从负债经营正负效应看企业最佳资本结构

The Best Capital Structure of Enterprise in View of Positive and Negative Efficiency of Debt-loading Management

企业主要以负债的方式筹集资金进行的生产活动称为负债经营。企业如何进行适度负债，捕捉投资机会，既获得最大利益又不至于面临破产的风险呢?根据财务危机成本的资本结构理论，当负债达到一定比例后，由于财务风险的增加，负债对企业价值产生负效应。由此，对任何一个企业，存在着最佳筹划方案。只有当股权、债权达到合理比例的运用，才能达到企业价值最大化。对于不同的企业应根据其所处的环境及微观因素来考虑其筹资方案以寻求最佳资本结构。

That an enterprise advances production by way of collecting capital in debt is called debt-loading management. How can the enterprise load moderate debts to seize investing opportunity so that it could make best profit but not go bankrupt? According to the capital structure theory of financial bankruptcy cost, the debts bring out negative efficiency when debts come to a certain ratio since the financial bankruptcy increases. So the best plan exists to every enterprise. Only when the stocks and debts are made use in proper ratio can the enterprise maximum value be obtained. An enterprise should consider its capital-collection plan to find out the best capital structure on the basis of macroscopic and microscopic environment.