科技企业价值管理与财务杠杆

Management of S&T corporate value and financing leverage

本文从负债的成本与收益角度分析认为 :存在一点使得负债的边际成本等于负债的边际收益 ,公司价值最大。文章结合我国国有科技企业当前资本结构的特点 ,谈到了其缺陷 。

The paper studies the relationship between the value of the corporation and the financing leverage. The major conclusion is as follows: there exists a point where the corporate value is maximum when the marginal cost of debt equals to its marginal benefit.