论企业最优资本结构的确定

On the Determination of Firms' Optimal Capital Structure

现代资本结构理论的分析体系仅以资本成本作为资本结构理论的分析基础 ,将与企业融资相关的融资风险置于分析体系之外 ,这种理论分析体系的不完整导致了实践中确定最优资本结构方法的片面性。而在现代资本结构理论分析体系的基础上 ,将融资风险纳入资本结构分析体系中 ,则可描绘出一条反映资本成本和融资风险内在关系的曲线 ,即成本———风险无差异曲线 ;这条曲线作为企业确定最优资本结构的重要理论依据 ,将使企业最优资本结构的确定变得易于操作。

Modern theory of capital structure is based only upon cost of capital and exclud es financing risks. The incompleteness results in the partiality in setting the optimal capital structure. If we incorporate financing risks into capital struct ure analysis on the basis of modern theory of capital structure, we can draw a c urve reflecting the relationship between cost of capital and financing risks, ie cost-risk indifference curve; as an important theoretical basis, the curve will make it operable to determine the optimal capital structure.