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Financing flexibility









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发表于 2018-10-8 16:12:07 | 显示全部楼层 |阅读模式
Financing flexibility refers to whether companies have room to choose financing sources. The more current financing, the heavier the liabilities of enterprises, and the more restrictions on financing channels, financing methods and fundraising in the future. Therefore, the current financing of enterprises should also consider the needs of the company's future development financing.

Maintain appropriate financing flexibility

The financing structure not only affects the risks and costs of the enterprise, but also affects the financing flexibility of the enterprise. The flexibility of financing structure refers to the possibility that all types of financing can be adjusted, changed and changed at any time with the change of operation and wealth management business, so that the financing structure can be adjusted and changed at any time. The flexibility of the financing structure is based on the flexibility of the various financing methods. The flexibility of financing structure has the following characteristics: First, the flexibility of financing structure is based on the variability of business operations and wealth management business; second, the flexibility of financing structure only indicates the possibility of adjustment of financing structure, and this possibility should be transformed. For the sake of reality, it must be necessary for the business and financial management activities of the enterprise, and the conditions for the mutual conversion of various financings must be met.
The flexibility of financing structure includes both time elasticity and conversion elasticity. Various financings can be divided into fixed-term financing and flexible term financing according to whether their financing period is fixed. The former usually stipulates the financing period in the financing agreement or contract, and only at the end of this period, the financing can be owed and refunded. For example, repayment terms are generally specified in debt financing. Fixed-term financing is actually convertible into other types of financing within the prescribed time limit, so it is time-resilient: flexible flexible financing usually has a prescribed financing period, but within this period, the financing enterprise can Clear debt. Refunding, so that companies can change the financing method for refinancing at any time. This type of financing is called time-flexible financing. The greater the proportion of such financing, the greater the structural flexibility of financing. The flexibility of the transformation of financing structure refers to whether various financings can be directly converted from one form to another. It can be divided into directly convertible financing, which is to specify the conversion rate or conversion price in advance, and under certain conditions. Fundamental, can directly convert into financing of other forms of financing, such as convertible bonds, etc.: Directly convertible financing makes the financing structure flexible.
The basic financing types of enterprises include paid-in capital, preferred stocks, long-term liabilities and short-term liabilities. These financings have different characteristics and therefore have different flexibility. The paid-in capital is the long-term stable occupation of funds. Once it is put into use by the enterprise, it becomes fixed. Generally, it cannot be refunded, transferred or converted at will. Only in special circumstances can it increase or reduce capital, but the procedure is complicated and complicated. The amount of capital is also subject to strict restrictions. Therefore, it can be said that paid-in capital is a kind of financing with almost no flexibility; preferred stock is also a kind of sovereign financing, which cannot be refunded or transferred, but it is usually made by the company when issuing preferred stock. Under certain conditions, the rules can be converted into common stock, so the preferred stocks have convertible flexibility; long-term liabilities generally have a clear term of borrowing, which is the deadline for the return of the loan, but not the only period, the loan can also be used in this Returned before the deadline, long-term liabilities can be cleared at any time, and the financing flexibility is greater. Compared with the previous financing, the short-term liabilities have the greatest impact on the capital structure. First of all, the short-term debt repayment period is short. It can be said that it is almost close to the financing that can be cleared at any time. In particular, short-term borrowing is used for capital turnover, and it has the characteristics of borrowing and borrowing. Bond or bill financing in short-term loans is also transferable, and companies can adjust the financing structure by recovering bonds or bills. In general, among various financing types, short-term liabilities or current liabilities have the greatest financing flexibility; secondly, long-term liabilities and preferred stocks; the financing flexibility of common stocks is the smallest.
From the perspective of financing structure, any enterprise can maintain a certain financing structure flexibility, so that the financing structure adjustment has more room and flexibility. The analysis of financing elasticity can firstly judge the change of the proportion of flexible financing and total financing in the analysis period and the comparison period from the perspective of holistic. Secondly, it is also possible to carry out structural analysis on the flexibility of financing, that is, to calculate the changes in the proportion of total flexible financing in the two periods for different flexible financing, so as to understand the internal structural changes of corporate financing flexibility. This analysis must distinguish the size of various types of financing flexibility to analyze changes in corporate financing flexibility. The reason for the structural analysis is that there are differences in the flexibility of different financing. When the proportion of flexible financing to total financing is constant, and the proportion of various types of flexible financing to total financing changes, structural analysis can analyze and calculate such changes. Therefore, structural analysis can reveal the strength of financing flexibility, that is, the greater the proportion of flexible financing, the greater the elasticity, and vice versa.
In theory, in flexible financing, short-term liabilities or current liabilities are most flexible, because short-term liabilities can not only clear and owe them at any time, but also the liquid assets that are the material basis of them have the strongest liquidity and the fastest realization. Short-term liabilities are clearly owed and transferred at any time, providing a realistic premise; in contrast, long-term liabilities can be transferred at any time, but because their corresponding assets are usually long-term assets, their liquidity is weak, which limits long-term liabilities. As long as the undistributed profits and the public welfare fund are only funds that are temporarily available to the enterprise, once the profit is distributed and the public welfare fund is used, the enterprise will no longer obtain such a source of funds. At this time, the enterprise can finance other types of funds. Before the profit is not distributed and the public welfare fund is not used, the source of funds for the enterprise cannot be converted into other types of funds. Therefore, undistributed profits and public welfare funds only affect the financing structure when they are reduced. Naturally, its elasticity is small. In this way, according to the change in the proportion of the structure, it is possible to judge the cause of the change in the financing flexibility.


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