资本结构优化与企业优序融资策略

Optimization of Capital Structure and Strategies of Priority Financing of An Enterprise

企业应该采取怎样的资本结构才是最优的 ?怎样的融资策略才能使企业的加权资本成本最低 ?这是企业融资决策的核心问题。本文对M -M定理及其修正理论等资本结构理论进行梳理 ,并沿着其逻辑方向对企业的融资策略进行分析 ,提出企业优序融资策略的选择及股票融资偏好的非经济性。文章指出 ,股票融资的成本并不低 ,并不是融资策略的最优选择。企业融资策略应首选债务融资 ,如发行债券。

What is the best capital structure an enterprise should adopt? What financing st rategies can minimize its weighted cost of capital? These are key issues in the financing decision-making of an enterprise. This paper reviews such capital comp osition theories as M-M theorem and its amendments, analyses the financing strat egy of an enterprise by following the logical orientation, and proposes the choi ce of priority financing strategies and the non-economic nature of better stock financing. This paper points out that the cost of stock financing is not low an d it is not the best choice of financing strategies. The best choice of financi ng strategies for an enterprise should be debt financing, such as issuing bonds, convertible bonds or commercial bank loans.