2.2.1企业规模 企业规模。企业规模制约着公司的资本规模，也制约着企

2.2.1企业规模<br> 企业规模。企业规模制约着公司的资本规模，也制约着企业的资本结构。一般而言，大企业倾向于多角化、纵向一体化或横向一体化经营。多角化经营战略能使企业有效分散风险，具有稳定的现金流，不易受财务状况的影响，因而使企业面临较低的破产成本，在一定程度上能够承受较多的负债。纵向一体化经营战略能够节约企业的交易成本，提高企业整体的经营效益水平，既提高了企业的负债能力，同时也提高了内部融资的能力，因此对于实行纵向一体化战略的企业，无法确定其规模与负债水平的关系。对于实行横向一体化战略的企业，由于企业规模的扩张会提高产品的市场占有率，因此会带来更高、更稳定的收益，所以，可以适当提高企业的负债水平。<br>2.2.2 企业资产结构<br>资产按流动性分为流动资产和非流动资产，流动资产主要包括货币资金、应收账款、存款等，非流动资产主要包括持有到期资产、固定资产、无形资产。行业的差异和企业的自身原因使不同企业资产结构也不相同，资本结构也会随资产结构的变化而进行调整，例如，商业企业要进行产品的流通，因而拥有较多的里流动资产则主要通过流动负债筹集资金，相反，工业企业由于进行生产，需要厂房、设备等大量非流动资产，更合适利用长期负债和发行股票筹集基金。<br>2.2.3 企业财务状况<br>当企业具有良好的财务状况，说明企业处在一个良好的资本运营环境中，就越有能力来承担财务上的风险，其举债融资就越有吸引力。现金流量表作为反映财务状况的重要报表，现金流量状况决定了企业的资本结构，当一个企业的现金流量较好时就不会出现到期无力偿还债务的局面，此时可以用负债来解决资金的问题。但是，若企业的现金流量不好，就不适合多举债，这样可避免到期不能偿债的风险。同时，对现金流量的关注不能仅仅停留在目前可以看得见的现金流量上，更要关注那些已经发生但没有涉及现金流量出入流的业务，它们也许会对以后的现金流量造成很大的影响。

2.2.1企业规模<br> 企业规模。 企业规模制约着公司的资本规模，也制约着企业的资本结构。 一般而言，大企业倾向于多角化、纵向一体化或横向一体化经营。 多角化经营战略能使企业有效分散风险，具有稳定的现金流，不易受财务状况的影响，因而使企业面临较低的破产成本，在一定程度上能够承受较多的负债。 纵向一体化经营战略能够节约企业的交易成本，提高企业整体的经营效益水平，既提高了企业的负债能力，同时也提高了内部融资的能力，因此对于实行纵向一体化战略的企业，无法确定其规模与负债水平的关系。 对于实行横向一体化战略的企业，由于企业规模的扩张会提高产品的市场占有率，因此会带来更高、更稳定的收益，所以，可以适当提高企业的负债水平。<br>2.2.2 企业资产结构<br>资产按流动性分为流动资产和非流动资产，流动资产主要包括货币资金、应收账款、存款等，非流动资产主要包括持有到期资产、固定资产、无形资产。 行业的差异和企业的自身原因使不同企业资产结构也不相同，资本结构也会随资产结构的变化而进行调整，例如，商业企业要进行产品的流通，因而拥有较多的里流动资产则主要通过流动负债筹集资金，相反，工业企业由于进行生产，需要厂房、设备等大量非流动资产，更合适利用长期负债和发行股票筹集基金。<br>2.2.3 企业财务状况<br>当企业具有良好的财务状况，说明企业处在一个良好的资本运营环境中，就越有能力来承担财务上的风险，其举债融资就越有吸引力。 现金流量表作为反映财务状况的重要报表，现金流量状况决定了企业的资本结构，当一个企业的现金流量较好时就不会出现到期无力偿还债务的局面，此时可以用负债来解决资金的问题。 但是，若企业的现金流量不好，就不适合多举债，这样可避免到期不能偿债的风险。 同时，对现金流量的关注不能仅仅停留在目前可以看得见的现金流量上，更要关注那些已经发生但没有涉及现金流量出入流的业务，它们也许会对以后的现金流量造成很大的影响。

2.2.1 enterprise scale<br>Enterprise scale. Enterprise scale restricts the capital scale and capital structure of the company. Generally speaking, large enterprises tend to be diversified, vertically integrated or horizontally integrated. Diversification strategy can effectively disperse risk, have stable cash flow, not easily affected by financial situation, so that enterprises face lower bankruptcy cost and can bear more liabilities to a certain extent. The vertical integration management strategy can save the transaction cost of the enterprise, improve the overall management efficiency level of the enterprise, not only improve the debt ability of the enterprise, but also improve the ability of internal financing. Therefore, for the enterprise implementing the vertical integration strategy, it is impossible to determine the relationship between its scale and debt level. For the enterprises that implement the horizontal integration strategy, the expansion of enterprise scale will increase the market share of products, so it will bring higher and more stable income. Therefore, the debt level of enterprises can be appropriately increased.<br>2.2.2 enterprise asset structure<br>Assets are divided into current assets and non current assets according to liquidity. Current assets mainly include monetary funds, accounts receivable, deposits, etc. non current assets mainly include held due assets, fixed assets and intangible assets. Industry differences and enterprises' own reasons make the asset structure of different enterprises different, and the capital structure will also be adjusted with the changes of asset structure. For example, commercial enterprises need to circulate products, so they have more liquid assets mainly through current liabilities to raise funds. On the contrary, industrial enterprises need a large number of non current factories, equipment, etc. for production Assets, it is more suitable to use long-term liabilities and issue stocks to raise funds.<br>2.2.3 financial status of the enterprise<br>When an enterprise has a good financial situation, it means that the enterprise is in a good capital operation environment, the more capable it is to bear financial risks, and the more attractive it is to borrow money. As an important financial statement, the cash flow statement determines the capital structure of an enterprise. When the cash flow of an enterprise is good, it will not be unable to repay the debt when it is due. At this time, the debt can be used to solve the problem of capital. However, if the cash flow of the enterprise is not good, it is not suitable to borrow more debt, so as to avoid the risk of insolvency at maturity. At the same time, the attention to cash flow can not only stay on the visible cash flow at present, but also pay attention to those businesses that have occurred but have not involved the cash flow in and out, which may have a great impact on the future cash flow.<br>