不确定环境下企业资本结构的优化模型

Optimizing Capital Structure under Uncertainty

研究了在初始企业价值固定的情况下,当企业破产成本和企业债务及免税价值存在时的企业总价值模型,该模型给出了债务免税价值与财务危机成本的数学表达式.通过模型的优化,求得了企业价值最大化条件下固定的债务与权益的比例关系,并获得了优化企业资本结构的途径与方法.

Considering initial value of enterprise is fixed, because of debt, tax-sheltering value and bankruptcy cost, the authors established the total enterprise value model. The expression of tax-sheltering value and bankruptcy cost was given in this model. By optimising the model, under condition which initial value of enterprise is fixed, the authors got a fixed ratio between debt and claim, and obtained the approach and method of optimizing capital structure.