对企业资本结构优化的探讨

Discussion on Optimization of Capital Structure of Enterprises

资本结构是现代企业财务理论研究的核心内容之一。但是企业的实际资本结构复杂多变,理论分析存在一定的抽象性。20世纪50年代以前的资本结构理论被美国财务学者归纳为"早期资本结构理论",50年代以后以MM理论为代表的资本结构理论则被称为"现代资本结构理论"。资本结构理论分析是以股东财富最大化为公司目标假设,以资本成本分析为基础。其中早期资本结构理论包括净利理论、营业净利理论、传统折衷理论、MM理论和权衡理论。本文主要是探讨当今企业的资本结构受哪些因素影响,确立合理的资本结构需要哪些措施。

The capital structure is one of core contents of studying modern corporate finance theory.However,the actual capital structure of enterprises is complex,and theoretical analysis exists in abstract.Capital structure theory was summarized as ＂early capital structure theory＂ by U.S.financial scholars before the 1950s,and the capital structure theory which was represented by MM theory was called the ＂modern capital structure theory＂ after 1950s.Capital structure theory analysis takes maximizing shareholder wealth as the company＇s goals hypothesis,is based on an analysis of capital costs.Early theory of capital structure includes net income,operating income theory,the traditional eclectic theory,MM theory and the trade-off theory.This paper mainly focuses on discussing factors influencing the capital structure of enterprises,and measures should adopt to establish reasonable capital structure.