存在破产风险条件下的最优资本结构研究

Study on the Optimization of Capital Structure under Bankruptcy Risk

破产风险直接关系到企业的存续问题,进而影响到股东财富的最大化,因此,研究存在破产风险条件下的最优资本结构问题具有重要的意义。本文运用贝叶斯概率法来权衡破产风险,并提出股东财富最大化下的最优资本结构模型,以利于我国上市公司在破产机制建立并完善后的资本结构优化决策。

Bankruptcy risk affects directly corporations' existence and maximum of shareholders' wealth.Therefore it is important to study the optimization of capital structure under bankru ptcy risk.In the paper bankruptcy risk is measured by probabilistic Bayesian approach.And a model of optimizatio n of capital structure on the conditi on of maximum of shareholders' wealth is presented in order to help C hinese corporations in optimizing t heir capital structure especially after bankruptcy mechanism is built and improved.