最佳融资结构的一个数学模型

The optimum financing structure and the allocation of control right

股本和债务是现代企业重要的融资方式,也是非常重要的控制权基础.融资方式的选择,规定着企业控制权的分配.本文借助于融资契约理论,充分考虑融资契约中各个变量之间的关系,特别是控制权的承诺作用和激励作用,从企业家最大利润出发,建立了现代企业的一个最佳融资结构模型,并给出了相应的控制权安排,揭示了融资契约安排的一些基本规律.

Equity and debt are important financing methods of modem enterprise, and also are the basis of the control fight. The financing method determines the allocation of control fight. Based on the financial contracting theories, this article considers the relationships between each variable in the financial contracting sufficiently, especially the pledge and stimulus actions of control fight. From the point of the largest profit of the entrepreneur, we set up an optimal financing model and point out that the allocation of control fight is derived from some basic laws of financial contracting agreement.