论我国企业资本结构的优化与相机治理

Optimization and Discretionary Governance on Capital Structure of China's Enterprises

资本结构问题是公司理财的核心问题,资本结构的安排实际上就是企业控制权的安排,它不仅直接决定着公司控制权掌握在谁手中,而且决定着公司控制权在不同主体之间的配置格局,公司治理结构模式的选择和融资决策事关企业的运营效率和对股东权益的保障程度,有助于实现资本结构的优化。本文以市场时机资本结构理论为依据,探讨了我国企业资本结构的优化和相机治理结构、融资方式的配置问题。

The problem of capital structure is the key of corporate finance,and the arrangement of it is actually the arrangement of control rights of enterprises.Capital structure not only directly decides who owns control rights of enterprises but also decides the configuration of theirs in different owners.The choice of models on corporate governance structure and the decision on financing attach importance to operating efficiency of enterprises and degree of ownership＇ guarantee.And they help to optimize capital structure.Based on the theory of market timing,the paper discusses optimization and discretionary governance on capital structure of China＇s enterprises and configuration of financing manners.