跨国公司资本结构决定机制探析

An Analysis of Determination Mechanism of multinational Corporation Capital Structure

跨国公司追求其市场价值最大化,就是要选择合适的融资方式,选择最佳的债务与股权的比例,即寻找最佳的资本结构。这里的最佳资本结构是指,能够使跨国公司市场价值最大或资本成本最小的资本结构,是衡量企业融资行为和融资决策的合理标准。本文试图以跨国公司的债务融资成本为影响媒介,建立起跨国公司资本结构的决定框架,并深入分析了跨国公司的国际化经营对其债务融资成本的正负效应,从而研究其最终如何影响跨国公司资本结构。

The MNC （Multinational Corporation） pursues its market value to maximize, chooses the suitable financing way and the best debt - to - equity ratio , and searches the best capital structure. The best capital structure is a reasonable standard of weighing enterprise＇s financing behavior and financing decision which can make MNC market value maximum or the capital cost minimum. This article is to build a determination frame for Multinational Corporation capital structure through the media of debt financing cost of Multinational Corporation. And then it analyses the positive hnd negative effect about the debt financing cost on the multinational corporation international management, and then to research how it will affect the capital structure of Multinational Corporation.