By ALICIA TUOVILA

Reviewed by THOMAS BROCK

Fact checked by JIWON MA

编写人：ALICIA TUOVILA

审核人：THOMAS BROCK

事实核查人：JIWON MA

What Is a Capital Reserve?

什么是资本公积？

A capital reserve is a line item in the equity section of a company's balance sheet that indicates the cash on hand that can be used for future expenses or to offset any capital losses. It is derived from the accumulated capital surplus of a company and is created out of its profit.

资本公积是公司资产负债表权益部分的一个行项目，表示可用于未来支出或抵销任何资本损失的库存现金，其源自公司累积的资本盈余，通过利润产生。

The term capital reserve also is used to describe the capital buffers that banks are required to establish to meet regulatory requirements and can be confused with reserve requirements, which are the mandatory cash reserves the Federal Reserve requires banks to maintain.

资本储备也用于指代银行为满足监管要求而需要建立的资本缓冲，可能会与准备金要求相混淆，后者是指美联储要求银行维持的强制现金储备。

KEY TAKEAWAYS

关键要点

·A company's capital reserve is the cash reserved for unexpected short-term expenses.

公司的资本公积是为短期意外支出预留的现金。

·Depending on the business, an adequate capital reserve might cover three to six months' worth of business expenses.

根据业务的不同，充足的资本公积可能足以支付三到六个月的业务费用。

·A company's capital reserve is not derived from its operations and therefore should not be used to evaluate the company's financial health.

公司的资本公积并非源于运营，因此不应用于评估公司的财务状况。

·Capital reserves are reported on the equity section of the balance sheet.

资本公积在资产负债表的权益部分列报。

·Companies may invest their capital reserves in low-risk securities, allowing them to earn a small amount of interest.

公司可以将资本公积投资于低风险证券，赚取少量利息。

Understanding Capital Reserve

了解资本公积

A company may create a capital reserve through a variety of transactions including selling fixed assets, the upward revaluation of assets to reflect their current market value, issuing stock in excess of par value (share premium), profits on the redemption of debentures, and the reissue of forfeited shares.

公司可以通过各种交易建立资本公积，包括出售固定资产，资产重估增值以反映其当前市场价值，发行超过票面价值的股票（股票溢价），赎回债券的利润以及重新发行被没收的股票。

In other words, a capital reserve is created through capital profit, not through the company's everyday business.

换句话说，资本公积是通过资本利润产生的，并非通过公司的日常业务产生。

The purpose of a cash reserve is to allow a company to meet unexpected short-term costs without taking on expensive debt. It does not include anticipated or long-term costs. The capital reserve is generally held in a company bank account or may be invested in high-liquidity securities.

现金储备的目的在于，让公司能够在无需承担高额债务的情况下支付短期意外费用，但不包括预期费用或长期费用。资本公积通常存放在公司银行账户中或用于投资高流动性证券。

Requirements for a Capital Reserve

资本公积要求

A "solid" cash reserve, according to financial advisers, might be equal to three to six months of company ordinary expenses.

据财务顾问所述，“坚实的”现金储备可能相当于公司三至六个月的日常开支。

Sums allocated to a capital reserve are invested long-term and cannot be used to pay dividends to shareholders. They are earmarked for specific purposes, which may include long-term projects, mitigating capital losses, or other contingencies.

划拨给资本公积的款额可用于长期投资，但不得用于向股东支付股利；可用于特定目的，包括长期项目，缓冲资本损失，或其他应急开支。

A capital reserve is created out of non-operating activities and is unrelated to the company's stock performance or the company's operational activities. Therefore, it cannot be used as an indicator of the operational health of a business.

资本公积是通过营业外活动产生的，与公司股票行情或公司经营活动无关。因此，资本公积并非衡量企业经营状况的指标。

How Do Businesses Invest Their Reserves?

企业如何利用储备投资？

The simplest way for a business to invest its unneeded cash reserves is to store the excess in a savings account, where it will earn a small amount of interest. Companies with more substantial reserves may invest them in money market instruments or other cash-equivalent securities for extra interest.

对于企业利用不必要的现金储备投资而言，最简单的方式就是将多余的现金存入储蓄账户，赚取少量利息。储备充足的公司可投资货币市场工具或其他现金等价证券赚取利息。

How Do You Account for Capital Reserves on a Balance Sheet?

如何对资产负债表中的资本公积进行核算？

On a financial statement, capital reserves or other surplus capital should be listed in the section under "shareholder equity." This reflects the fact that these assets can be used for future expenses or unexpected losses.

在财务报表中，资本公积或其他盈余资金应列于“股东权益”部分，表示这些资产可用于未来开支或意外损失。

How Do Companies Raise Capital?

公司如何筹集资金？

The simplest way for a company to raise capital is by selling equity, either through a private placement to select investors, or by selling shares in a public offering. They can also raise capital by borrowing money or selling bonds. In a pinch, a larger company can also raise funds by selling their assets, such as unused property or even a corporate subsidiary.

就公司筹集资金来说，最简单的方法就是出售股权，可以向特定投资者私下募集资金，也可以通过公开募股出售股票；此外，还可以通过借款或出售债券筹集资金。在紧急情况下，大型公司还可以出售资产（比如，闲置物业或子公司）筹集资金。