中国企业资本结构与企业价值研究

根据中国国情,本文重点研究资本结构与企业价值的关系。首先从ＭＭ模型以及修正的ＭＭ模型入手,以时间价值为基础建立反映资本结构与财务风险的企业价值基本模型。然后,针对企业的两种基本状态,即价值增长型和价值衰减型,以及企业价值的极限和平均形式分别进行描述和研究。再就我国国有企业的资本结构与盈利——负债比值进行实证分析,研究我国国有企业的实际负债能力。最后围绕企业的可持续发展,在引入利兰等的资本结构模型基础上探讨适合我国国情的资本结构优化问题,并相应导出一定条件下较合理的负债率区间。

This paper mainly examines the relationship between capital structure and firm value. First, through the MM model and adjusted MM model, a fundamental firm value model is set to reflect capital structure and financial risk on the basis of time value. Second, it focus on two basic conditions, namely the form of value increasing and the form of value decreasing, and consider the limit and average of firm value with analyzing and depicting separately. Third, an empirical analysis is given to the Chinese state-owned firm' s capital structure and the comparable of earnings ratio to debt ratio, for studying the real capacity of the debt load of the state-owned firm. Finally, depending on the sustainable development of the firms, on the basis of introducing Leyland s model, a probe is given to the optimal capital structure which is suitable to the Chinese situation, and having got the result of relative reasonable range of debt ratio.