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assignment代写:Financial flexibility and enterprise value

2018-01-31 来源: 51due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- Financial flexibility and enterprise value,供大家参考学习,这篇论文讨论了财务柔性与企业价值。财务柔性的出现如同企业拥有了一项对未来不确定性事件出现而进行便利融资的期权,此期权对于企业的实际价值与实际持有期权的期权费之差就是财务柔性对于企业价值的增量贡献。就获取财务柔性的途径而言,应该通过采取综合财务决策来获取财务柔性。因为,就单一的获取途径而言,在满足企业财务柔性储备预期的同时,也容易出现阻碍企业价值增长的目标。

Financial flexibility,enterprise value,assignment代写,paper代写,留学生作业代写

The emergence of financial flexibility as companies have an uncertainty about the future events occur and to facilitate the financing options, the options for the actual value of the enterprise and the actual hold options premium is the difference between the financial flexibility for the incremental contribution of enterprise value. Discusses the financial flexibility to big business, small business and growth, on the basis of enterprise value influence, proposed the reserve financial flexibility to adapt to the environment uncertainty, change of flexible financial reserves increase enterprise value management consciousness, the enterprise long-term business performance and executive compensation, innovating the mechanism of flexible financial reserves, and access to financial flexible combined with comprehensive consideration of financial decision-making and policy recommendations.

China is in the transition period of the new normal economy, which may bring various risks to the enterprise during the operation, the most important of which is the financial risk. In the face of rapid growth momentum for the development of the technology is not reduced, economic growth mode change, the vast space of industrial upgrading, integrating the economy of China, there are a lot of investment opportunities, would reduce the financial burden of the reserve enough economic resources for the developing opportunity at the same time, in the hope to seize the opportunity, in the presence of opportunity to achieve the maximization of enterprise value, enterprise general situation of the era. The enterprise must develop internal risk prevention ability through a series of financial plans, the most important of which is to maintain financial flexibility. In financial flexibility of enterprise not only can use their financial resources to timely discover and deal with financial risk, and at the same time reserve financial flexibility to invest enterprise management decision provides the selection space and flexibility. Through the study of financial flexibility this business indicators, explore market investors for enterprise financial behavior of the feedback signal, at the same time, scientific and reasonable arrangements for the enterprise the financial decision-making to provide effective reference, enterprise reserve financial flexibility is more advantageous to improve business performance and achieve the goal of enterprise value maximization.

Enterprise reserve financial flexible behavior can be compared to bought a options, vesting conditions will be the future need events to raise money - either bad or good investment projects, capital outflow price is lower than not reserve financial flexible financing cost, and good at right before the enterprise financial flexibility to increase cost for reserves is premium. When an enterprise expects to have an option premium above the premium, improving financial flexibility can increase the value of the enterprise.

Specifically, by holding excess cash and having residual liabilities, companies have the option to deal with potential opportunities in future operations. When such an opportunity arises, the enterprise chooses the right to exercise, and the cost of its exercise is less than that of its competitors. At the same time, if there is no such opportunity, you can choose to give up the right to exercise, which also avoids the non-optimal efficiency behavior that will take full advantage of all economic resources in the present time. Further, we discuss the influence factors of the option value, respectively is: the uncertainty of future return on investment of project, project, holding cost, corresponding to the underlying value of the option theory, the implied volatility and interest rates.

Future investment project can bring profit is a decisive factor of enterprise value, other conditions unchanged, the enterprise should estimate the yield of future possible investment project, the calculation for an enterprise to the future value of added value. When the rate of return is higher, the more obvious the incremental effect of financial flexibility on the enterprise value, the enterprise should increase the financial flexibility of its reserve.

One of the most important aspects of options is implied volatility, which is also the reason for the firm's financial flexibility. When uncertainty increases in the future, the value of financial flexibility increases, and enterprises should reserve more financial flexibility: increase their excess cash holdings, reduce debt leverage, etc.

Financial flexibility is inevitable and cost is necessary, and the cost of economics is opportunity cost. By the current economic resources reserves, the enterprise will be the current investment to move to the future, thus losing the current investment projects constitute part of the opportunity cost, at the same time, through increasing caused by excess cash holding companies entrusted agency costs and net assets yield decline caused compress leverage is part of the cost. Only under the condition of the principle of cost-benefit, can the enterprise increase its financial flexibility reserve.

