我国企业融资结构研究中价值目标定位新思路

Of Value Targeting in Chinese Enterprises' Capital Structure Research

企业资本结构理论研究中一个关键问题就是企业价值目标的定位。以往企业价值目标大多沿用西方财务理论中利润最大化和股东利益最大化等目标模式 ,然而这些目标定位在研究现代企业资本结构问题时越来越表现出局限性 ,不能为企业在不同经营状态下调整资本结构提供正确的方向。所以要吸取现代企业理论的新成果 ,提出“状态依存所有者利益最大化”

The key point during the procession of studying capital structure is how to determine the goal of firm operation. According to the old financial theory in the west, what is usually accepted is Profit Maximization and Shareholder Wealth Maximization. However, they are limited in the procession of dealing with problems of the model enterprise capital structure. This paper cites a useful conception State-contingent wealth maximization,to solve the capital-structure problem of enterprises under different operation conditions.