和其成分相比，生产和销售动态，评估的借鉴和股权比例和这一比例的历史。借入资本是进一步分为长期和短期的财政义务，逾期债务被发现（如果它们存在）和对公司的无能，以满足财务承诺的原因进行了分析。 第二个（较定量）的分析阶段使用了一个公司的金融体系的稳定系数来确定资本结构。这一阶段采用了众所周知的财务指标，如不同的流动性比率的财务指标。 这些金融稳定的系数的目的是显示在有关借来的财政资源的使用让一个公司有破产可能的风险程度。显然，如果公司不能使用任何短期借款这
43、些借入资金，则这个公司的破产风险等于零。当借入资本的比例 增长了，则公司的破产风险也越来越大，因为公司的负债也增加。因此，财务系数大多是公司的现有和潜在的债权人利益。 作为一项原则，以普通债权人清偿纳税后的债务，工资和提供抵押担保的贷款的债权偿还款项，如办公场所或生产机械。该公司的流动性评估有助于做一个对普通（无担保）债权人的保护程度的判断。另一组财务系数有助于确定对公司所借资金的依赖程度（公司如何利用财务 杠杆 ），因此比较债权人 和 公司所有者的立场。财务杠杆的国家概念，即所借资金的成功使用导致利润增加对公司的业主，因为她们用借来的资金获得利润，从而导致了在公司的权益 增加。 然而，有一点
44、必须记住的是任何情况下对这些贷款和贷款利息是要偿还的，甚至，如果获得的利润不足以支付这些款项。该公司的业主总是以支付债权人，可能产生负面影响的公司股权的说法。因此杠杆的概念是一把双刃剑。对财务杠杆的消极和积极的影响随着公司的外借资金的使用量的比例而增加。因此，债权人的风险也随着业主风险串联的增长。这一组的系数包括： 当在评价债权人的风险时，债务与资产的比率是主要的，可以产生的评价也是最可以利用的。该指标是按下列公式计算的：债务与资产比率 =总负债 /总资产。 这个公式计算的是一个时间点，而不 是一个句点。它计算在关于该公司的资产债权总额的“其他货币”的份额。该系数越高，代表债权人的风险越高。让
45、我们假设一下，例如，对 X公司过去三年的经营计算结果（连同其他几个下面要讨论的金融数据）见表 1。 这些数据表明，公司大约 50%的财力资源来自外借资本。当然，一个问题也由此产生：这是否是一个消极或积极地发展？这个问题没有一个一致的答案。一切都取决于公司的业主和管理的喜好，最重要的是，他们对风险的态度。最厌恶风险的经历将努力实现这一指标较低的水平，并尝试通过发行新股，吸引更多的资金。另一方面，风险中等的管理人员和 具有较高的风险承受能力的业主，将尝试以增加借入资金份额的资产，目的是利用财务杠杆，增加利润的积极方面。 如果一家公司有一个完善的和积极的信用记录，债权人会很高兴地借钱，尽管债务与资产
46、的比例占比较大的值。 在实践中，这个指标可以达到的水平高达 90以上。 如果公司不被认为是“可靠的借款人“（不一定是由于未能偿还债务，但是，例如，由于该公司是新创建的事实），那么 50的债务与资产比率可以该公司认为关键在某 种意义上，这一水平后，获取更多的贷款融资预期明显下降。然而，人们不能简单地得出这样的结论，上述系数是一个公司的能力完全正确的评价，以偿还其债务。其原因是，资产的账面价值（用来计算系数）并不总是符合这些资产的真正价值，甚至，这是他们可以出售的快速的经济价值。此外，这个系数不提供有关本公司，从而影响支付利息和偿还本金的利润的任何可能发生的变化的见解。 债务资本比率的计算是一项对
47、之间的长期债务的规模和资金规模比例计算的指标。分析师提出了指标的风险由于借贷资金的使用情况更清楚。在此计算中，资本是指作为公司的资本（包 括普通股和优先股，以及长期债务），减去短期负债总额。该系数可根据以下计算公式：债务资本比率 =长期负债 /资本总额 。 根据定义，在这种情况下，资本包括对公司的资产的长期债权的债权人，以及业主的金额，但不包括当前的（短期）索赔。如果没有了调整，这些总数额相当于什么可以被称为“净资产，如不包括在计算递延税项。例如，如果没有递延税款排除了这一指标计算，公司领导的结果，在第二行的表 1 总结。 债务资本比率往往会随着时间的推移降低，原因是，在长期的金融负债部分通常
48、是随着时间的推移偿还的事实。这个系数得到了关注的很大份额，因 为贷款合同的很多，无论是私人公司或公共机构提供资金，含有某些条件即表示的债务与资本比率，规范公司的借贷资本，这是在债务方面表示最大份额对资本的比率。 相同的特性，但在不同的比例，是代表的债务与资本比率的指标。这一指标是直接关系到先前的指标，可以计算出与以前的指标帮助。考虑下面的计算：设 D是该长期债务的公司，电子商务额 -公司的股权大小，然后直流 -债务资本比率可以由下列公式计算： DC = D / (D+E)。 如果我们现在让， DE来表示的债务与资本比率，如 DE=D / E，则通过简单的代数运算，我们得到： DE = DC /
49、 (1 DC)。 X公司的债务权益比率的值如表 1 显示。 表 1 X 公司财务系数值 财务系数 2003-01-01 2004-01-01 2005-01-01 债务与资产比率 48.0% 49.5% 45.5% 债务资本比率 24.3% 21.5% 18.0% 债务与权益比率 32.1% 27.4% 22.0% 使用这个指标，人们可以很容易解释资本结构的条件。一个潜在的债权人，例如，可以清楚地看到， 2005 年 1 月 1 日，公司的 X长期债务约 22的股权的大小。如果公司 X有足够高的流动性（即 有能力偿还短期债务），那么它可以被授予更多的信贷。还需注意，如果你仅仅有考虑到第一比率访问（债务与资产比率），它不会有可能作出这样的结论，因为有长期债务未从短期的分离。 其他一些比例数可以考虑，例如，对以前的债务与资本比率的计算可以进行修改，以包括流动负债（短期债务）由本公司总股本的分歧。这个系数是一个又一个的方式来表示对债权人和所有者权益的相对份额，也用于确定本公司于借入资本的依赖。如果这个系数的值显着高于先前描述系数的值越高，则有