For large enterprises, corporate value is not sensitive to changes in their asset-liability ratio. For large enterprises, therefore, its business has entered a stage of stable, and relative curing in the long term with the same industry competition, in this process, enterprises in order to survive in the competition, has its own financial structure is the continuous improvement to adapt to the scale of operation in these conditions, adjustable scope of the asset-liability ratio is small. Constrained by this, market expectations for its financial flexibility through asset-liability ratios have fallen. In another side, for the stability of the large enterprise management status, as a shareholder is often required in the continuing operations through traditional leverage to promote its return on capital, and it is also important factor in the effectiveness of debt flexible hedge the asset-liability ratio. The flexible party of interest shows that for large enterprises, the research on the rights and interests of many scholars in the past is not clear to the enterprise value relationship.

For small businesses, investors expect more from the future, for the enterprises in the current evaluation of retained earnings is extremely low, namely as a small business itself, if has a high excess of retained earnings into the assets than period, then investors will no longer be is to be a a future development prospect of the enterprise, but as the same as large enterprise stable operation state, so that nature has negative evaluation to its market value evaluation. Also can get this in the practice of China, for the chip market or the csi 300 index, investors in the face of the situation of the enterprise's losses will continue to give companies a very high valuation, the behavior itself is a kind of investment for business in the future, or is mergers and acquisitions, asset restructuring, or directly for enterprises in the process of continued expansion along with its low profit or even loss is normal business behavior. But for companies with good retained earnings, the existence of the retained earnings itself indicates that it is not in fully competitive business model, in this case, the existence of the retained earnings may, in turn, considered as an example, this is the reason why the negative effects of rights and interests of flexible can present for small enterprises.

In contrast to large and small enterprises, whenever any kind of enterprise, have healthy and appropriate cash holdings of cash flow is the most important effect which is able to resist future adverse impact, at the same time for the future of financing for investment opportunities in time. And for large enterprises, out of expectations for its continued normal operation, investors no longer than expected for its future expansion to keep expected, flexible and debt and equity become less significant. For small enterprises, the value of the Chinese market to small enterprises is expected from the evaluation of future operation, so the impact of debt flexibility on enterprise value is huge. Is flexible and rights are still seen as a negative indicator, to a sunrise period should be in small businesses, a high retained earnings assets ratio is not accord with the characteristics of its business, but to make it more like a mature enterprise, this pattern makes investors than those continuing losses but also to the evaluation of its future prospects.

For high growth firms, in terms of cash, flexible, high growth enterprises in excess of net cash flow coverage rate is higher than the low growth, and in the excess cash assets ratio is smaller than low growth companies, thus together, high growth enterprises cash flexible showed greater effect to the enterprise value.

In terms of debt flexibility and equity flexibility, the higher the growth, the more obvious the role of financial flexibility in enterprise value. On the contrary, the debt flexibility of high growth enterprises has less effect on enterprise value than that of low-growth enterprises. To this, this article the explanation is that the high growth of enterprises may has been into the period of rapid expansion, thus its reserves at this time of financial the flexible effect no longer, according to the measure of in the waiting period, at this time to measure the effectiveness of the main content of the enterprise value for the enterprise expansion, including speed and the project benefit. Low growth companies, by contrast, is still in dormant period, the market still relies on to the evaluation of the observations of its financial flexibility reserves, thought that surplus financial flexibility of enterprise in the future have more space to grow up.

In terms of debt flexibility and equity flexibility, the financial flexibility of low growth enterprises is more obvious to the enterprise value. Because revenue growth itself represents the is defined as a fast-developing enterprise already entered the expansion, which belongs to low growth enterprise more real reflect in the "dormant" financial flexibility when real stage effect.

Due to institutional reasons, small and medium enterprises in an uncertain environment, investment efficiency is low, the financial flexibility to significantly reduce the degree of lack of investment under uncertainty environment, in order to improve the environment of small and medium-sized enterprises adaptability, small and medium-sized enterprises can adopt conservative financial flexible policy, namely increasing cash holdings, reduce the debt ratio, modest financial flexibility can improve financing ability, enhance the company's financial flexibility, to avoid the small and medium-sized enterprises better investment opportunity loss due to lack of money.

