资本结构与公司价值分析

The Analyze of Capital Structure and Value of Company

公司的资本结构在有摩擦的市场环境中 ,通过削减成本、减少委托代理中的道德风险和诱因问题 ,改变公司的价值。运用非对称信息博弈方法 ,分析存在税收和破产成本时 ,如何进行机制设计 ,使公司经理通过最大化自己的效用来最大化股东财富 ,从而确定最佳的负债比率。得出在确定的机制下 ,好公司较差公司有较高的负债比例和较高的市场价值 ;合理的资本结构 ,可以减少公司经理的道德风险 ,使经理根据股东的意愿行事 ;高风险的项目能带来更高的公司价值。

Capital structure of company changes company value in a frictional market environment through cutting down cost and decreasing moral risk and causal problem in trust agency. The authors apply method of asymmetric information game to analyze how to make design of mechanism on the basis of existing revenue and cost of bankruptcy, make the company's manager maximize shareholder's wealth through maximizing own effectiveness, thus define the best radio of liabilities.The authors show that good companies have higher value than difference one in a assured mechanism, afitness capital structure could reduce the problem in trust agency of company's manager,higher risk project can bering more value for compay.