Research On The Enterprise Debt Financing Number And The Stability Of Debt Time Structure

Debt financing is an important content of the financing decisions for a enterprise, as well as thecore content of the modern microscopic financial system and corporate finance. The number offinancing has a closely relationship with the business capital on the issue of sustainability. Theenterprise can predict the size of future cash flows by optimizing the debt financing structure todetermine the optimal number of financing, so that the stability of the capital chain can be protected inmaximum degree. For the capital management and cash flow management of a enterprise, how todetermine the optimal number of debt financing in the financial decision and the stability ofenterprise’s debt time structure in the investment and financial decision both have an importantpractical and theory significance. Based on the previous research results, the pricing of the enterprisevalue, the optimal number of debt financing in the optimal capital structure considering the enterprisevalue maximization and financing costs minimization, the stability of enterprise’s debt time structurehave been researched in this paper. The concrete content includes the following several aspects:Based on consideration of the enterprise future business growth and the internal structure of theenterprise value, the added enterprise future value has been priced according to Black-Scholes optionpricing model and real option theory. The enterprise value model considering the added enterprisefuture value has been established including the equity and bond value. Finally, the effectiveness hasbeen verified according to the example.According to the enterprise value model, the existence of the maximization of enterprise valuehas been verified after the model has been deduced according to the extremum value theory. Theoptimal number of debt financing model has been established under the optimal capital structure ofenterprises afterwards. Meanwhile, considering the minimization financing cost problem and thecomprehensive optimal number of debt financing model, the result provides the correspondingreference for the enterprise’s debt financing decision.According to the different theoretical perspective related with the financing structure, thecorresponding index system has been established according to the impact factors for the stability ofthe enterprise debt time structure. Then, the stability of enterprise’s debt time structure has beenascertained by using the comprehensive weight method to determine the corresponding index weight,thus to providing the corresponding theoretical basis for the financing or investment decision-makingof debt enterprise or creditor enterprise.