Debt-to-Capital Ratio Calculator
From total debt and equity, compute the debt-to-capital ratio — the share of total capital funded by debt.
輸入資料
計算結果
重點速覽：Debt-to-Capital = total debt / (total debt + equity), where the denominator is total capital. Always 0%-100%, so it directly shows the % of all funding from debt. Example: 600k debt, 400k equity → 60%. Higher = more leverage. Many use interest-bearing debt as numerator. WARNING: Total-debt口径 here; enter interest-bearing debt if preferred. Compare with peers/coverage. Education, not advice.
計算公式
總資本 = 總負債 + 股東權益。
負債資本比率 = 總負債 ÷ 總資本。
百分比 = 負債資本比率 × 100%。
$$\text{負債資本比率} = \dfrac{\text{總負債}}{\text{總負債} + \text{股東權益}} \times 100\%$$使用說明
- Enter total debt (or interest-bearing debt).
- Enter shareholders' equity.
- View the ratio (decimal) and percentage.
以總資本固定 1,000,000 為例，不同負債／權益組合下的負債資本比率。
| 總負債 | 股東權益 | 負債資本比率 |
|---|---|---|
| 200,000 | 800,000 | 20% |
| 400,000 | 600,000 | 40% |
| 600,000 | 400,000 | 60% |
| 800,000 | 200,000 | 80% |
理財情境案例
案例一：總負債口徑 vs 附息負債口徑
某公司股東權益 HK$600,000。它的負債分兩類：附息負債 (銀行貸款) HK$500,000，加上無息的營運性負債 (應付帳款等) HK$400,000，總負債合共 HK$900,000。
用「總負債」口徑：負債資本比率 = 900,000 ÷ (900,000 + 600,000) = 60%。
用「附息負債」口徑：負債資本比率 = 500,000 ÷ (500,000 + 600,000) = 45.45%。
兩者相差近 15 個百分點！差別在於總負債把應付帳款這類無息、隨營運自然產生的負債也算進來，而附息口徑只計真正需要付利息的融資性借款。評估「融資槓桿」與計算 WACC 時，分析師多用附息口徑；要看最寬的整體負債水平時才用總負債。使用本計算器時，只需在「總負債」欄填入你想採用口徑的負債金額即可，重點是前後一致。
案例二：負債資本比率與負債權益比率的換算
某公司總負債 HK$600,000、股東權益 HK$400,000。
負債資本比率 (D/C) = 600,000 ÷ (600,000 + 400,000) = 60%；負債權益比率 (D/E) = 600,000 ÷ 400,000 = 150%。
兩者描述同一個資本結構，只是分母不同：D/C 用「總資本」為分母、必定落在 0–100%，直觀顯示負債佔全部資金的比重；D/E 用「股東權益」為分母、以倍數呈現，更能放大槓桿差異、方便比較兩間公司誰更進取。兩者可互相換算：D/C = D/E ÷ (1 + D/E) = 1.5 ÷ 2.5 = 60%，結果一致。實務上看整體資本結構常用 D/C，比較槓桿高低則常用 D/E，兩者並用能更全面掌握財務風險。
常見問題
How is this different from D/E and debt-to-asset?
All describe leverage; denominators differ. Debt-to-asset = debt / assets; debt-to-capital = debt / (debt + equity) = debt / total capital; debt-to-equity = debt / equity. Since assets = debt + equity, debt-to-capital ≈ debt-to-asset under the widest口径; D/E uses a multiple. Example: 600k debt, 400k equity → D/C 60%, D/E 150%. D/C is bounded 0-100% and intuitive; D/E amplifies differences. Use consistently.
Why use interest-bearing debt instead of total debt?
Capital-structure analysis cares about debt incurred for financing (which bears interest and refinancing risk), not operating payables (trade credits, accruals) that are naturally short-term and interest-free. Interest-bearing debt = bank loans, bonds, notes, finance leases. Analysts use 'interest-bearing debt / (interest-bearing debt + equity)' for a purer leverage read and for WACC. Enter that amount in 'total debt' if you want this口径.
Is a high ratio necessarily bad?
Not necessarily — leverage is neutral; it depends on stability and ability to service. Moderate-high debt can lift ROE if returns exceed the interest cost, and interest is tax-deductible. Stable-cashflow sectors (utilities, property, telecom, REITs) run high routinely. Risk appears when earnings/cash flow are volatile yet debt is high. Judge with industry norms, interest coverage and refinancing risk.
Which HK industries run high naturally?
Capital-intensive, stable-cashflow sectors tolerate high leverage: utilities, infrastructure, telecom, income-property/REITs. Volatile or light-asset sectors (tech, brands, services, cyclical manufacturing) should stay lower. 'How high is dangerous' depends on industry norm, cash-flow stability (interest coverage ≥2-3x), maturity concentration and rate environment — not the absolute number alone.
What if equity is negative or tiny?
If equity is negative (insolvent), the denominator shrinks below debt and the ratio explodes past 100% or becomes meaningless — a severe distress signal, not a valid structure read. If equity is positive but tiny, the ratio nears 100% (also distress). In such cases use debt-to-asset, interest coverage and cash-flow solvency instead, and investigate why equity is impaired (losses vs buybacks/impairments).
相關工具
參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。