上市企业如何利用企业债券实现其市值最大化

How listed corporations can maximize their market values through corporation bonds

中国的企业债券市场,存在着极大的发展空间与前景,而中国的上市企业对此利用较少。上市企业应充分利用企业债券融资的抵税作用、财务杠杆作用,实现企业资本结构最优,进而实现企业市场价值最大。然而如何进行理性的筹资决策,则是上市企业利用企业债券市场实现其市值最大化所必须解决的问题。

There exists great development space and vast prospective in Chinese corporation bond markets, while the listed corporations seldom take this advantage. The author believes that the listed corporations should take full advantage of the tax offset effect and financial leverage function of corporation bond financing to optimize their capital structures, and then proceed to maximize their market values. Where as how to make the rational financing decisions, is a problem which should be resolved in order to maximize the listed corporations' market values by issuing corporation bonds.