论文部分内容阅读
企业资本结构的形成涉及各方面的因素,是企业根据面临的现实金融市场,结合具体情况妥善处理各因素之间关系作出的判断,也是企业在全面估量财务杠杆的有利效应和不利效应的基础上,结合自身面临的内外部环境条件作出的选择。资本结构是否合理直接影响到企业经营业绩和长远发展,按照新古典经济学的理论观点,从资本的取得成本和使用效益进行权衡可以得出最小融资成本对应着最大企业价值,即每个企业都应该有一个最优的资本结构。当
The formation of an enterprise’s capital structure involves various factors and is the judgment made by the enterprise on the basis of the actual financial market it faces and the proper handling of the relationship between the various factors. It is also based on the overall assessment of the favorable and unfavorable effects of financial leverage , Combined with their own internal and external environmental conditions facing the choices made. Whether the capital structure is reasonable or not has a direct impact on the business performance and long-term development of the enterprise. According to the neoclassical economic theory, we can obtain the minimum financing cost from the balance between the acquisition cost and the use efficiency of capital, which corresponds to the maximum enterprise value There should be an optimal capital structure. when