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1、外文翻译原文Theanalysisofcompany'scapitalandevaluationoffactors,whichinfluencecreationoftheoptimalcapitalstructureMaterialSource:http://www.informaworld.comAuthor:SvetlanaSaksonovaThisistheprimaryinformationgatheringstage,whichisnecessaryfortheeffectiveplanningafterwa
2、rds.Atthisstagetheobjectiveofthefinancialmanageristodeterminetheexistingtendenciesofthedevelopmentofcapitalstructure,aswellasitsvolume,andtheirinfluenceonthefinancialstabilityofthecompany.Efficiencyoftheexistingfinancingarrangementscanalsobeconsideredatthisstage
3、.Thisstagecanconditionallybesplitintothreeparts–onemoreconcernedwithqualitativecharacteristicsandthetwootheronesconcernedwithquantifyingtheresultsoftheanalysis.Thefirst(qualitative)stageinvolvescomparingthedynamicsofthetotalcapitalanditsingredientscomparedtothed
4、ynamicsofproductionandsales,assessingtheproportionoftheborrowedandequityandthehistoryofthisproportion.Borrowedcapitalisfurthersplitintolong-termandshort-termfinancialobligations,overduefinancialobligationsarediscovered(iftheyexist)andthecausesfortheinabilitiesof
5、acompanytomeetfinancialcommitmentsareanalyzed.Thesecond(morequantitative)stageoftheanalysisusesthesystemofcoefficientsoffinancialstabilityofacompanytoassesthecapitalstructure.Thisstageutilizeswellknownfinancialindicators,suchasdifferentliquidityratios.Thepurpose
6、ofthesecoefficientsoffinancialstabilityistoshowthedegreeofthepossibleriskofbankruptcyofacompanythatisrelatedtotheuseofborrowedfinancialresources.Obviously,ifthecompanydoesnotuseanyborrowedfundstheriskofbankruptcyrelatedtotheusageofborrowedfundsisequaltozero.Asth
7、eproportionoftheborrowedcapitalgrows,theriskofbankruptcyisalsogrowing,becauseoftheincreaseincompany’sliabilities.Therefore,financialcoefficientsaremostlyofinterestfortheexistingandpotentialcreditorsofthecompany.Asarule,debtstotheordinarycreditorsarepaid,afterthe
8、paymentoftaxes,wagesandrepaymentofclaimsofsecuredcreditors,whoprovidedloanssecuredbycollateral,suchasofficespaceorproductionmachinery.Theassessmentofcompany’sliquidit