企业最优资本结构决策

Enterprise Policy-Decision for Its Optimum Capital Structure

企业最优资本结构是指使企业平均资本成本最低且企业价值最大的债务资本和权益资本的比例关系。资本结构理论经历了传统理论和现代理论的发展。在实践中 ,通常使用比较资本成本法、每股收益分析法、企业价值确定法、现金流量分析法等确定企业最优资本结构。同时 。

The optimum capital structure is the ratio of long-term liabilities to equities when the average cost of capital is lowest and the value of enterprise is max. Capital structure theory had been developped from traditional theory to modern theory. In reality, we always use some methods to determine the prime capital structure such as comparing cost of capital, EPS, enterprise value and cash flow. Meanwhile, we must consider some factors that influence the policy-decision.