Financial flexibility high although at a relatively low cost of financing, alleviate the underinvestment, but still too high flexible financial reserves also can bring negative effects: first, excessive financial flexibility will bring higher uncertainty in the environment agency costs, to a certain extent can cause excessive investment of small and medium-sized enterprises; Second, in order to reserve financial flexibility level, enterprises tend to reduce or even stop the dividends, research has shown that financial flexible enterprise dividend payment rate, relative to the dividend, the company more inclined to share buybacks. According to the signal transmission theory, the continuous low dividend payout ratio will send bad signals to the market, which will affect the expectation of the shareholders, and in the long run, it is not conducive to the improvement of the company's value. Moreover, the debt has tax shield effect and financial leverage effect. The debt interest is allowed to be deducted before tax, and when the investment rate of the enterprise is higher than the debt interest rate, the increase of the debt ratio will increase the profit margin of equity capital, which is the financial leverage effect. And flexible high financial enterprise the asset-liability ratio is often lower than the industry average, low debt lead to loss of part of the tax shield effect and financial leverage effect, especially for some investment higher-margin businesses, loss of higher potential returns. Therefore, small and medium enterprises in a highly uncertain environment under the condition of using flexible financial policy to weigh the pros and cons, build up the idea of moderate reserve financial flexibility, scientific and flexible financial flexible management.

The financial flexible reserve level of Chinese enterprises is generally low, and even some enterprises' financial flexibility level is negative, showing a lack of financial flexibility reserve. This lack of financial flexible reserve management mode is extremely unfavorable to the enterprise to maintain the continuous growth of enterprise value in the turbulent market competition. As a result, there are two sources of shortage of financial resources for enterprises: first, the shortage of cash flow of enterprises, which shows that they cannot call cash to conduct business activities in a timely manner; The second is the lack of debt capacity of the enterprise, which shows that the enterprise cannot quickly carry out the debt financing when it lacks the cash that can be controlled in time. Therefore, it is of great importance to strengthen the consciousness of financial flexibility reserve for the smooth development of listed companies in the market. Obtain and maintain a moderate amount of flexible financial reserves to help enterprises save plenty of financial resources and maintain the flexibility of enterprise financial decision-making, thus in the source for the growth of enterprise value.

With the development of modern corporate governance, the separation of power has become one of the most obvious characteristics of contemporary enterprises. In this mode, managers and owners tend to have big differences. This divergence is particularly acute in state-owned enterprises. Since the management of state-owned enterprises does not need to be directly responsible for the performance of the company's operating performance, there is a lack of risk awareness in operation and management. In the non-state-owned enterprises, the owner's personal interests are directly related to the operating results, so they will take measures to supervise and motivate the management and ultimately minimize the agency cost. However, the short-term supervision and incentive cannot significantly improve the enterprise value level. Therefore, this paper argues that enterprise should through the enterprise long-term business performance and executive compensation way to realize the unification of the management goal, managers and owners to guide management in the development goal of enterprise value maximization management decisions.

With an increasingly competitive market, innovation is the survival of the enterprise, and enterprise through operation mode innovation and realize innovation through technology research and development, there will be a huge capital requirements. The strengthening of working capital management is the most important task in the financial management of enterprises, especially the high growth enterprises must establish a perfect financial flexible reserve mechanism. On the one hand, the expansion of enterprises and innovation and development can lead to a large financing gap. On the other hand, the financial flexibility of the reserve requires the debt level of the enterprise to maintain a low debt ratio. Therefore, enterprises should pay attention to the accumulation of retained earnings to meet the internal financing needs. This requires companies to as much as possible to avoid cash outflows, for example, listed companies can satisfy the policy under the premise of using real dividends or stock dividend instead of cash dividend, or by way of employees to the implementation of equity incentive to replace cash incentives and so on, is advantageous to the enterprise value maximization.

In terms of financial flexibility, financial flexibility should be achieved through comprehensive financial decisions. Because, in terms of a single acquisition approach, it is easy to meet the target of enterprise value growth while meeting the expectation of financial flexibility reserve. Raising cash reserves, for example, could lead companies to forgo profitable investment opportunities. Lowering debt levels may lead to a lack of leverage in financial decisions. , therefore, the most reasonable way to obtain financial flexibility should be according to the financing environment of enterprises development and comprehensive financial decision-making, to ensure that the enterprise can low cost to obtain financial support and can retain certain ability to debt financing, to maximize enterprise value.

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