略论企业负债动机种种

A Brief Discussion of the Enterprise's Liability Motives

企业负债的动机 ,是确立企业资本结构中负债与股东权益资本比例关系的逻辑起点。本文将企业负债的动机系统归纳为获取杠杆利益、降低企业代理总成本、解决资本短缺、控股需要、杠杆收购、获取节税收益、降低资本成本、传递信号等八个方面 ,相应研究了每个负债动机的应用前提。

The motive of the enterprise's liability is the logic starting point to establish the proportional relationship between the liability and owner's equity capital in enterprise's capital structure.This paper summarizes eight aspects as the enterprise's liability motives.They are: to get the leverage benefit,to reduce the enterprise's total agency cost,to settle the short of capital,to satisfy the needs of control the stock,to conduct the leverage acquisition,to achieves the tax-saving benefit , to reduce the capital cost and to convey the message.In addition,this paper also studies the applying premise for each liability's motive