企业资本结构的动态优化管理

On Dynamic Optimization of the Capital Structure

资本结构的动态优化是企业持续、快速、稳定发展和防范财务风险、破产风险的关键。企业的最优资本结构与预期的财务危机成本负相关,由于资产替代效应和代理成本的存在,易使管理者采用较低的债务规模和延长债务期限,这需要对债务的期限和规模进行管理,如采取重新订立债务契约、重新谈判契约条款、缩短债务期限、限制股利分配,建立声誉模型等措施,使企业的资本结构达到动态优化。

The capital structure dynamic optimization is essential to the persistent, fast and stable development and the guard against finance risk and bankrupt risk. Firm＇s optimal capital structure is negatively relevant to anticipated financial crisis cost. The existence of the property substitution effect and the agent cost tends to make the manager adopt low debt scale and lengthen the debt term. It is necessary to manage the debt scale and term in order to optimize the capital structure. There are some measures as follows： to resign the debt contract, renegotiate the contract clause, shorten the debt term, limit dividend assignment, build prestige model, and so on.