兼顾多种决策目标的一类资本结构优化模型

A Capital Structure Optimum Model with Various Decision Objects

本文建立了一个兼顾利润最大化、企业价值最大化、股东财富最大化和经理利益最大化目标的资本结构优化模型,模型最优化条件隐含:在利润最大化前提下,经理利益最大化目标和股东财富最大化目标之间存在冲突,双方冲突协调的结果有利于实现企业价值最大化。

This paper establishes a capital structure optimum model with profit maximization,firm valuation maximization,shareholder wealth maximization, managerial welfare maximization. The model implies that on the base of profit maximization,there is a conflict which leads to bargaining between shareholder and manager.The bargaining contributes to realizing firm valuation maximization.